The Threat of Capital Drain: A Rationale for Public Banks?

This paper yields a rationale for why subsidized public banks may be desirable from a regional perspective in a financially integrated economy. We present a model with credit rationing and heterogeneous regions in which public banks prevent a capital drain from poorer to richer regions by subsidizing local depositors, for example, through a public guarantee. Under some conditions, cooperative banks can perform the same function without any subsidization; however, they may be crowded out by public banks. We also discuss the impact of the political structure on the emergence of public banks in a political-economy setting and the role of interregional mobility

Neuroliberalism:Cognition, context, and the geographical bounding of rationality

Focusing on the rise of the behavioural sciences within the design and implementation of public policy, this paper introduces the concept of neuroliberalism and suggests that it could offer a creative context within which to interpret related governmental developments. Understanding neuroliberaism as a system of government that targets the more-than rational aspects of human behaviour, this paper considers the particular contribution that geographical theories of context and spatial representation can make to a critical analysis of this evolving governmental project.authorsversionPeer reviewe

Rethinking international financial centres through the politics of territory: Renminbi internationalisation in London’s financial district

This paper revisits canonical thinking on international financial centres (IFCs) that understands them as being primarily sustained through: market liquidity; economies of competition and cooperation between financial and related professional services; and acting as interpretative nodes within global finance. In contrast, I explore the implications of foregrounding questions of power and politics in the (re)production of IFCs. Drawing on the case of the development of offshore renminbi markets in London’s financial district, I argue the state plays a vital, yet comparatively neglected, role in shaping the development and changing nature of international financial centres. In so doing, the paper calls for work in economic geography and cognate social sciences to understand finance as a political as well as an economic, social and cultural relation