The Routledge Handbook of Financial Geography (Routledge Companions in Business, Management and Marketing)

"This handbook is a comprehensive and up to date work of reference that offers a survey of the state of financial geography. With Brexit, a global recession triggered by the COVID-19 pandemic, as well as new financial technology threatening and promising to revolutionize finance, the map of the financial world is in a state of transformation, with major implications for development. With these developments in the background, this handbook builds on this unprecedented momentum and responds to these epochal challenges, offering a comprehensive guide to financial geography. Financial geography is concerned with the study of money and finance in space and time, and their impacts on economy, society and nature. The book consists of 29 chapters organized in six sections: theoretical perspectives on financial geography, financial assets and markets, investors, intermediation, regulation and governance, and finance, development and the environment. Each chapter provides a balanced overview of current knowledge, identifying issues and discussing relevant debates. Written in an analytical and engaging style by authors based on six continents from a wide range of disciplines, the work also offers reflections on where the research agenda is likely to advance in the future. The book's key audience will primarily be students and researchers in geography, urban studies, global studies and planning, more or less familiar with financial geography, who seek access to a state-of-the art survey of this area. It will also be useful for students and researchers in other disciplines, such as finance and economics, history, sociology, anthropology, politics, business studies, environmental studies and other social sciences, who seek convenient access to financial geography as a new and relatively unfamiliar area. Finally, it will be a valuable resource for practitioners in the public and private sector, including business consultants and policy-makers, who look for alternative approaches to understanding money and finance"-- Provided by publisher Cover Half Title Series Page Title Page Copyright Page Dedication Table of Contents List of Figures List of Tables List of Contributors Acknowledgments Chapter 1: Introduction Introduction: Background and Objectives Financial Transformations and Geographical Questions Outline of the Structure References Part I: Theoretical Perspectives in Financial Geography Chapter 2: Financial and Business Services: A Guide for the Perplexed Evolution of FABS-Related Concepts FIRE, Business, and Professional Services Producer Services Advanced Producer Services Knowledge-Intensive Business Services Financial and Business Services in Global Financial Networks Data, Trends and Patterns Opportunities and Challenges for Future Research References Chapter 3: Foundations of Marxist Financial Geography Introduction The Roles of Finance in Capitalism: Accommodation, Control, Speculation Capital Accumulation, the Tendency towards Overaccumulation and the Rise of Finance From Evidence to Retheorization of Overaccumulation and Rising Finance Space, Time and the Displacement of Overaccumulation The Uneven Development of Sectors The Uneven Development of Space The Uneven Development of Scale Conclusion: Finance, Uneven Development and Public Policy Notes References Chapter 4: Cultural Economy of Finance Introduction Placing the Cultural Economy of Finance The Geographies of Cultural Economy Approaches to Finance Geographically and Politically Sensitive Cultural Economies of Finance Conclusions Acknowledgments References Chapter 5: Beyond (De)Regulation: Law and the Production of Financial Geographies Introduction The Legal Constitution of Financial Value Making and Articulating Financial Geographies Finance, Law, and Geographies of State Power Conclusion References Chapter 6: Financial Ecosystems and Ecologies Introduction Ecology and Economy Financial Ecologies: The Material Consequences of Networks Financial Ecosystems: Finance as a Complex Adaptive System Conclusions Acknowledgements References Part II: Financial Assets and Markets Chapter 7: From Cowry Shells to Cryptos: Evolving Geographies of Currency Understanding Money Functions of Money Embedding Money Considering Currency Evolution of Currency From Pre-modern to Commodity Money Money of Account and State Credit Money Digital Money and New Compressions of Time Space Current Currency Ecosystem Local Currencies Commercial Currencies New Challenges from Cryptocurrencies Embeddedness of Cryptocurrencies Ideologies of Cryptocurrencies One Blockchain to Rule Them All? Conclusion Notes References Chapter 8: The Geography of Global Stock Markets and Overseas Listings Introduction The Stock Market in Financial Geography Research Stock Market in Financialization Era Overseas Listings in the Context of Financial Globalization The Uneven Geography of Stock Markets in the Globe Lead Stock Exchanges in the World IPOs in Major Markets Uneven Geography of the Stock Markets Overseas Listings as a Global Trend Overseas Listings on International Stock Exchanges Chinese Companies Listed on Stock Markets in the US Summary Notes References Chapter 9: Housing under the Empire of Finance Introduction Mortgage Markets Demand Subsidies Housing Micro-finance The Rental Housing Boom: New Frontiers of Housing Financialization Resistances Notes References Chapter 10: Commodities Introduction Commodities as an Investment Case Finance and Commodities: Re-placing History in Financialization Research Commodities as Controversial Investments Impacts on the Ground Illiquid Commodity Markets: The Case of Farmland in New Zealand Liquid Commodity Markets: The Case of Coffee in Tanzania Conclusion References Chapter 11: Infrastructure: The Harmonization of an Asset Class and Implications for Local Governance Introduction Infrastructure Investments: A Brief History of Gaps and Aspirations The 21st Century’s Renewed Infrastructure Passion Organizational Explosion Investor Diversification and Vehicle Innovation Infrastructure Investment Trends across Geographies The Place for Local Governance in the Infrastructure Rush Management Sciences Social Sciences Implications and Conclusion Notes References Part III: Investors Chapter 12: Long-Term Investment Management: The Principal–Agent Problem and Metrics of Performance Governance: Theory and Practice A Model of Institutional Investment Organizational Enablers Factors of Production Performance Management and Measurement Measures and Metrics Enablers, Factors, and Outputs Organizational Enablers Factors of Production Intermediate Outputs Final Outputs Implications and Conclusions Acknowledgments Notes References Chapter 13: Knowledge, Experience, and Financial Decision-Making Financial Services and Financial Literacy Financial Services and Consumers Financial Literacy Decision-Making in Financial Markets Financial Markets and Products Making Financial Decisions Experience and Behaviour Experience: Learning by Doing Limits of Learning by Doing Mapping Financial Risk Financial Literacy (again) Institutions and Individual Choice Implications and Conclusions Acknowledgements Notes References Chapter 14: Household Finance Introduction The Household and Finance: Bridging the Divide Household as Scale The Household as Networked Relation Household as Place Geographies of the Household Finance and Austerity Conclusion References Chapter 15: Impact Investors: The Ethical Financialization of Development, Society and Nature Introduction: ‘A New Alternative’ Impact Investment: What, Who, Where? Financialization and Impact Investment Financial Subjects and Agents of Change Conclusions References Chapter 16: The Foundations of Development Banking: A Critical Review Introduction Overview of Development Banking Definition of Development Banks Stages of Development Banking Contemporary Status of Development Banking Conceptual Foundations of Development Banking Development Development: Evolution and Definitions of the Concept Contributors to Development State and Market Role of the State versus the Role of the Market in Economic Systems Industrial Policy Institutions Institutions as Rules of the Game versus Organizations Institutional Legitimacy and Design Banking Government Interaction with the Banking Sector Banks as Financial Intermediaries Conclusion References Part IV: Intermediation Chapter 17: Banks and Credit Introduction A Brief History of Banking and Credit in Economic Geography Neoliberalism, Financialization and Banking Securitization: Opening Up New Markets Banks: Deregulation and Restructuring Financial Exclusion and Financial Capability Credit Scoring: Prime and Subprime Financial Ecologies Conclusion References Chapter 18: Insurance, and the Prospects of Insurability Introduction Self Property Climate Prospects of insurability References Chapter 19: Unbundling Value Chains in Finance: Offshore Labor and the Geographies of Finance Introduction: Global Value Chains in/of Finance Governance and Geographies of Global Value Chains: Offshoring and Outsourcing Territories of Finance beyond Global Cities and Offshore Jurisdictions Offshore Labor and the Geographies of Finance Bangalore, Mumbai, Delhi, Hyderabad (India) Manila, Cebu (Philippines) Kraków (Poland) Future Outlook References Chapter 20: FinTech: The Dis/Re-Intermediation of Finance? Introduction Incumbents and Disruptors Integrating Banking and FinTech Conclusion References Part V: Regulation and Governance Chapter 21: Legal Foundations of Finance Finance,s Legal Toolkit Priority Durability Convertibility Universality Finance on a Global Scale Finance before the Nation State The Rise of National Financial Systems Global Finance’s Domestic Laws Concluding Comments References Chapter 22: Central Banks and the Governance of Monetary Space Introduction Central Banks and the Monetary Hierarchy Conceptualizing Monetary Space The New Geography of Money The Digital Struggle over Monetary Space Outlook Acknowledgement Notes References Chapter 23: Financial Geography, Imbalances and Crises: Excavating the Spatial Dimensions of Asymmetric Power Introduction: Defining the ‘Space’ for Financial Geography Spatial Analysis and Social Power Economists’ and Geographers’ Approaches to Power 9 The Geography of Money versus the Geography of Power at the Global Level Economic Models of Cross-Border Financial Crises and Global Imbalances A Model of Cross-Border Financial Crisis A Model of the 2008 Crisis and the US Current-Account Deficit Aspatiality in Mainstream Models of Global Processes An Excavation of Financial Power across Three Dimensions of Global Space Power in Finance at the Global Spatial Scale Nation-States in the Global Financial Core Nation-States in the Global Financial Periphery Conclusion: The Consequences of Global Financial Asymmetries Notes References Chapter 24: Credit Rating Agencies in the Era of Neoliberal Capitalism Introduction History and Current Landscape Contemporary Characteristics of the Big-3 Credit Rating Methodology Sovereign Credit Ratings and Their Impacts Contemporary Geographical Distribution of Moody’s Sovereign Ratings Critiques towards Credit Rating Agencies The Moral Hazard Critique Procyclicality and Cultural Bias The Dimension of Political Power Conclusions, Policy Implications and Directions for Future Research Notes References Chapter 25: Offshore and the Political and Legal Geography of Finance1066–2020 AD Introduction Offshore as Space and Place: Jurisdictions, Facilities, and States Offshore and the Double Movement: Market Institutionalization, Financial Innovation, and Social Protection Offshore and State Power Offshore in Historical Perspective Notes References Part VI: Finance, Development and the Environment Chapter 26: Finance and Development in Sub-Saharan Africa Introduction The Evolution of Finance in Development Policy State Directed Finance for Modernization The Washington Consensus and the Financial Development Agenda The Financialization of Development Policy International Capital Flows and Financial Development in Sub-Saharan Africa Trends and Changing Composition of External Debt Capital Market Liberalization and Financial Development in SSA Finance and Accumulation in SSA Colonial Development of Finance in East Africa Financial Development in Post-independence Tanzania Financial Liberalization and Deindustrialization in Tanzania Development of the Financial System in South Africa from Colonialism to Apartheid Financialization of the South African Economy since 1994 Conclusion Notes References Chapter 27: The Renewable Energy Revolution: Risk, Investor and Financing Structures— with Case Studies from Germany and Kenya Introduction: Some Facts and Figures Transition of the Electricity Sector: Liberalization, Privatization and Climate Policies Renewable Energy Investment: Challenging Risk–return Profile Renewable Energy Support: The Large Role of Market-Oriented Risk Mitigation The German Energy Transition: From FITs to Auctions Diversity of Renewable Energy Investors: From Citizens and Farmers to Institutional Investors Ownership and Financing Structures: The Increasing Role of Project Finance and Institutional Investment Financing Renewable Energy in the Global South: Two Examples from Kenya Summary and Conclusion Acknowledgements Notes References Chapter 28: Finance and Climate Change Introduction The Financial Foundations of Climate Change The Financialization of Climate Policy Emissions Markets Regulatory Jurisdictional Markets Offset Markets (Self)Regulation through Extant Financial Markets Green Debt Insurance Conclusion: Repoliticizing Climate Action References Chapter 29: Environmental Sustainability and Finance Introduction Socio-Economic and Socio-Environmental Circuits of Capital Spatial and Temporal Dynamics of Value The Nature of Value in an Economy The Impact of Finance on the US Petro-Economy A Typology of Value Reconsidered The Case of Louisiana: Private Gain at Social Cost The Norwegian Oil Experience: Value across Space and Time Conclusion Note References Index This prestigious work offers students, researchers and practitioners a survey of the state of financial geography including emerging and cutting edge areas and produce a comprehensive, up to date and definitive work of reference that can be cited as an authoritative source on the burgeoning subject of financial geography. 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