DefinePK

Abstract

The aim of this study is to determine the cluster of homogenous financial centers by using hierarchicalclustering analysis, and to define in which same cluster Istanbul city takes part with other financial centers. Thirty eightcountries financial center and sixteen variables were included in the analysis. For analyzing data, Ward’s method ofhierarchical clustering analysis technique was applied and a Squared Euclidian distance measure was used. According tothe analysis results, countries were grouped in four different clusters. Sydney, Vienna, Brussels, Toronto, Helsinki, Paris,Frankfurt, Tokyo, Amsterdam, Madrid, Stockholm, Zurich, London and New York were gathered in Cluster 1. Rio DeJanerio, Prague, Shanghai, Johannesburg, Milan, Kuala Lumpur, Warsaw, Lisbon, Moscow, Bangkok, Athens, Tel Aviv,Seoul and Almaty were gathered in Cluster 2, and Istanbul found its place in Cluster 3 sharing with Mexico city, NewDelhi, Jakarta, Cairo and Bogota. Dublin, Doha, Singapore and Dubai were gathered in Cluster 4. The emprical resultsclearly showed that Istanbul city has not homogenized with the international/global financial centers yet.