| In early days for several centuries the world had a Global Currency viz., gold and silver. Pre-modern International Financial centers
flourished across Europe, the Middle East, and Coastal Africa. The first
round of Globalization took place in 1856, linking a 4000 mile telegraph
system linking Calcutta, Agra, Mumbai, Peshawar and Chennai. The
International Financial Centers (IFC) were classified into Global,
Regional and International. This paper made a detailed comparison of
Mumbai against all the existing IFC’s and emergent IFC’s to predict
whether Mumbai can emerge as an International Financial Centre. The
study finally found that Mumbai has a long way to go before it can
emerge as an International Financial Center. |