Article - Problems of Modern Economics

Kljuchnikov I. K.
Anatoly Sobchak International Banking Institute PhD (Economics), Professor
Molchanova O. A.
Chair of Economic Theory and the History of Economic Thought, St. Petersburg State University of Economics, PhD (Economics), Professor
Kljuchnikov O. I.
Assistant Professor, Chair of Banking and Innovative Financial Technologies, Anatoly Sobchak International Banking Institute PhD (Economics)

Cities as centers of capital attraction and solution of ecological problems
(Russia, St. Petersburg)

Economic theory fails short of addressing a whole range of important questions that have high practical importance; one of such questions is the territorial organization of capital and its use for ecological purposes. The theory of financial centers allows taking into consideration these issues in the development of economic theory and practice. The article hypothesizes that supply and demands are realized more effectively in the financial centers as compared to regular financial markets. As a result, the marginal value of capital in financial centers gains a higher significance, since here the capital is maximally useful for various parties, such as owners, intermediaries, and consumers. The other hypothesis offered in the work has to do with conditions, created in financial centers (including the application of ESG criteria), for the purposes of including the notion of “utility” of centers for ecologic limitations and creating conditions of the “green” use of capital.

Key words: global financial centers, «green» economy, utility theory

Pages: 128 - 133

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