Integrating Finance into Global Production Networks;Intégrer la finance dans les réseaux de production mondiaux

Regional Studies

Volumn 48, Issue 5, 2014, Pages 761-777

  Coe, Neil M ^a   Lai, Karen P Y ^a   Wójcik, Dariusz ^b  

^a NATIONAL UNIVERSITY OF SINGAPORE   (Singapore)

^b UNIVERSITY OF OXFORD   (United Kingdom)

Author keywords

Advanced business services; Financialization; Global financial networks; Global production networks; Offshore jurisdictions; World cities

Indexed keywords

BUSINESS SERVICE; FINANCE; GLOBAL ECONOMY; GLOBALIZATION; REGIONAL DEVELOPMENT; WORLD CITY;

EID: 84906763252     PISSN: 00343404     EISSN: 13600591     Source Type: Journal    
DOI: 10.1080/00343404.2014.886772     Document Type: Article

References (131)

1. Aoyama Y., Benner C., Berndt C., Coe N. M., Engelen E., Essletzbichler J., Glassman J., Glückler J., Grote M., Jones A., Leichenko R., Leslie D., Lindner P., Lorenzen M., Mansfield B., Murphy J. T., Pollard J. S., Power D., Stam E., Wójcik D. and Zook M. (2011) Emerging themes in economic geography: outcomes of the Economic Geography 2010 workshop, Economic Geography 87, 111-126. doi: 10.1111/j.1944-8287.2011.01114.x
2. Bair J. (2009) Frontiers of Commodity Chain Research. Stanford University Press, Stanford, CA.
3. Barwell R. and Burrows O. (2011) Growing Fragilities? Balance Sheets in the Great Moderation. Financial Stability Paper No. 10 (April). Bank of England, London.
4. Bassens D., Derudder B. and Witlox F. (2010) Searching for the Mecca of finance: Islamic financial services and the world city network, Area 42, 35-46. doi: 10.1111/j.1475-4762.2009.00894.x
5. Baud C. and Durand C. (2012) Financialization, globalization and the making of profits by leading retailers, Socio-Economic Review 10, 241-266. doi: 10.1093/ser/mwr016
6. BBC News (2012) Tax paid by some global firms in UK 'an insult', BBC News (available at: http://www.bbc.co.uk/news/business-20559791) (accessed on 3 December 2012).
7. Beaverstock J. V. (2004) 'Managing across borders': knowledge management and expatriation in professional service legal firms, Journal of Economic Geography 4, 157-179. doi: 10.1093/jeg/4.2.157
8. Beaverstock J. V., Hoyler M., Pain K. and Taylor P. J. (2005) Demystifying the Euro in European financial centre relations: London and Frankfurt, 2000-2001, Journal of Contemporary European Studies 13, 143-157. doi: 10.1080/14782800500180268
9. Beaverstock J. V., Smith R. J. and Taylor P. J. (1999) A roster of world cities, Cities 16, 445-458. doi: 10.1016/S0264-2751(99)00042-6
10. Bezemer D. J. (2010) Understanding financial crisis through accounting models, Accounting, Organizations and Society 35, 676-688. doi: 10.1016/j.aos.2010.07.002
11. Blackburn R. (2006) Finance and the fourth dimension, New Left Review 39, 39-70.
12. Bryson J. R. (2000) Spreading the message: management consultants and the shaping of economic geographies in time and space, in Bryson J. R., Daniels P. W., Henry N. and Pollard J. (Eds) Knowledge, Space, Economy, pp. 157-175. Routledge, London.
13. Bryson J. and Daniels P. W. (Eds) (1998) Service Industries in the Global Economy. Edward Elgar, Cheltenham.
14. Budd L. (1999) Globalisation and the crisis of territorial embeddedness of international financial markets, in Martin R. (Ed.) Money and the Space Economy, pp. 49-70. Wiley, New York, NY.
15. Clark G. L. (1993) Global interdependence and regional development: business linkages and corporate governance in a world of financial risk, Transactions of the Institute of British Geographers 18, 309-325. doi: 10.2307/622462
16. Clark G. L. (1999). The retreat of the state and the rise of pension fund capitalism, in Martin R. (Ed.) Money and the Space Economy, pp. 241-260. Wiley, Chichester.
17. Clark G. L. and O'Connor K. (1997) The informational content of financial products and the spatial structure of the global finance industry, in Cox K. R. (Ed.) Spaces of Globalisation: Reasserting the Power of the Local, pp. 89-114. Guilford, New York, NY.
18. Clark G. L., Palaskas T., Tracey P. and Tsampra M. (2004) Globalization and competitive strategy in Europe's vulnerable regions: firm, industry and country effects in labour-intensive industries, Regional Studies 38, 1085-1100. doi: 10.1080/0034340042000292656
19. Clark G. L. and Wójcik D. (2007) The Geography of Finance: Corporate Governance in the Global Marketplace. Oxford University Press, Oxford.
20. Clark G. L. and Wrigley N. (1995) Sunk costs: a framework for economic geography, Transactions of the Institute of British Geography 20, 204-223. doi: 10.2307/622432
21. Clark G. L. and Wrigley N. (1997) The spatial configuration of the firm and the management of sunk costs, Economic Geography 73, 285-304. doi: 10.2307/144485
22. Coe N. M. (2012) Geographies of production II: a global production network A-Z, Progress in Human Geography 36, 389-402. doi: 10.1177/0309132511402784
23. Coe N. M., Dicken P. and Hess M. (2008) Global production networks: realizing the potential, Journal of Economic Geography 8, 271-295. doi: 10.1093/jeg/lbn002
24. Coe N. M., Hess M., Yeung H. W. C., Dicken P. and Henderson J. (2004) Globalizing regional development: a global production networks perspective, Transactions of the Institute of British Geographers 29, 468-484. doi: 10.1111/j.0020-2754.2004.00142.x
25. Corbridge S. (1994) Bretton Woods revisited: hegemony, stability, and territory, Environment and Planning A 26, 1829-1859. doi: 10.1068/a261829
26. Dedrick J., Kraemer K. L. and Linden G. (2009) Who profits from innovation in global value chains? A study of the iPod and notebook PCs, Industrial and Corporate Change 19, 81-116. doi: 10.1093/icc/dtp032
27. Dedrick J., Kraemer K. L. and Linden G. (2011) The distribution of value in the mobile phone supply chain, Telecommunications Policy 34, 505-521. doi: 10.1016/j.telpol.2011.04.006
28. De Guevara J. F. and Maudos J. (2009) Regional financial development and bank competition: effects on firms' growth, Regional Studies 43, 211-228. doi: 10.1080/00343400701808907
29. Dicken P. (2011) Global Shift: Mapping the Changing Contours of the World Economy. Sage, London.
30. Dixon A. (2010) Variegated capitalism and the geography of finance, Progress in Human Geography 35, 193-210. doi: 10.1177/0309132510372006
31. Dore R. (2008) Financialization of the global economy, Industrial and Corporate Change 17, 1097-1112. doi: 10.1093/icc/dtn041
32. Doremus P. N., Keller W. W., Pauly L. W. and Reich S. (1998) The Myth of the Global Corporation. Princeton University Press, Princeton, NJ.
33. Engelen E. (2008) The case for financialization, Competition and Change 12, 111-119.
34. Erturk I., Froud J., Leaver A. and Williams K. (Eds) (2008) Financialization at Work: Key Texts and Commentary. Abingdon, Routledge.
35. Faulconbridge J. (2004) London and Frankfurt in Europe's evolving financial centre network, Area 36, 235-244. doi: 10.1111/j.0004-0894.2004.00220.x
36. Faulconbridge J. and Muzio D. (2009) The financialization of large law firms: situated discourses and practices of reorganization, Journal of Economic Geography 9, 641-661. doi: 10.1093/jeg/lbp038
37. French S. and Kneale J. (2012) Speculating on careless lives: annuitising the biofinancial subject, Journal of Cultural Economy 5, 391-406. doi: 10.1080/17530350.2012.703619
38. French S., Leyshon A. and Wainwright T. (2011) Financializing space: spacing financialisation, Progress in Human Geography 35, 798-819. doi: 10.1177/0309132510396749
39. Friedmann J. (1986) The world city hypothesis, Development and Change 17, 69-83. doi: 10.1111/j.1467-7660.1986.tb00231.x
40. Friedmann J. and Wolf G. (1982) World city formation: an agenda for research and action, International Journal of Urban and Regional Research 6, 319-335. doi: 10.1111/j.1468-2427.1982.tb00384.x
41. Froud J., Haslam C., Johal S. and Williams K. (2002a) Cars after financialisation: a case study in financial under-performance, constraints and consequences, Competition and Change 6, 13-41. doi: 10.1080/10245290212675
42. Froud J., Johal S., Leaver A. and Williams K. (2006) Financialization and Strategy: Narrative and Numbers. Routledge, Abingdon.
43. Froud J., Johal S. and Williams K. (2002b) Financialization and the coupon pool, Capital and Class 78, 119-151. doi: 10.1177/030981680207800106
44. Gibbon P. (2002) At the cutting edge? Financialisation and UK clothing retailers' global sourcing patterns and practices, Competition and Change 6, 289-308. doi: 10.1080/10245290215045
45. Gibbon P. and Ponte S. (2005) Trading Down: Africa, Value Chains, and the Global Economy. Temple University Press, Philadelphia, PA.
46. Godley W. and Lavoie M. (2007) Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. Palgrave/Macmillan, London.
47. Hadjimichalis C. (1984) The geographical transfer of value: notes on spatiality of capitalism, Environment and Planning D: Society and Space 2, 329-345. doi: 10.1068/d020329
48. Haldane A. and May R. (2011) Systemic risk in banking ecosystems, Nature 469, 351-355. doi: 10.1038/nature09659
49. Hall S. (2013) Geographies of money and finance III: financial circuits and the 'real economy', Progress in Human Geography 37, 285-292. doi: 10.1177/0309132512443488
50. Haynes M., Thompson S. and Wright M. (2003) The determinants of corporate divestment: evidence from a panel of UK firms, Journal of Economic Behavior and Organization 52, 147-166. doi: 10.1016/S0167-2681(02)00167-1
51. Helleiner E. (1995) Explaining the globalisation of financial markets: bringing the state back, Review of International Political Economy 2, 315-341. doi: 10.1080/09692299508434322
52. Henderson J., Dicken P., Hess M., Coe N. M. and Yeung H. W. C. (2002) Global production networks and the analysis of economic development, Review of International Political Economy 9, 436-464. doi: 10.1080/09692290210150842
53. Ho K. (2009) Liquidated: An Ethnography of Wall Street. Duke University Press, London.
54. Hudson A. (2000) Offshoreness, globalization and sovereignty: a postmodern geo-political economy?, Transactions of the Institute of British Geographers 25, 269-283. doi: 10.1111/j.0020-2754.2000.00269.x
55. Johal S. and Leaver A. (2007) Is the stock market a disciplinary institution? French giant firms and the regime of accumulation, New Political Economy 12, 349-367. doi: 10.1080/13563460701485490
56. Jones A. (2003) Management Consultancy and Banking in an Era of Globalisation. Palgrave Macmillan, Basingstoke.
57. Jones A. and Murphy J. T. (2011) Theorizing practice in economic geography: foundations, challenges, and possibilities, Progress in Human Geography 35, 366-392. doi: 10.1177/0309132510375585
58. Kädtler J. and Sperling H.-J. (2002) The power of financial markets and the resilience of operations: arguments and evidence from the German car industry, Competition and Change 6, 81-94. doi: 10.1080/10245290212672
59. Krippner G. (2005) The financialization of the American economy, Socio-Economic Review 3, 173-208. doi: 10.1093/SER/mwi008
60. Lai K. P. Y. (2006) 'Imagineering' Asian emerging markets: financial knowledge networks in the fund management industry, Geoforum 37, 627-642. doi: 10.1016/j.geoforum.2005.12.003
61. Lai K. P. Y. (2009) New spatial logics in global cities research: networks, flows and new political spaces, Geography Compass 3, 997-1012. doi: 10.1111/j.1749-8198.2009.00232.x
62. Lai K. P. Y. (2012) Differentiated markets: Shanghai, Beijing and Hong Kong in China's financial centre network, Urban Studies 49, 1275-1296. doi: 10.1177/0042098011408143
63. Langley P. (2006) The making of investor subjects in Anglo-American pensions, Environment and Planning D: Society and Space 24, 919-934. doi: 10.1068/d405t
64. Langley P. (2008) The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America. Oxford University Press, Oxford.
65. Laozonick B. and O'Sullivan M. (2000) Maximising shareholder value: a new ideology of corporate governance, Economy and Society 29, 13-35. doi: 10.1080/030851400360541
66. Leyshon A. (1992) The transformation of regulatory order: regulating the global economy and environment, Geoforum 23, 249-267. doi: 10.1016/0016-7185(92)90041-2
67. Leyshon A., Burton D., Knights D., Alferoff C. and Signoretta P. (2004) Towards an ecology of retail financial services: understanding the persistence of door-to-door credit and insurance providers, Environment and Planning A 36, 625-645. doi: 10.1068/a3677
68. Leyshon A. and Thrift N. (1997a) Money/Space: Geographies of Monetary Transformation. Routledge, New York, NY.
69. Leyshon A. and Thrift N. (1997b) Spatial financial flows and the growth of the modern city, International Social Science Journal 49, 41-54. doi: 10.1111/j.1468-2451.1997.tb00005.x
70. Mackinnon D. (2012) Beyond strategic coupling: reassessing the firm-region nexus in global production networks, Journal of Economic Geography 12, 227-245. doi: 10.1093/jeg/lbr009
71. Major T. (2000) VW faces criticism over fall in shares, Financial Times 24 May.
72. Martin R. (1999) Selling off the state: privatisation, the equity market and the geographies of shareholder capitalism, in Martin R. (Ed.) Money and the Space Economy, pp. 261-284. Wiley, Chichester.
73. Martin R. (2002) The Financialization of Daily Life. Temple University Press, Philadelphia, PA.
74. Martin R., Berndt C., Klagge B. and Sunley P. (2005) Spatial proximity effects and regional equity gaps in the venture capital market: evidence from Germany and the UK, Environment and Planning A 37, 1207-1231. doi: 10.1068/a3714
75. Mason C. M. and Harrison R. T. (1999) Financing entrepreneurship: venture capital and regional development, in Martin R. (Ed.) Money and the Space Economy, pp. 157-184. Wiley, Chichester.
76. Mason C. M. and Harrison R. T. (2002) The geography of venture capital investments in the UK, Transactions of the Institute of British Geographers 27, 427-451. doi: 10.1111/1475-5661.00064
77. Maurer B. (2008) Re-regulating offshore finance?, Geography Compass 2, 155-175. doi: 10.1111/j.1749-8198.2007.00076.x
78. McCann P. and Acs Z. J. (2011) Globalization: countries, cities and multinationals, Regional Studies 45, 17-32. doi: 10.1080/00343404.2010.505915
79. Milberg W. (2008) Shifting sources and uses of profits: sustaining US financialization with global value chains, Economy and Society 37, 420-451. doi: 10.1080/03085140802172706
80. Milberg W. and Winkler D. (2010) Financialisation and the dynamics of offshoring in the USA, Cambridge Journal of Economics 34, 275-293. doi: 10.1093/cje/bep061
81. Morgan G. (2001) The multinational firm: organizing across institutional and national divides, in Morgan G., Kristensen P. H. and Whitley R. (Eds) The Multinational Firm: Organizing Across Institutional and National Divides, pp. 1-26. Oxford University Press, Oxford.
82. Muellerleile C. (2009) Financialization takes off at Boeing, Journal of Economic Geography 9, 663-677. doi: 10.1093/jeg/lbp025
83. O'Neill P. (2006) The corporation, shareholder value added, and the power of financial management narratives, in Taylor M. and Oinas P. (Eds) Understanding the Firm: Spatial and Organizational Dimensions, pp. 117-146. Oxford University Press, Oxford.
84. Palpacuer F. (2008) Bringing the social context back in: governance and wealth distribution in global commodity chains, Economy and Society 37, 393-419. doi: 10.1080/03085140802172698
85. Peck J. and Theodore N. (2007) Variegated capitalism, Progress in Human Geography 31, 731-772. doi: 10.1177/0309132507083505
86. Pike A. (2006) 'Shareholder value' versus the regions: the closure of the Vaux brewery in Sunderland, Journal of Economic Geography 6, 201-222. doi: 10.1093/jeg/lbi005
87. Pike A. and Pollard J. (2010) Economic geographies of financialization, Economic Geography 86, 29-51. doi: 10.1111/j.1944-8287.2009.01057.x
88. Pollard J. S. (2003) Small firm finance and economic geography, Journal of Economic Geography 3, 429-452. doi: 10.1093/jeg/lbg015
89. Pollard J. and Samers M. (2013) Governing Islamic finance: territory, agency and the making of cosmopolitan financial geographies, Annals of the Association of American Geographers 103, 710-726. doi: 10.1080/00045608.2011.628256
90. Porteous D. J. (1999) The development of financial centres: location, information externalities and path dependence, in Martin R. (Ed.) Money and the Space Economy, pp. 95-114. Wiley, Chichester.
91. Pryke M. (2011) Geographies of economic growth II: money and finance, in Leyshon A., Lee R., McDowell L. and Sunley P. (Eds) The Sage Handbook of Economic Geography, pp. 187-201. Sage, London.
92. Roberts C. B. (2010) Segment reporting, in Nobes C. and Parker R. B. (Eds) Comparative International Accounting, pp. 427-456. Pearson, Harlow.
93. Roberts S. (1995) Small place, big money: the Cayman Islands and the international financial system, Economic Geography 71, 237-256. doi: 10.2307/144310
94. Sassen S. (1991) The Global City: London, New York, Tokyo. Princeton University Press, Princeton, NJ.
95. Sassen S. (2001) The Global City: London, New York, Tokyo. Princeton University Press, Princeton, NJ.
96. Smith A. (1776/1974) The Wealth of Nations. Edited with an Introduction and Notes by A. Skinner. Penguin, London.
97. Smith A. and Swain A. (2010) The global economic crisis, Eastern Europe and the former Soviet Union: models of development and contradictions of internationalisation, Eurasian Geography and Economics 51, 1-34. doi: 10.2747/1539-7216.51.1.1
98. Stiglitz J. E. (2010) Risk and global economic architecture: why full financial integration may be undesirable, American Economic Review 100, 388-392. doi: 10.1257/aer.100.2.388
99. Stockhammer E. (2004) Financialization and the slowdown of accumulation, Cambridge Journal of Economics 28, 719-741. doi: 10.1093/cje/beh032
100. Taylor M. (2012) 'Island life': basking in isolation, Dialogues in Human Geography 2, 162-164. doi: 10.1177/2043820612449309
101. Taylor P. J. (2004) World City Network: A Global Urban Analysis. Routledge, London.
102. Taylor P. J., Catalana G. and Walker D. (2004) Multiple globalisations: regional, hierarchical and sectoral articulations of global business services through world cities, Service Industries Journal 24, 63-81. doi: 10.1080/0264206042000247768
103. The Economist (2012) Company formation: shells and shelves, The Economist 7 April.
104. The Economist (2013a) Onshore financial centres: not a palm tree in sight, The Economist 16 February.
105. The Economist (2013b) Special Report: Offshore finance, The Economist 16 February.
106. The Economist (2013c) Switzerland and its rivals: rise of the midshores, The Economist 16 February.
107. Thrift N. (1994) On the social and cultural determinants of international financial centres: the case of the City of London, in Corbridge S., Martin R. L. and Thrift N. (Eds) Money, Power and Space, pp. 327-355. Blackwell, Oxford.
108. Thrift N. (1998) Always here and there: The City of London, in Unwin T. (Ed.) A European Geography, pp. 199-202. Addison Wesley Longman, Harlow.
109. Vitali S., Glattfelder J. B. and Battiston S. (2011) The network of global corporate control, PLoS ONE 6, e25995. doi: 10.1371/journal.pone.0025995
110. Vitols S. (2002) Shareholder value, management culture and production regimes in the transformation of the German chemical-pharmaceutical industry, Competition and Change 6, 309-325. doi: 10.1080/10245290215047
111. Wainwright T. (2011) Tax doesn't have to be taxing: London's 'onshore' finance industry and the fiscal spaces of a global crisis, Environment and Planning A 43, 1287-1304. doi: 10.1068/a43528
112. Walter C. E. and Howie F. J. T. (2011) Red Capitalism: The Fragile Financial Foundations of China's Extraordinary Rise. Wiley, New York, NY.
113. Warf B. (2002) Tailored for Panama: offshore banking at the crossroads of the Americas, Geografiska Annaler B 84, 33-47. doi: 10.1111/j.0435-3684.2002.00112.x
114. White G. I., Sondhi A. C. and Fried D. (2003) The Analysis and Use of Financial Statements. Wiley, New York, NY.
115. Whitley R. (2001) How and why are international firms different? The consequences of cross-border managerial coordination for firm characteristics and behaviour, in Morgan G., Krsitensen P. H. and Whitley R. (Eds) The Multinational Firm: Organizing Across Institutional and National Divides, pp. 27-68. Oxford University Press, Oxford.
116. Williams K. (2000) From shareholder value to present-day capitalism, Economy and Society 29, 1-12. doi: 10.1080/030851400360532
117. Wójcik D. (2011) Securitization and its footprint: the rise of the US securities industry centres 1998-2007, Journal of Economic Geography 11, 925-947. doi: 10.1093/jeg/lbq045
118. Wójcik D. (2012) Accounting for Globalization: Evaluating the Effectiveness of Country-by-Country Reporting. Employment, Work and Finance Working Paper No. 12-08 (available at SSRN: http://ssrn.com/abstract=2163456).
119. Wójcik D. (2013a) The dark side of NY-LON: financial centres and the global financial crisis, Urban Studies 50, 2736-2752. doi: 10.1177/0042098012474513
120. Wójcik D. (2013b) Where governance fails: advanced business services and the offshore world, Progress in Human Geography 37, 330-347. doi: 10.1177/0309132512460904
121. Wójcik D. (2013c) 'Capitalist Tools in Socialist Hands'? China Mobile in the Global Financial Network. Employment, Work and Finance Working Paper No. 13-05 (available at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2297372).
122. Wójcik D. and Burger C. (2010) Listing BRICs: issuers from Brazil, Russia, India and China in New York, London and Luxembourg, Economic Geography 86, 275-296.
123. Wójcik D., Beaverstock J. V. and Sidaway J. (2007) European financial geographies, Growth and Change 38, 167-173. doi: 10.1111/j.1468-2257.2007.00362.x
124. Wood P. A. (1991) Flexible accumulation and the rise of business services, Transactions of the Institute of British Geographers 16, 160-172. doi: 10.2307/622611
125. Wood P. A. (2006) Urban development and knowledge-intensive business services: too many unanswered questions?, Growth and Change 37, 335-361. doi: 10.1111/j.1468-2257.2006.00327.x
126. Wray F., Marshall N. and Pollard J. (2011) Finance and local and regional economic development, in Pike A., Rodríguez-Pose A. and Tomaney J. (Eds) Handbook of Local and Regional Development, pp. 356-370. Routledge, London.
127. Wrigley N. (1999) Corporate finance, leveraged restructuring and the economic landscape: the LBO wave in US food retailing, in Martin R. (Ed.) Money and the Space Economy, pp. 185-206. Wiley, Chichester.
128. Wrigley N. and Currah A. (2003) The stresses of retail internationalization: lessons from Royal Ahold's experience in Latin America, International Review of Retail, Distribution and Consumer Research 13, 221-243. doi: 10.1080/0959396032000101336
129. Yeung H. W. C. (2009) Regional development and the competitive dynamics of global production networks: an East Asian perspective, Regional Studies 43, 325-351. doi: 10.1080/00343400902777059
130. Zook M. (2002) Grounded capital: venture financing and the geography of the Internet industry, Journal of Economic Geography 2, 151-177. doi: 10.1093/jeg/2.2.151
131. Zukin S. (1992) The city as a landscape of power: London and New York as global financial capitals, in Budd L. and Whimster S. (Eds) Global Finance & Urban Living: A Study of Metropolitan Change, pp. 198-226. Routledge, London.