The relevance of economic geography is already quite established in the academic world and research on the topic is in full progress . However , geography of finance is now gaining individual focus , especially as the link between the financial economy and the real economy is losing strength . This is emphasized by the existence of economic bubbles , and the fact that the value of financial transactions is often multiple times larger than the real economy The September 11 attacks that targeted the World Trade Centre buildings in New York City have drawn new attention to geography of finance . Even though cities have more often been damaged by natural disasters or terrorist attacks , this attack was so focused on the financial system and proved to have big effects on it . Therefore , the event caused people to rethink about the geographical organization of the financial services industry around the world , and academic attention on the importance of such densely organized financial districts . The financial crisis of 2007-2008 also caused interesting developments for the research in geography of finance . First of all it drew new attention to the field , as the crisis showed that local events could cause such a global financial crisis that affected even very small companies and ( local ) governments around the world . Secondly , the relocation of financial services that was already going on was amplified by this crisis , decreasing the importance of for example Wall Street to relatively new financial centres on the world
September 11 attacks
September 11 attacks
Geography of finance