Handbook on the Geographies of Money and Finance

Cover
Research Handbooks in Geography
Title
Copyright
Table of Contents
List of Contributors
Acknowledgements
1. The geography of money and finance
1.1 INTRODUCTION: THE CASE FOR A GEOGRAPHY OF MONEY
1.2 MONEY, THE SPATIAL ORGANIZATION OF FINANCIAL SYSTEMS AND UNEVEN GEOGRAPHICAL DEVELOPMENT
1.3 SPACES OF FINANCIAL AND MONETARY REGULATION
1.4 NEW AND EMERGING MONEY SPACES
1.5 A CONCLUDING COMMENT
REFERENCES
PART I: THE CASE FOR A GEOGRAPHY OF MONEY
2. On the geography of bubbles and financial crises
2.1 INTRODUCTION
2.2 THREE DEFINITIONS OF BUBBLES
2.3 FISSURES IN THE LITERATURES ON ASSET BUBBLES AND FINANCIAL INSTABILITY
2.4 AFTER THE KEYNESIAN CONSENSUS, FINANCIAL TURBULENCE: MINSKY AND KINDLEBERGER ENTER
2.5 BUBBLES IN A LANDSCAPE OF FINANCIAL INSTABILITY?
2.6 THE 2000S HOUSING BUBBLE AND SUBPRIME MELTDOWN
2.7 AFTER THE SUBPRIME CRISIS: BUBBLE-DRIVEN GROWTH AS THE NEW NORMAL, OR AS THE DESTROYER OF SOVEREIGN VIRTUE?
2.8 AN ALTERNATIVE APPROACH TO THE SPATIALITY OF ASSET BUBBLES AND FINANCIAL CRISIS
2.9 TOWARD GEOGRAPHICAL POLITICAL ECONOMIES OF ASSET BUBBLES
2.10 CONCLUSION
NOTES
REFERENCES
3. The geographical political economy of money
3.1 INTRODUCTION: LOCATING MARKET DISCIPLINE
3.2 TOO BIG TO FAIL AND TOO BIG TO DISCIPLINE: COMMERCIAL BANKS
3.3 CENTRAL BANK-LED CAPITALISM?
3.4 THE REASSERTION OF THE STATE IN THE POLITICAL ECONOMY OF MONEY AND FINANCE
3.5 CONCLUSION
REFERENCES
4. The territorial governance of the financial industry
4.1 INTRODUCTION
4.2 CORPORATE GOVERNANCE: A FUNCTIONAL AND SPATIAL SEPARATION OF THE FINANCIAL INVESTOR AND THE ENTREPRENEUR
4.3 A HIERARCHICAL SPATIAL DIVISION: THE GLOBAL CITY AND THE REST OF THE ECONOMY
4.4 FINANCE IN SOCIETY: CONTRADICTIONS AND EXPANSION
4.5 TODAY’S TERRITORIAL GOVERNANCE OF THE FINANCIAL INDUSTRY
4.6 CONCLUSION
REFERENCES
5. The map and the territory: exploring capital’s new financialized spatialities
5.1 FINANCE AND SPACE – AN HISTORICAL AND INTELLECTUAL CONTEXT
5.2 DIMENSIONS OF CAPITALS’ SPATIO-TEMPORALITY
5.3 MAPPING THE TERRITORIES OF FINANCE: FROM ABSOLUTE TO RELATIVE TERMS
5.4 FRAMING CAPITAL’S RELATIONAL SPACE
5.5 FINANCE AND ABSTRACT CAPITAL
5.6 RE-THINKING RELATIONAL OFFSHORE FINANCE
5.7 CONCLUSION
NOTES
REFERENCES
6. ‘This time it’s different’ . . . and why it matters: the shifting geographies of money, finance and risks
6.1 INTRODUCTION
6.2 FROM ‘FLOW’ AND ‘CIRCULATION’ TO EMERGENT FINANCIAL TOPOLOGIES
6.3 A VERY QUICK REHEARSAL: ACKNOWLEDGING THE STUFF PRODUCING UNEXPECTED SPATIALITIES
6.4 FINANCIAL INNOVATION, SPATIAL INNOVATION
6.5 SAME OLD FINANCE . . .?
6.6 WHEN BALTIMORE CAME TO TOWN – TOPOLOGICALLY SPEAKING
6.7 TOWARD A CONCLUSION
ACKNOWLEDGEMENTS
NOTES
REFERENCES
PART II: MONEY, THE SPATIAL ORGANIZATION OF FINANCIAL SYSTEMS AND UNEVEN GEOGRAPHICAL DEVELOPMENT
7. The spatial structure of the financial system and the funding of regional business: a comparison of Britain and Germany
7.1 INTRODUCTION
7.2 CENTRALIZED VERSUS DECENTRALIZED FINANCIAL MARKETS: SOME THEORETICAL REFLECTIONS
7.3 FINANCIAL MARKETS AND INDUSTRY IN GERMANY AND THE UK
7.4 BANK LENDING TO SMALL BUSINESS: THE UK AND GERMANY COMPARED
7.5 VENTURE CAPITAL MARKETS: REGIONAL ALTERNATIVES TO BANKS?
7.6 IS THERE A CASE FOR REGIONAL STOCK MARKETS?
7.7 DECENTRALIZED AND CENTRALIZED FINANCIAL SYSTEMS: SOME CONCLUDING COMMENTS
NOTES
REFERENCES
8. The geographical network of bank organizations: issues and evidence for Italy
8.1 INTRODUCTION
8.2 WHY GEOGRAPHICAL DISTANCE STILL MATTERS IN BANKING
8.3 WHICH DISTANCE?
8.4 DISTANCE DETERMINANTS AND BANKING CENTERS
8.5 THE GEOGRAPHICAL NETWORK OF BANK ORGANIZATIONS IN ITALY
8.6 CONCLUSIONS
NOTES
REFERENCES
9. Innovation and stock markets: international evidence on manufacturing and services
9.1 INTRODUCTION
9.2 LINKING INNOVATIVENESS AND STOCK MARKET PARTICIPATION
9.3 METHODOLOGY AND DATA
9.4 STOCK MARKETS PARTICIPATION OF SERVICES VS. MANUFACTURING FIRMS
9.5 INNOVATIVENESS AND STOCK MARKET PARTICIPATION
9.6 MULTIVARIATE ANALYSIS
9.7 CONCLUSIONS AND IMPLICATIONS
REFERENCES
APPENDIX 9.1 PUBLICLY TRADED COMPANIES BY COUNTRY AT THE END OF SEPTEMBER 2006
APPENDIX 9.2 NACE CODES, THE OECD/EUROSTAT CLASSIFICATION AND OTHER DATA BY SECTOR
APPENDIX 9.3 DATA BY COUNTRY AND DESCRIPTIVE STATISTICS FOR MULTIVARIATE ANALYSIS
10. The financialization and governance of infrastructure
10.1 INTRODUCTION
10.2 FINANCIALIZING INFRASTRUCTURE
10.3 EMERGENT MODELS, PRACTICES AND GOVERNANCE IN INFRASTRUCTURE FUNDING AND FINANCING
10.4 UNEVEN GEOGRAPHIES OF INFRASTRUCTURE FINANCIALIZATION AND GOVERNANCE
10.5 CONCLUSIONS
ACKNOWLEDGEMENTS
REFERENCES
11. The geography of local public finance
11.1 INTRODUCTION
11.2 GEOGRAPHY AND LOCAL PUBLIC FINANCE
11.3 STRUCTURE OF GOVERNMENT AND FISCAL DECENTRALIZATION
11.4 MUNICIPAL EXPENDITURES AND REVENUES IN SELECTED OECD COUNTRIES
11.5 EQUALIZATION TRANSFERS TO ADDRESS LOCAL FISCAL DISPARITIES WITHIN COUNTRIES
11.6 GOVERNANCE CHANGES TO ADDRESS FISCAL DISPARITIES WITHIN METROPOLITAN AREAS
11.7 CONCLUDING COMMENTS
NOTES
REFERENCES
12. The state as institutional investor: unpacking the geographical political economy of sovereign wealth funds
12.1 INTRODUCTION
12.2 SWFS AND THE DOUBLE MOVEMENT
12.3 A WEALTH OF COMMODITIES
12.4 EXPORT-LED GROWTH AND RESERVE ACCUMULATION
12.5 THE CONSEQUENCES OF DEMOGRAPHIC AGING
12.6 SWFS AND GROWTH AND DEVELOPMENT
12.7 CONCLUSIONS
NOTES
REFERENCES
13. Geographies of mortgage markets
13.1 INTRODUCTION: THE CENTURY OF THE MORTGAGE MARKET
13.2 THE NATURE OF MORTGAGE LENDING
13.3 THE HISTORY OF MORTGAGE LENDING
13.4 URBAN GEOGRAPHIES I: MORTGAGE REDLINING
13.5 URBAN GEOGRAPHIES II: SUBPRIME LENDING
13.6 THE INTERNATIONAL GEOGRAPHY OF MORTGAGE FUNDING
13.7 CRISIS: BRINGING TOGETHER THE URBAN AND INTERNATIONAL GEOGRAPHIES
13.8 THE END OF THE GREAT EXCESS
NOTES
REFERENCES
14. Geographies of assets and debt
14.1 INTRODUCTION
14.2 DEFINITIONS OF ASSETS AND DEBT
14.3 DEBT OVER THE LIFE-CYCLE
14.4 THE RISE IN DEBT
14.5 INDIVIDUAL AND INSTITUTIONAL RISK FACTORS OF INDEBTEDNESS
14.6 HOUSING DEBT
14.7 POLICY RESPONSES AND DEBT CLEARANCE
14.8 THE TURN TO ASSETS
14.9 CONCLUSIONS
NOTES
REFERENCES
15. The financial legacy of pension fund capitalism
15.1 INTRODUCTION
15.2 GEOGRAPHY OF PENSION SYSTEMS
15.3 POST-WAR ‘MODERN CAPITALISM’
15.4 THE TWENTIETH-CENTURY CORPORATION
15.5 FINANCING THE THIRD INDUSTRIAL REVOLUTION
15.6 RETHINKING CORPORATE FORM AND FUNCTIONS
15.7 CORPORATE FORM, COMPENSATION AND GLOBALIZATION
15.8 PENSION FUND CAPITALISM (REPRISED)
15.9 IMPLICATIONS AND CONCLUSIONS
ACKNOWLEDGEMENTS
NOTES
REFERENCES
PART III: SPACES OF FINANCIAL AND MONETARY REGULATION
16. Regulatory space and the flow of funds across the hierarchy of money
16.1 INTRODUCTION
16.2 INSTABILITY AND HIERARCHY OF THE MONETARY-FINANCIAL SYSTEM
16.3 THE FLOW OF FUNDS PERSPECTIVE AND POST-CRISIS MONETARY SPACE
16.4 US REGULATORY SPACE AND THE CHANGING NATURE OF FINANCIAL INTERMEDIATION
16.5 CONCLUSION AND OUTLOOK
NOTES
REFERENCES
17. Regulatory spaces in global finance
17.1 GEOGRAPHIES OF FINANCE
17.2 THE EVOLUTION OF A NEW GLOBAL REGULATORY LANDSCAPE
17.3 IDIOSYNCRASIES OF FINANCE AND IMPLICATIONS FOR REGULATION
17.4 MAKING NEW MARKETS AND SHAPING NEW REGULATORY SPACES
17.5 REFLECTIONS
ACKNOWLEDGEMENTS/FUNDING
NOTES
REFERENCES
18. Emerging onshore–offshore services: the case of asset-backed finance markets in Europe
18.1 UNCOVERING EMERGENT SPACES OF ONSHORE AND OFFSHORE FINANCE
18.2 EMERGING SERVICES AND THE USE OF OFFSHORE SPACE
18.3 EMERGENCE, RE-REGULATION AND ONSHORE–OFFSHORE COMPETITION
18.4 CONCLUSION
REFERENCES
19. Banking reform in China: a balancing act between financial viability and financial security
19.1 INTRODUCTION
19.2 CONVERGENCE OF THE ANGLO-AMERICAN BANKING INDUSTRY AND THE INSTITUTIONAL RIGIDITY IN TRANSITIONAL ECONOMIES
19.3 THE CHINESE BANKING INDUSTRY IN REFORM AND THE CREATION OF HYBRID PROPERTY
19.4 SOCBS AS HYBRID PROPERTIES
19.5 THE DILEMMA OF REGULATORY AUTHORITIES: FINANCIAL VIABILITY AND/OR FINANCIAL SECURITY?
19.6 CONCLUSIONS
NOTES
REFERENCES
20. Credit rating agencies are poorly understood and the rules developed for them will not work
20.1 INTRODUCTION
20.2 WHAT RATING ACTUALLY IS AND HOW IT WORKS
20.3 FORMS OF RULE
20.4 RULES FOR THE RATING AGENCIES HAVE FAILED
20.5 MORE EFFECTIVE RULE
20.6 CONCLUSIONS
NOTES
REFERENCES
PART IV: NEW AND EMERGING MONEY SPACES
21. Alternative circuits of capital: parallel economies of environmental finance
21.1 INTRODUCTION
21.2 SOCIO-ECONOMIC AND SOCIO-NATURAL CIRCUITS OF CAPITAL
21.3 SPATIAL AND TEMPORAL DYNAMICS OF VALUE
21.4 VALUE IN TIME: FINANCIALIZATION
21.5 A SPATIAL AND TEMPORAL VIEW OF THE CIRCUITS OF CAPITAL
21.6 ALTERNATIVE CIRCUITS OF CAPITAL: ENVIRONMENTAL FINANCE AND THE PARALLEL ECONOMY
21.7 ENVIRONMENTAL FINANCE: PATHWAYS, OPPORTUNITIES AND CHALLENGES
21.8 EFFORTS TO RESOLVE CLIMATE CHANGE THROUGH THE PRICING OF EXTERNALITIES
21.9 THE CREATION OF ENVIRONMENTAL FINANCE
21.10 CONCLUSION
NOTES
REFERENCES
22. Geographies of alternative, complementary and community currencies
22.1 INTRODUCTION
22.2 THE RATIONALE FOR ALTERNATIVE CURRENCIES
22.3 CONTEMPORARY ALTERNATIVE CURRENCIES
22.4 THE GEOGRAPHIES OF ALTERNATIVE CURRENCIES: MAKING SENSE OF THE DIVERSITY
22.5 CONCLUSION
NOTES
BIBLIOGRAPHY
23. ‘Mainstreaming’ the ‘alternative’? The financialization of transnational migrant remittances
23.1 INTRODUCTION
23.2 ‘MAINSTREAMING’ REMITTANCES: THE FORMALIZATION AND FINANCIALIZATON OF MONEY TRANSFERS
23.3 PUTTING THE SOCIAL BACK INTO THE ECONOMIC: REMITTANCES AS ‘ALTERNATIVE’
23.4 STRADDLING THE ECONOMIC AND THE SOCIAL: REMITTANCE SENDING AS LIVED EVERYDAY PRACTICES
23.5 CONCLUSION
ACKNOWLEDGEMENT
NOTES
REFERENCES
24. The imaginary landscapes of Islamic finance and the global financial crisis
24.1 INTRODUCTION
24.2 IMAGINARY LANDSCAPES OF ISLAMIC FINANCE
24.3 THE IMAGINARY LANDSCAPES OF ISLAMIC FINANCE AFTER THE GLOBAL FINANCIAL CRISIS
24.4 CONCLUSION: REIMAGINING FINANCE
ACKNOWLEDGEMENTS
NOTES
REFERENCES
25. Crowdfunding: understanding diversity
25.1 INTRODUCTION
25.2 GEOGRAPHY AND THE FINANCIAL SECTOR
25.3 UNDERSTANDING THE RISE OF NEW FINANCIAL INTERMEDIARIES
25.4 HISTORY OF CROWDFUNDING
25.5 UNDERSTANDING CROWDFUNDING DIVERSITY THROUGH EMPIRICAL STUDIES
25.6 DIVERSITY IN MARKET FUNCTION AND SIZE
25.7 DIVERSITY IN GEOGRAPHY
25.8 DIVERSITY IN THE CROWD: GENDER AND INCOME
25.9 DIVERSITY IN FUNDING AND FUNDRAISING MOTIVATIONS
25.10 TOWARDS A WORKING TAXONOMY FOR CROWDFUNDING
25.11 CONCLUSION
ACKNOWLEDGEMENTS
BIBLIOGRAPHY
26. Bitcoin through the lenses of complexity theory
26.1 INTRODUCTION
26.2 BITCOIN IN CONTEXT: A PLURIDISCIPLINARY APPROACH
26.3 BITCOIN AND COMPLEXITY THEORY: SOME IMPORTANT ISSUES
26.4 HOW IS BITCOIN BREAKING AWAY FROM THE MAINSTREAM PARADIGM?
26.5 CONSEQUENCES FOR THE NEW GEOGRAPHIES OF MONEY AND FINANCE
26.6 CONCLUSION
NOTES
REFERENCES
Index