The local geographies of the financial crisis: From the housing bubble to economic recession and beyond

Journal of Economic Geography

Volumn 11, Issue 4, 2011, Pages 587-618

  Martin, Ron ^a  

^a UNIVERSITY OF CAMBRIDGE   (United Kingdom)

Author keywords

Financial reform; Geography; Glocalisation; Housing bubbles; Mortgage crisis; Recession

Indexed keywords

ECONOMIC GEOGRAPHY; FINANCIAL CRISIS; HOUSING MARKET; MORTGAGE LENDING; PRICE DYNAMICS;

UNITED STATES;

EID: 79952324548     PISSN: 14682702     EISSN: 14682710     Source Type: Journal    
DOI: 10.1093/jeg/lbq024     Document Type: Article

References (94)

1. Aalbers, M. (2009a) Geographies of financial crisis. Area, 41: 34-42.
2. Aalbers, M. (2009b) The sociology and geography of mortgage markets: reflections on the crisis. International Journal of Urban and Regional Research, 33: 281-290.
3. Aalbers, M. (2009c) The globalisation and Europeanisation of mortgage markets. International Journal of Urban and Regional Research, 33: 389-410.
4. Agnello, L., Schuknecht, L. (2009) Booms and busts in housing markets: determinants and implications, Working Paper 1071 (July). Germany: European Central Bank, Frankfurt am Main.
5. Alessandrini, P., Zazzaro, A. (1999) A possibilist approach to local financial systems and regional development: the Italian experience. In R.L. Martin (ed.) Money and the Space Economy, pp. 71-92. Chichester: Wiley.
6. Alessandrini, P., Fratianni, M., Zazzaro, A. (eds) (2009) The Changing Geography of Banking and Finance. Heidelberg: Springer.
7. Bair, S. (2008) Reforming mortgage finance: five basic principles are critical. Business Economics, October: 13-16.
8. Barth, J., Li, T., Phumiwasana, T., Yago, G. (2008) A Short History of the Subprime Mortgage Market Meltdown. Los Angeles: Milken Institute.
9. Besley, T., Hennessey, P. (2009) On the Credit Crunch: Letter to Her Majesty the Queen on Behalf of the British Academy. London: British Academy, 22 July.
10. Bernanke, B. S. (2009) The future of mortgage finance in the United States. The B.E. Journal of Economic Analysis and Policy, 9: Article 2.
11. Bieri, D. (2009) Financial stability, the basel process and the new geography of regulation. Cambridge Journal of Regions, Economy and Society, 2: 303-331.
12. Bradford, C. (2002) Risk or Race? Racial Disparities and the Subprime Refinance Market. Washington, DC: Centre for Community Change.
13. Brummer, A. (2008) The Crunch: How Greed and Incompetence Sparked the Credit Crisis. London: Random House Business Books.
14. Cambridge Journal of Economics (2009) Special issue on the global financial crisis. Cambridge Journal of Economics, 33: 531-869.
15. Cambridgec Journal of Regions, Economy and Society (2008) The world is not flat: putting globalization in its place, Special Issue of Cambridge Journal of Regions, Economy and Society, 1: 343-501.
16. Cambridge Journal of Regions, Economy and Society (2009) Spatial circuits of global finance, special issue of Cambridge Journal of Regions, Economy and Society, 2: 141-331.
17. Cambridge Journal of Regions, Economy and Society (2010) The resilient region, Special Issue of Cambridge Journal of Regions, Economy and Society, 3: 1-167.
18. Capelle-Blancard, G., Tadjeddine, Y.(2009) The location of financial activities: the impact of new technologies and the financial crisis, Paper presented at the International Conference on The Changing Geography of Money, Banking and Finance in a Post-Crisis World, Dipartimento di Economia, Universita' Politecnica delle Marche, Ancona, Italy, 7-9 October.
19. Cassis, Y. (2005) Capital of Capital: The Rise and Fall of International Financial Centres, 1780-2009. Cambridge: Cambridge University Press.
20. Chick., V. (2008) Could the crisis at northern rock have been predicted: an evolutionary approach. Contributions to Political Economy, 27: 115-124.
21. Clark, G.L. (2006) Setting the agenda: the geography of global finance. In S. Bagchi-Sen, H. Lawton-Smith (eds) Economic Geography: Past, Present and Future, pp. 83-93. London: Routledge.
22. Cohen, B.J. (1998) Geography of Money. New York: Cornell University Press.
23. Colander, D., Föllmer, H., Haas, A., Goldberg, M., Juselius, K., Kirman, A., Lux, T., Sloth, B. (2009) The financial crisis and the systemic failure of academic economics. Discussion Paper 09-03. Department of Economics, University of Copenhagen.
24. Corbridge, S., Martin, R.L., Thrift, N. (eds) (1994) Money, Power and Space. Oxford: Blackwell.
25. Crosby, J. (2008) Mortgage Finance: Final Report and Recommendations. London: H.M. Treasury.
26. Di Gorgio, G., Di Noia, C. (2009) Designing a regulatory framework for integrated financial markets. In P. Alessandrini, M. Fratianni, A. Zazzaro (eds) The Changing Geography of Banking and Finance, pp. 215-232. Heidelberg: Springer.
27. Dow, S. (1990) Financial Markets and Regional Economic Development. Aldershot: Avebury.
28. Dow, S. (1999) The stages of banking development and the spatial evolution of financial systems. In R.L. Martin (ed.) Money and the Space Economy, pp. 31-48. Chichester: John Wiley.
29. Dymski, G. (2009a) The global financial customer and the spatiality of exclusion after the 'End of Geography'. Cambridge Journal of Regions, Economy and Society, 2: 267-286.
30. Dymski, G. (2009b) Racial exclusion and political economy of the subprime crisis. Historical Materialism, 17: 149-179.
31. Dymski, G. (2010) Why the subprime crisis is different: a Minskyian approach. Cambridge Journal of Economics, 34: 239-255.
32. Engleman, E., Faulconbridge, J. (2009) Financial geographies - the credit crisis as an opportunity to catch economic geography's next boat? Journal of Economic Geography, 9: 587-596.
33. Financial Services Authority (2009) The Turner Review: A Regulatory Response to the Global Banking Crisis. London: Financial Services Authority.
34. Flandreau, M., Galimard, C., Jobst, C., Nogué-Marcos, P. (2009) Monetary Geography Before the Industrial Revolution. Cambridge Journal of Regions, Economy and Society, 2: 149-172.
35. Florida, R. (2005) The world is spiky: globalisation has changed the economic playing field but hasn't levelled it. Atlantic Monthly, 147: 48-53.
36. French, S., Leyshon, A., Thrift, N. (2009) A very geographical crisis: the making and breaking of the 2007-2008 financial crisis. Cambridge Journal of Regions, Economy, and Society, 2: 287-302.
37. Friedman, T. (2005) The World is Flat: A Brief History of the Twenty-First Century, 1st edn. New York: Farra, Straus and Giroux.
38. Garretsen, H., Kitson, M., Martin, R.L. (2009) Spatial circuits of global finance. Cambridge Journal of Regions, Economy and Society, 2: 143-148.
39. Gärtner, S. (2009) Balanced Structural Policy: German Savings Banks from a Regional Economic Perspective, Perspectives, vol. 58. Brussels: World Savings Banks Institute.
40. Gerardi, K., Willen, P. (2009) Subprime mortgages, foreclosures and urban neighbourhoods. The BE Journal of Economic Analysis and Policy, 9: (Symposium) Article 12. Available at: http://www.bepress.com/bejeap/vol9/iss3/art12.
41. Goldman Sachs, (2007) Global Economics Weekly. No. 7/32, September.
42. Greenspan, A. (2005) Local bubbles build in housing sector. USA Today, 20 May.
43. Greenspan, A., Kennedy, J. (2008) Sources and uses of equity extracted from homes. Oxford Review of Economic Policy, 24: 120-144.
44. Grote, M.H. (2009) Financial centres between centralisation and virtualisation. In P. Alessandrini, M. Fratianni, A. Zazzaro (eds) The Changing Geography of Banking and Finance, pp. 277-294. Heidelberg: Springer,.
45. Heaney, V. (2009) Time to ditch all economic models. Financial Times, 23 August, 28.
46. Henriques, D.B., Bergman, L. (2000) Profiting from fine print with Wall Street's help. Wall Street Journal, March 15.
47. Hodgson, G. (2009) The great crash of 2008 and the reform of economics. Cambridge Journal of Economics, 33: 1205-1221.
48. Hodgson, G. et al. (2009) On the Credit Crunch: Letter to Her Majesty the Queen. The Business School, University of Hertfordshire.
49. Hubbard, R.G., Mayer, C.J. (2009) The mortgage meltdown and house prices. The B.E. Journal of Economic Analysis and Policy, 9: Article 8. Available at: http://www.bepress.com/bejeap/vol9/iss3/art8.
50. International Labour Office, (2009) Impact of the Financial Crisis on Finance Sector Workers. Geneva: ILO.
51. Ivry, B. (2008) US foreclosures double as house prices decline. Bloomberg News, July 28. Available at: http://ww.bloomberg.com/apps/news.
52. Journal of Economic Geography, (2009) Geographies of finance. Journal of Economic Geography, 9: 587-747.
53. Johnston, B. (2009) No such thing as free crunch. The Economist: The World in 2009, vol. 42. London: The Economist.
54. Kaletsky, A. (2009) Five Golden Rules for Regulating the Banks. The Times, July 9, Available at 5http://www.timesonline.co.uk/tol/comment/columnists/anatole_kaletsky/article6669955.ece4.
55. Kindleberger, C. (1996) Manias, Panics and Crashes: A History of Financial Crises. New York: John Wiley.
56. Klagge, B., Martin, R. L. (2005) Decentralised versus centralised financial systems: is there a case for local capital markets? Journal of Economic Geography, 5: 387-421.
57. Krugman, P. (2009) How did economists get it so wrong? New York Times, September 6, p. MM36.
58. Laulajainen, R. (1998) Financial Geography. Göteborg: Göteborg University Press.
59. Lawson, T. (2009) The current economic crisis: its nature and the course of academic economics. Cambridge Journal of Economics, 33: 759-778.
60. Lee, R., Clark, G.L., Pollard, J., Leyshon, A. (2009) The remit of financial geography - before and after the crisis. Journal of Economic Geography, 9: 723-747.
61. Lombard Odier Darier Hentsch, (2009) Riding Out the Storm: How to Navigate the Financial Crisis. London: Lombard Odier Darier Hentsch.
62. Martin, R.L. (1994) Stateless monies, global financial systems and national economic autonomy: the end of geography? In S. Corbridge, R.L. Martin, N. Thrift (eds) Money, Power and Space, pp 253-278. Oxford: Blackwell.
63. Martin, R.L. (ed.) (1999) Money and the Space Economy. Chichester: John Wiley.
64. McKinsey Global Institute (2009) A global view of the housing bubble. Chart Focus Newsletter. October.
65. Mollenkamp, C., Solomon, D., Sidel, R., Bauerlein, V. (2007) How London created a snarl in global markets. Wall Street Journal. October 18, A1.
66. O'Brien, R. (1990) Global Financial Integration: The End of Geography. London: Pinter.
67. O'Brien, R., Keith, A. (2009) The geography of finance: after the storm. Cambridge Journal of Regions, Economy and Society, 2: 245-265.
68. Perroux, F. (1950) Economic space: theory and applications. Quarterly Journal of Economics, 64: 89-105.
69. Pettifor, A. (2006) The Coming First World Debt Crisis. London: Palgrave.
70. Pike, A., Pollard, J. (2010) Economic geographies of financialization. Economic Geography, 86: 29-51.
71. Porteous, D. J. (1995) The of Finance. Aldershot: Avebury.
72. Rudolf, M., Saunders, A. (2009) Refinancing Real Estate Loans: Lessons to be Learned from the Subprime Crisis. Berlin: Verbandes Deutscher PfandbriefenbankenBand 38.
73. Shiller, R.J. (2005) Irrational Exuberance, 2nd edn. New Jersey: Princeton University Press.
74. Shiller, R.J. (2008a) Derivatives markets for home prices. Cowles Foundation Discussion Paper, 1648. Yale: Cowles Foundation for Research in Economics.
75. Shiller, R. (2008b) The Sub-Prime Solution: How Today's Global Financial Crisis Happened and What to do About It. Princeton: Princeton University Press.
76. Shiller, R. (2009) Policies to deal with the implosion in the mortgage market. The B.E. Journal of Economic Analysis and Policy, 9: Article 4. Available at: http://www.bepress.com/bejeap/vol9/iss3/art4.
77. Sidaway, J. (2008) Subprime crisis: American crisis or human crisis? Environment and Planning, D: Society and Space, 26: 195-198.
78. Skidelsky, R. (2009) Keynes: The Return of the Master. London: Allen Lane.
79. Smith, A., Swain, A. (2010) The global economic crisis, Eastern Europe and the Former Soviet Union: models of development and contradictions of internalitionalism. Eurasian Geography and Economics, 51: 1-34.
80. Smith, S. (2009) Managing risks: the strange case of housing. In G.L. Clark, A. Dixon, A.H.B. Monk (eds) Managing Risks: From Global to Local, pp. 233-257. Oxford: Oxford University Press.
81. Smith, S.J. (2010) Housing futures: a role for derivatives, Chapter 25. In S.J. Smith, B.A. Searle (eds) The Blackwell Companion to the Economics of Housing. Oxford: Wiley-Blackwell.
82. Sornette, D.,Woodard, R. (2009) Financial bubbles, real estate bubbles, derivative bubbles, and the financial and economic crisis. Mimeo. EHT Zurich: Department of Management Technology.
83. Soros, G. (2009) The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means. London: Public Affairs Publishing.
84. Taylor, M. (2009) Reflections on the crunch. Prospect. August, pp. 34-36.
85. The Economist (2007) Checking the engine, London: The Economist, June.
86. The Economist (2009) The state of economics, London: The Economist, July, pp. 34-41.
87. Thrift, N., Leyshon, A. (1997) Money/Space. London: Routledge.
88. Triana, P. (2009) Lecturing Birds on Flying: Can Mathematical Theories Destroy the Financial Markets? New York: John Wiley.
89. Turner, A. (2009) How to tame global finance. Prospect, Issue 162, 27 August, pp. 33-41.
90. US Department of Housing and Development, (2000) Unequal Burden: Income and Racial Disparities in SubPrime Lending in America. Washington, DC: Department of Housing and Urban Development.
91. Wachter, S., Russo, K., Hershakff, J. (2006) Subprime Lending: Neighbourhood Patterns over Time in US Cities. Institute for Law and Economics, Research Paper 06-19, University of Pennsylvania.
92. Whalen, C. (2008) Understanding the credit crunch as a minsky moment. Challenge, 51: 91-109.
93. Wójcik, D. (2009) Gegraphy stupid! A note on the credit crunch. Environment and Planning, A, 41: 258-260.
94. Wray, L.R. (2008) Financial market meltdown: what can we learn from minsky? Public Policy Brief 94A. Levy Economics Institute of Bard College.