Under what conditions do countries lose their status as the leading global financial center? Some scholars argue that such shifts follow shortly after transitions in the distribution of other key capabilities (e.g. GDP), while others argue that path dependence or other more bespoke capabilities might be able to sustain financial leadership long after decline in other capabilities. This paper aims to understand the causes of the Anglo-American financial transition. I argue that the ability to manage political risk for investors is critical to the position of countries as financial entrepôts. In the case of British financial leadership, I argue that Britain’s position as an entrepôt hinged on its power projection capability, which enabled Britain to limit political risk for investors in ways that other states could not replicate. The gradual loss of those capabilities, in turn, saw Britain eventually become overshadowed by the United States. I support my claims with a TERGM analysis of the interwar sovereign debt network.

中文翻译：

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确保证券安全：政治风险、主权债务和英美金融权力转移

各国在什么情况下会失去全球领先金融中心的地位？一些学者认为，这种转变是在其他关键能力（例如GDP）分配发生转变后不久发生的，而另一些学者则认为，路径依赖或其他更定制的能力可能能够在其他能力下降后很长一段时间内维持财务领先地位。本文旨在了解英美金融转型的原因。我认为，投资者管理政治风险的能力对于国家作为金融转口港的地位至关重要。就英国金融领导力而言，我认为英国作为转口港的地位取决于其力量投射能力，这使得英国能够以其他国家无法复制的方式限制投资者的政治风险。这些能力的逐渐丧失反过来又导致英国最终被美国所掩盖。我通过对两次世界大战期间主权债务网络的 TERGM 分析来支持我的主张。