Contradictions of Financial Capital Switching: Reading the Corporate Leverage Crisis through The Port of Liverpool's Whole Business Securitization (original) (raw)

Geographies of finance I: Historical geographies of the crisis-ridden present

At a time of ongoing crisis and transformation in financial relations, structures and processes, it would be all too easy to limit our geographical explorations of finance to the narrow temporal window of the earlytwenty-first-century here-and-now. Fortunately, recent years have seen the publication of a number of studies that examine geographies of finance in a much wider array of historical contexts. This article reports on the findings of such studies. Reading them in the light of Foucault's injunction to write histories explicitly of the present, it argues that they provide an essential historical-geographical foundation for understanding the more immediate geographies of contemporary -and perhaps future -financial worlds.

Geographies of finance II: Crisis, space and political-economic transformation

The global financial and more widely economic crisis which began in 2007–2008 has been a crisis indelibly of political economy. This fact has led scholars of finance 'back' to political economy, where geographers' interest in finance first materialized in the 1980s. In this light, this article reviews recent work on the geographical political economy of the crisis, highlighting such work's main themes, contributions and lacunae. It shows that this work has been powerfully influenced by developments in geographical political economy, and by the latter's engagement with alternative intellectual traditions, over the past three decades. But it argues also that the attempt to theorize and document the place of finance within geographical political economy remains very much an ongoing project.

Towards a “newer” economic geography? Injecting finance and finacialization into economic geographies

Cambridge Journal of Regions, Economy and Society, 2013

This paper argues that the ongoing financial and economic crisis creates an opportunity for economic geography to move to a centre stage of academic debates about the nature of contemporary capitalism. Such a 'newer' economic geography needs to start by injecting finance and financialisation into conceptualisations of economies and their uneven geographies and by re-engaging with the issues of value(s), value flows and circuits of value. The paper highlights one particular aspect of circuits of value that takes a form of credit-debt relationship.

Finance and Financial Systems: Evolving Geographies of Crisis and Instability

Oxford Handbooks Online

This chapter explores geographical approaches to financial systems, with special attention to their instability. After examining the foundational contributions that launched the geography of finance, the chapter summarizes spatial research on the global spread of innovative practices in finance. It then asks why so little attention was paid to macro-aspects of financial crises prior to September 2008. A review of geographers’ research of sub-prime lending and crisis finds that this work, extensive as it is in analyzing the microfoundational aspects of sub-prime lending and securitization, pays no attention to the macro-dimension of financial instability. This lacuna is shared with mainstream macroeconomics, which famously failed to see the sub-prime crisis coming. The chapter then explores economist Hyman Minsky’s macro-approach to financial instability and crisis. The chapter concludes by arguing that developing a spatial analysis of financial instability should be a high priority ...

Introduction: theorizing semi-peripheral geographies of finance and banking

Geofinance between Political and Financial Geographies

This edited collection explores the boundaries between political and financial geographies: it interrogates linkages between the changing spatialities and policies of the state, the evolution of a globalizing financial system, and the consequences of this for people and firms. Empirically, it focuses on the semi-periphery of the financial system to generate new perspectives on the entanglement between (geo)politics and finance: these complement and overlap with the core-centered analyses of what has come to be an Anglo-American geography of finance. Conceptually, it engages with insights from a variety of disciplines in order to explore the connections between geopolitical and geo-economic discourses, public finance and foreign policy, the practices and localization of financial institutions, and the evolution of strategies for globalizing firms. Such topics are becoming increasingly relevant, as evidenced in a speech by the UK Deputy Governor for Prudential Regulation in which the term 'geofinance' is presented as a dynamic to acknowledge the 'impact of geography on the shape of banks, insurers and financial regulation. .. With the revolution in regulation following the financial crisis coming to its end, and with changes to the geopolitical landscape looming large'. He observed that geofinance will be 'the defining challenge of the next few years' (Woods 2017). The chapters in this book explore trends, data, policies and geographies in Bulgaria, Brazil, Italy, Pakistan, Russia, Turkey and Vietnam. In addition, they offer crosscountry analyses for Central and Eastern Europe, and examine the evolutionary patterns of international financial institutions and other supranational financial players. All this has resulted in a complex web of relationships between governments and actors in finance which has, in turn, had an impact on firms as well as households (Figure I.1). Taken together, these are under-represented locations in the geography of finance: the focus on these underpins the originality of this

A very geographical crisis: the making and breaking of the 2007–2008 financial crisis

Cambridge Journal of Regions, Economy & Society, 2009

The paper argues that the origins of the financial crisis of 2007-2008 can ultimately be located in four spaces: in international financial centres, in particular, in the longstanding competition that has existed between London and New York; in the insularity of the everyday geographies of money that have emerged in such centres in the wake of the apparent hegemony of financialization; in the geographical recycling of surpluses and deficits and, more particularly, the structural dependency that has grown up between China and the USA, and, finally; in the growing power of the financial media, centred in international financial centres and an increasingly significant agent in performing money and the economy in general, and in engendering mimetic forms of rationality.

Geographies of Finance: Centers, Flows, and Relations

2011

In this paper, I critically examine how geographers and other social scientists have developed complementary research programs for economistic studies of finance by drawing on new relational concepts such as networks and embeddedness and opening up new research frontiers. In so doing, I investigate how global financial spaces have been conceptualized in mainstream finance literature and how economic concepts have been applied to studies of finance. Drawing on these discussions, I suggest that we need to undertake an alternative research of financial space that pays more attention to relational power dynamics among financial firms and the macroeconomic impacts of financial flows on regional economies.

‘This time it’s different’ . . . and why it matters: the shifting geographies of money, finance and risks

Handbook on the Geographies of Money and Finance

We live in world increasingly made through the practices and calculations of finance, as the build-up to and aftermath of the global financial crisis 1 (GFC) stand testament. Put slightly differently, the interconnectivities made through the processes of financial computation and measuring and their outcomes, are 'world making'. What follows then is a small contribution to the larger, established arguments not simply about the relevance of geography to understanding how finance works (see for example