We analyse mergers and acquisitions in the financial sector between 2000 and 2017 to explore the domestic hierarchies of financial centres. Across a sample of 16 countries, we reveal different levels of financial centre primacy and explain how these levels change over time. These findings are analysed through a theoretical framework which integrates the literatures on urban primacy, global and world cities and comparative political economy. Situating our findings at the intersection of these literatures allows us to remain sensitive to geography, history and institutions in our analysis of financial centre primacy. Overall, our results show uneven levels of financial centre primacy around the world and that primate financial centres do not universally increase their dominance over time.

中文翻译：

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全球金融中心至上：基于并购数据的国际分析

我们分析了 2000 年至 2017 年间金融行业的并购，以探索国内金融中心的等级制度。在 16 个国家/地区的样本中，我们揭示了不同级别的金融中心首要地位，并解释了这些级别如何随时间变化。这些发现是通过一个理论框架进行分析的，该框架整合了关于城市首要地位、全球和世界城市以及比较政治经济学的文献。将我们的发现置于这些文献的交汇处，使我们能够在分析金融中心首要地位时对地理、历史和制度保持敏感。总体而言，我们的结果表明，全球金融中心的主导地位水平参差不齐，而且灵长类金融中心并没有随着时间的推移普遍增加其主导地位。