Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE (www.oxfordhandbooks.com). © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 07 August 2020

Abstract and Keywords

This chapter explores geographical approaches to financial systems, with special attention to their instability. After examining the foundational contributions that launched the geography of finance, the chapter summarizes spatial research on the global spread of innovative practices in finance. It then asks why so little attention was paid to macro-aspects of financial crises prior to September 2008. A review of geographers’ research of sub-prime lending and crisis finds that this work, extensive as it is in analyzing the microfoundational aspects of sub-prime lending and securitization, pays no attention to the macro-dimension of financial instability. This lacuna is shared with mainstream macroeconomics, which famously failed to see the sub-prime crisis coming. The chapter then explores economist Hyman Minsky’s macro-approach to financial instability and crisis. The chapter concludes by arguing that developing a spatial analysis of financial instability should be a high priority for the emerging geography of finance.

Keywords: geography of finance, financial systems, financial globalization, financial instability, financial innovations, sub-prime lending, financial crisis, Hyman Minsky, Keynesian theory

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.