Financial and Business Services: A Guide for the Perplexed
In: Draft chapter in the Routledge Handbook of Financial Geography (2020), edited by Janelle Knox-Hayes and Dariusz Wójcik (Forthcoming)
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In: Draft chapter in the Routledge Handbook of Financial Geography (2020), edited by Janelle Knox-Hayes and Dariusz Wójcik (Forthcoming)
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In: Employment, Work and Finance Working Paper No. 12-08
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In: Employment, Work and Finance Working Paper No. 12-07
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To address the paucity of research on the financial geography of Latin America and contribute to the emerging geographical literature on FinTech, we use quantitative financial data and qualitative insights from expert interviews, to explore the relationships between FinTech development and financial geography of the region, with focus on Brazil, Mexico and Argentina. We show that despite its fast growth driven by high costs of financial intermediation, policy of financial inclusion and financial regulation, FinTech in Latin America has thus far played out on the margins of the global FinTech industry and the margins of its financial systems, with limited impacts on financial inclusion. We argue that FinTech has not challenged but contributed to an already high level of concentration in the geographies of financial services in Latin America. This is affected by the proximity of FinTech firms to incumbent banks (which are active in FinTech), sources of capital and skilled labour, and reinforced by the fact that leading financial centres in Latin America are also the main centres of technology industry. Finally, we demonstrate that FinTech has not yet had a significant impact on the low level of financial integration in Latin America, with fragmentation determined by political, economic, and financial instability, combined with a lack of compatibility in financial regulation. Put together, our findings add to the literature that advocates a degree of scepticism about the impacts of FinTech on financial centres, if not the financial system overall.
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In: SWIFT Institute Working Paper No. 2019-002
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In: University of Oxford, School of Geography and the Environment, Working Papers in Employment, Work and Finance, No. 14-09
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In: Geopolitics, Band 18, Heft 4, S. 954-960
ISSN: 1557-3028
In: University of Oxford, School of Geography and the Environment Working Papers in Employment, Work and Finance 13-05
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In: University of Oxford, School of Geography and the Environment Working Papers in Employment, Work and Finance, No. 13-02
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In: Environment and planning. A, Band 56, Heft 2, S. 436-453
ISSN: 1472-3409
To analyse oil, the world's most traded commodity, we combine Global Production Network (GPN) and Global Financial Network (GFN) approaches into the Global Production and Financial Network (GPFN). The combination offers a dynamic framework, as key actors and geographies in the GPFN change over time. It brings together the production and financial strands of research on oil and overcomes the physical reality v. financial fiction dichotomy in literature. Using a wide range of data on oil networks, prices, historical accounts, as well as industry, media and policy reports, we apply the GPFN to explain the evolution of oil networks, since their inception, as well as the mid- and short-term price anomalies since 2010. Our history of oil GPFN demonstrates the stability of its analytical categories and the stickiness of power wielded by some actors and geographies, while others come and go. Our account of price anomalies shows the inseparability of physical and financial factors in explaining them. As whole the GFPN is an opportunity to understand the evolving broad structures, distribution of power and price formation in markets, and as such represents a way forward for studying other products and sectors.