Financialization and Space: Theoretical and Empirical Contributions | Financeirização e Espaço: Contribuições Teóricas e Empíricas

Authors

  • Anderson Tadeu Marques Cavalcante Universidade Federal de Minas Gerais, Faculdade de Ciências Econômicas, Belo Horizonte, MG
  • Marco Crocco Universidade Federal de Minas Gerais, Faculdade de Ciências Econômicas, Belo Horizonte, MG
  • Fabiana Santos Universidade Federal de Minas Gerais, Faculdade de Ciências Econômicas, Belo Horizonte, MG
  • Mara Nogueira London School of Economics and Political Science, London, UK, United Kingdom

DOI:

https://doi.org/10.22296/2317-1529.2018v20n2p193

Keywords:

Financialization, Regions, Financial System, Financial Services, Development.

Abstract

Financialization has evolved as a macro concept arising from the increased significance of finance in all aspects of social and economic relations. The present paper attempts to raise awareness on the importance of understanding financialization from a spatial standpoint. Drawing from the interactions between finance and space, the main idea put forward in this paper is to incorporate a multilayered perspective of relational space as a direct determinant of the process of financialization. Once such a suggestion is accredited, an improved, more refined concept may better inform research and public debate on the effects of financialization, expressly those related to land use (and value) and to urban social exclusion. A preliminary analysis is conducted for a number of municipalities in Brazil.

Downloads

Download data is not yet available.

Author Biographies

Anderson Tadeu Marques Cavalcante, Universidade Federal de Minas Gerais, Faculdade de Ciências Econômicas, Belo Horizonte, MG

Holds a PhD from the University of Cambridge and is associate professor at the Faculdade de Ciências Econômicas at the (FACE/Universidade Federal de Minas Gerais), - Centro de Desenvolvimento e Planejamento Regional (CEDEPLAR/UFMG) 

Marco Crocco, Universidade Federal de Minas Gerais, Faculdade de Ciências Econômicas, Belo Horizonte, MG

Holds a PhD from University College London; is the President of Banco de Desenvolvimento de Minas Gerais (BDMG) and professor at the Faculdade de Ciências Econômicas (FACE/Universidade Federal de Minas Gerais), - Centro de Desenvolvimento e Planejamento Regional (CEDEPLAR/UFMG)

Fabiana Santos, Universidade Federal de Minas Gerais, Faculdade de Ciências Econômicas, Belo Horizonte, MG

Holds a PhD from the University of Cambridge and is a researcher at the Faculdade de Ciências Econômicas (FACE/Universidade Federal de Minas Gerais), - Centro de Desenvolvimento e Planejamento Regional (CEDEPLAR) at the Universidade Federal de Minas Gerais (UFMG)

Mara Nogueira, London School of Economics and Political Science, London, UK, United Kingdom

Has a PhD at the London School of Economics (LSE) 

References

AGLIETTA, M. Shareholder value and corporate governance: some tricky questions. Economy and Society, v. 29, n.1, 2000. https://doi.org/10.1080/030851400360596

ARRIGHI, G. The long twentieth century: money, power and the origins of our times. London: Verso, 1994.

Banco Central do Brasil (BCB). Uso e qualidade de serviços financeiros no Brasil: uma análise sobre os resultados de pesquisa realizada pelo Banco Central. Série Cidadania Financeira: Estudos sobre Educação, Proteção e Inclusão. Brasília: Banco Central do Brasil, 2016.

BLACKBURN, R. Finance and the fourth dimension. New Left Review, v. 39, p. 39–70, May-Jun. 2006. Available at: https://newleftreview.org/article/download_pdf?id=2616. Accessed on 16th Jan. 2018

BOYER, R. Is a Finance-led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis, Economy and Society, v. 29, n.1, p.111-145, 2000. https://doi.org/10.1080/030851400360587

BRAUDEL, F. Civilization and Capitalism 15th – 18th Century: The Perspective of the World. 1st ed. Berkeley, Los Angeles: University of California Press, 1992.

BROZ, L. The Origins of Central Banking: Solutions to the Free-Rider Problem. International Organization, v.52, n.2, pp. 231–268, 1998. https://doi.org/10.1162/002081898753162811

BRUNO, M. and CAFFÉ, R. Indicadores Macroeconômicos de Financeirização: Metodologia de Construção e Aplicação ao caso do Brasil. In: B. MIGUEL (org.) População, Espaço e Sustentabilidade: Contribuições para o Desenvolvimento do Brasil, Rio de Janeiro: Escola Nacional de Ciências Estatísticas, IBGE, 2015.

CAVALCANTE, A. Regional Financial Development and Economic Growth. 2012. 222p. PhD Thesis (Land Economy), University of Cambridge, Cambridge, UK, 2012.

CHRISTALLER, W. Central Places in Southern Germany, Englewood Cliffs, N.J.: Prentice-Hall, 1966.

CORPATAUX, J., CREVOISIER, O. and THEURILLAT, T. The expansion of the financial industry and its impact on the economy: A territorial approach based on Swiss Pension Funds, Economic Geography, v.85, n.3, p.313-334, 2009. https://doi.org/10.1111/j.1944-8287.2009.01035.x

CROCCO, M. Centralidade e Hierarquia do Sistema Financeiro Brasileiro. Nova Economia, v.22, n.1, pp. 31-79, 2012. https://doi.org/10.1590/S0103-63512012000100002

CROCCO, M. Moeda e Desenvolvimento Regional e Urbano: Uma Leitura Keynesiana e sua Aplicaҫão ao Caso Brasileiro. 2010. 173p. Full Professor Thesis (Economics), Departamento de Ciências Econômicas, UFMG, Belo Horizonte, MG, 2010.

CROCCO, M., FIGUEIREDO, A. and SANTOS, F. Differentiated banking strategies across the territory: an exploratory analysis. Journal of Post Keynesian Economics, v.33, n.1, pp.127–150, 2010a. https://doi.org/10.2753/PKE0160-3477330107

CROCCO, M.; CAVALCANTE, A.; BARRA, C. The Behaviour of Liquidity Preference of Banks and Public and Regional Development: the Case of Brazil. Journal of Post Keynesian Economics, v.28, n.2, pp. 217-40, 2005. https://doi.org/10.2753/PKE0160-3477280204

CROCCO, M.; SANTOS, F. and AMARAL, P. The spatial structure of financial development in Brazil, Spatial Economic Analysis, v.5, n. 2, pp.181–203, 2010b. https://doi.org/10.1080/17421770903511973

CROCCO, M.; SANTOS, F. Financiamento e desenvolvimento sob novas óticas. In: A Arquitetura da Exclusão, Observatório da Cidadania: Rio de Janeiro, 2006.

CROTTY, J. Structural causes of the global financial crisis: a critical assessment of the ‘new financial architecture’, Cambridge Journal of Economics, v.33, n.4, p.563-580, 2009. https://doi.org/10.1093/cje/bep023

DELGADO, G. and LÜHL, P. Financialisation and the Production of Inequality in Namibia: A Socio-Spatial Perspective. Journal Für Entwicklungspolitik, v.29, n.4, p.46–66, 2013. https://doi.org/10.20446/JEP-2414-3197-29-4-46

DOW, S. Money and the Economic Process, Aldershot: Elgar, 1993.

DUMÉNIL, G.; LEVY, D. Costs and benefits of neoliberalism: A class analysis. Review of International Political Economy, v. 8, n.4, p.578-607, 2001. https://doi.org/10.1080/09692290110077593

DYMSKI, G. and KALTENBRUNNER, A. How Finance Globalized: A Tail of Two Cities. In: Ertürk, i. and Gabor, D. (Eds.), The Routledge Companion to Banking Regulation and Reform. London and New York: Routledge, 2017.

EPSTEIN, G. Financialization and the World Economy, Cheltenham: Elgar, 2005.

ERTURK, I. et al. Financialization at Work: Key Texts and Commentary. Abingdon: Routledge, 2008.

EVANS, T. Forum The 2002-7 US Economic Expansion and Limits of Finance-led Capitalism. Studies in Political Economy, v. 83, n.1, p.33–59, 2009. https://doi.org/10.1080/09692290110077593

FIGUEIREDO, A. Uma Abordagem Pós-Keynesiana para a Teoria da Localização: Análise da Moeda como um Fator Determinante na Escolha Locacional das Empresas. 2009. 163p. PhD Thesis (Economics), Cedeplar/UFMG, Belo Horizonte, MG, 2009.

FIX, M. Uma ponte para a especulação. Caderno CRH, v.22, n.55, p.41-64, 2009.

FIX, M. Financeirização e transformações recentes no circuito imobiliário no Brasil. 2011. 263p. PhD Thesis (Development Economics), UNICAMP, Campinas, SP, 2011.

FRENCH, S., LEYSHON, A. and WAINWRIGHT, T. Financializing space, spacing financialization. Progress in Human Geography, v.35, n.6, p.798-819, 2011. https://doi.org/10.1177/0309132510396749

FRIEDMAN, T. The World Is Flat. New York: Farrar, Straus and Giroux, 2005.

FROUD, J. et al. Financialization and Strategy: Narrative and Numbers. London: Routledge, 2006.

FROUD, J. et al. Shareholder value and financialization: consultancy promises, management moves, Economy and Society, v.29, n.1, p.80-110, 2000. https://doi.org/10.1080/030851400360578

FURLONG, F. and KREINER, J. Regional economic conditions and the variability of rates of return in commercial banking, Working Paper, n.21, Federal Reserve Bank of St. Louis Review, 2007. Available from http://www.frbsf.org/economic-research/publications/working-papers/2007/21/. Accessed in October, 2017.

GREGORY, D. and URRY, J. Social relations and spatial structures. London: Macmillan, 1985.

HALL, P. and SOSKICE, D. Varieties of capitalism: the institutional foundations of comparative advantage. Oxford, U.K.: Oxford University Press, 2001.

HARVEY, D. Justice, nature and the geography of difference. Vol. 468. Oxford: Blackwell, 1996.

HARVEY, D. The Limits to Capital. Basil Blackwell, 1982.

HARVEY, D. Social justice and the city. London: Edward Arnold, 1973.

HIRAKAWA, S. and BUENO, R. Does Location Matter to Explain Loan Interest Rates? Evidence from Brazilian Local Banking Markets. In: ENCONTRO NACIONAL DE ECONOMIA DA ANPEC, 37, 2009, Paraná. Anais do XXXVII Encontro Nacional de Economia da ANPEC. Foz do Iguaҫu: ANPEC, 2009. Available at http://www.anpec.org.br/encontro2009/inscricao.on/arquivos/000-b0aaf24e1a2520149ef7c6c16dffaf1d.pdf Accessed on 16th Jan. 2018

HOLLAND, S. Capital Versus the Regions. London: Palgrave Macmillan, 1976.

HUDSON, R. Regions and regional uneven development forever? Some reflective comments upon theory and practice, Regional Studies, v.41, n. 9, p. 1149-1160, 2007. https://doi.org/10.1080/00343400701291617

IBGE. Instituto Brasileiro de Geografia e Estatística. Contas Regionais do Brasil, Web Document, Brazilian Institute of Geography and Statistics (IBGE). 2010. Available from http://www.ibge.gov.br/home/estatistica/economia/contasregionais/2008/defaultpdf.shtm, [accessed on 24 January 2013].

KLAGGE, B. and MARTIN, R. Decentralised versus Centralised Financial Systems: Is There a Case for Local Financial Systems? Journal of Economic Geography, v.5, n.4, p.387-421, 2005. https://doi.org/10.1093/jeg/lbh071

KLINK, J. and DENALDI, R. On financialization and state spatial fixes in Brazil. A geographical and historical interpretation of the housing program My House My Life. Habitat International, v.44, p.220–226, 2014. https://doi.org/10.1016/j.habitatint.2014.06.001

LANGLEY, P. Sub-prime mortgage lending: a cultural economy. Economy and Society, v.37, n.4, p.469–494, 2008. https://doi.org/10.1080/03085140802357893

LANGLEY, P. The making of investor subjects in anglo-american pensions. Environment and Planning D: Society and Space, v.24, n.6, p.919–934, 2006. https://doi.org/10.1068/d405t

LANGLEY, P. The uncertain subjects of anglo-american financialization. Cultural Critique, v. 65, n.1, p.67–91, 2007. https://doi.org/10.1353/cul.2007.0009

LEFEBVRE, H. The Production of Space. Oxford: Blackwell, 1991.

LIBERTI, J. and PETERSEN, M. Information: Hard and Soft. Northwestern University Document de Travail, Northewestern Kellog, 2017.

LÖSCH, A. The Economics of Location, New Haven: Yale University Press, 1954.

MARTIN, R. Money and the Space Economy. London: Wiley, 1999.

MARTIN, R. The Financialization of Dalily Life, Philadelphia: Temple University Press, 2002.

MASSEY, D. Politics and space/time, New Left Review, v.196, p. 65-84, 1992. Available at: https://newleftreview.org/I/196/doreen-massey-politics-and-space-time. Accessed on 16th jan. 2018

MASSEY, D. For Space, London: Sage, 2005.

MASSEY, D. World City. Cambridge, UK: Polity Press, 2007.

MORENO, L. The urban process under financialised capitalism, City, v.18, n. 3, p. 244-268, 2014.

NOGUEIRA, M., CROCCO, M., FIGUEIREDO, A. and DINIZ, G.. Financial hierarchy and banking strategies: a regional analysis for the Brazilian case, Cambridge Journal of Economics, v.39, n.1, p. 1-18, 2015. https://doi.org/10.1093/cje/beu008

NOGUEIRA, M., CROCCO, M. and FIGUEIREDO, A. Estratégias Bancárias Diferenciadas no Território: o Caso de Minas Gerais, Análise Econômica (UFRGS), v.28, n.54, p. 281-311, 2010. https://doi.org/10.22456/2176-5456.7544

O'BRIEN, R. Global Financial Integration: The End of Geography. London: Pinter, 1992.

PARR, J. The Location of Economic Activity: Central Place Theory and the Wider Urban System”, in McCann, P. (Ed.), Industrial Location Economics, Cheltenham: Edward Elgar, 2002.

PEREIRA, F. Notas de um Plano Nacional de Capacitação Financeira. 2015. 153p. PhD Thesis (Economics), Cedeplar/UFMG, Belo Horizonte, MG, 2015.

PIKE, A. and POLLARD, J. Economic geographies of financialization. Economic Geography, v.86, n.1, p.29–51, 2010. https://doi.org/10.1111/j.1944-8287.2009.01057.x

POLANYI, K. The Great Transformation: The Political and Economic Origins of Our Time. New York: Farrar and Rinehart, 1944.

PRIKE, M. and GAY, P. Take an issue: cultural economy and finance. Economy and Society, v.36, n.3, p.339–354, 2007. https://doi.org/10.1080/03085140701428282

RAIS. Relaҫão Anual de Informaҫões Sociais: 1994 a 2007, Ministério do Trabalho e Emprego, Brasília, 2010.

RICHARDSON, H. Regional Economy: Location Theory, Urban Structure, and Regional Change. London: Weidenfeld and Nicolson, 1972.

ROLNIK, R. Guerra dos Lugares: a colonização da terra e da moradia na era das finanças. 1. ed. São Paulo: Boitempo, 2015.

ROYER, L. O FGTS e o mercado de títulos de base imobiliária: relações e tendências. Cadernos Metrópole, v.18, n.35, p.33-51, 2016. https://doi.org/10.1590/2236-9996.2016-3502

RUFINO, M. B. O imobiliário como frente de expansão da metrópole: contradições na produção do espaço do Porto das Dunas. EURE, v.41, n.124, p.69-90, 2015. https://doi.org/10.4067/S0250-71612015000400004

SANFELICI, D. Financeirização e a produção do espaço urbano no Brasil: uma contribuição ao debate. EURE, v.39, n.118, p.27-46, 2013. https://doi.org/10.4067/S0250-71612013000300002

SASSEN, S. The global city: New York, London, Tokyo. New Jersey: Princeton University Press, 2001.

SHEPPARD, E. David Harvey and Dialectical Space‐Time. In: Castree, N. and Gregory, D. (eds.) David Harvey: A Critical Reader, Oxford: Blackwell Publishing, p.121-141, 2006. https://doi.org/10.1002/9780470773581.ch7

SMITH, N. American Empire: Roosevelt’s geographer and the prelude to globalization. (California Studies in Critical Human Geography), n.9, Berkeley and Los Angeles: University of California Press, 2003.

TER HART, H. and PIERSMA, J. Direct Representation in International Financial Markets: The Case of Foreign Banks in Amsterdam. Tyjdschriftv oor Economische en Sociale Geografie, v.81, n.2, p.82-92, 1990. https://doi.org/10.1111/j.1467-9663.1990.tb00759.x

THEURILLAT, T., LENZER, J. H., and ZHAN, H. The Increasing Financialization of China’s Urbanization. Issues & Studies, v.52, n.04, p.1-39, 2016. https://doi.org/10.1142/S1013251116400026

THRIFT, N. On the Social and Cultural Determinants of International Financial Centres: The Case of The City of London, In S. Corbridge and R. Martin (Eds.) Money, Power and Space, Oxford: Blackwell, 1994.

VERDIER, D. Domestic Responses to capital Market Internationalization Under the Gold Standard, 1870-1914, International Organization, v.52, n.1, p.1-34, 1998. https://doi.org/10.1162/002081898550527

WILLIAMS, K. From shareholder value to present day capitalism. Economy & Society, v.29, n.1, p.1-12, 2000. https://doi.org/10.1080/030851400360532

Published

2018-03-27

How to Cite

Cavalcante, A. T. M., Crocco, M., Santos, F., & Nogueira, M. (2018). Financialization and Space: Theoretical and Empirical Contributions | Financeirização e Espaço: Contribuições Teóricas e Empíricas. Revista Brasileira De Estudos Urbanos E Regionais, 20(2), 193. https://doi.org/10.22296/2317-1529.2018v20n2p193