The Routledge Handbook of Financial Geography

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