Financialization of Singaporean Banks and the Production of Variegated Financial Capitalism

Lai, Karen P. Y.; Daniels, Joseph

doi:10.1002/9781119051374.ch9

Cited by 35 publications

(14 citation statements)

References 57 publications

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“…Urban infrastructure financialisation provides a timely opportunity to investigate its socially and spatially uneven unfolding and implications, and to examine local state efforts to implement more entrepreneurial practices and governance forms amidst enduring and mutating managerialism. Differentiated by the variegations of national political economies and capitalisms internationally (Peck and Theodore 2007) and their roles in shaping pathways of financialisation (Lai and Daniels 2016), national governments retain pivotal roles in governing urban infrastructure funding and financing. Their agency is evident in their relations with local governments, and authority over licensing, planning, taxation rights, and the purposes, levels, timescales and investments in collective infrastructure provision (Jonas et al 2010, O'Neill 2013.…”

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confidence: 99%

‘Deal or no deal?’ Governing urban infrastructure funding and financing in the UK City Deals

O’Brien

Pike

2018

Urban Studies

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How urban infrastructure is funded, financed and governed is a central issue for states at the national, city-regional and city scales. Urban infrastructure is being financialised by financial and state actors and transformed into an asset in the international investment landscape. Local governments are being compelled by national state and financial institutions to be more entrepreneurial in their infrastructure funding and financing and to reorganise their governance arrangements. This article explains the socially and spatially uneven unfolding and implications of urban infrastructure financialisation and local government attempts to implement more entrepreneurial practices and governance forms. The empirical focus is the City Deals in the UK: a new form of urban governance and infrastructure investment based upon negotiated central–local government agreements on decentralised powers, responsibilities and resources. The continued authority of the highly centralised UK national state, its managerialist institutions and conservative/risk-averse administrative culture have constrained urban infrastructure financialisation and entrepreneurial urban governance in the UK City Deals. Situated in their particular spatial, temporal, political-economic and institutional settings, financialisation is understood as a socially and spatially variegated process and urban governance is interpreted as the articulation and mixing of new entrepreneurial and enduring managerialist forms.

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confidence: 99%

‘Deal or no deal?’ Governing urban infrastructure funding and financing in the UK City Deals

O’Brien

Pike

2018

Urban Studies

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“…Like Hong Kong, Singapore is home to the subsidiaries of many global investment banks, but does not host their headquarters . Singaporean banks DBS and OCBC have been expanding their investment bank activities in the last decade, but remain small players by international standards (Lai and Daniels, 2017).…”

Section: Geographical Structurementioning

confidence: 99%

Economic Geography of Investment Banking Since 2008: The Geography of Shrinkage and Shift

Wójcik

Knight

O’Neill³

et al. 2018

Economic Geography

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Investment bank capitalism might have foundered during the global financial crisis in 2008, but what has happened to investment banks? Our analysis reveals that core investment banking activities have experienced a significant contraction, accompanied by diminished institutional and geographical concentration. Large banks have experienced the largest falls in revenue and Asian banks have capitalised on the growth of their local capital markets. With direct access to the largest market in the world, US banks remain dominant globally, but their market shares have declined. Our results highlight the variegated nature of change underway in the global financial system, and its implications for geo-politics and geo-economics.

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“…Financialization can be situated across multiple dimensions including: the influence of financial markets and finance sector on national political decisions and firms' strategies; changes within financial institutions themselves (see French et al, 2011;Hall, 2012;Lai and Daniels, 2017;van Loon, 2017), and, lastly, the increasing prevalence of monetary and financial considerations that changes the behaviours of individuals and families (Martin, 2002;Van der Zwan, 2014). The first two expositions largely focus on redistributive processes, i.e., from the state to private owners or from labor to investors, and the latter focuses more on the cultural process through which individuals are reimagined as investors.…”

Section: Theorizing the Spaces Of Financialization And Blockchain Tecmentioning

confidence: 99%

Initial coin offerings: Linking technology and financialization

Zook

Grote

2020

Environ Plan A

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This paper elaborates on the interactions between digital technologies and financial practices and how they contribute to the ongoing process of financialization. We focus on the circumstances of blockchain-based token offerings and their contribution to reshaping existing systems of investment in startups. We show how future clients become investors via the initial coin offering (ICO) process. The paper is based on interviews with blockchain and industry practitioners during 2018 and 2019 and focuses on an in-depth case study of a specific ICO in early 2018. We suggest a framework consisting of catalysts, cracks and voids to analyze the financialization process and to inform theories of how financialization advances through the new spaces afforded by socially constructed technologies upon which entrepreneurs capitalize. With this framework we provide a better understanding of the mechanics behind financialization, particularly the ways in which business processes, and larger social relations such as the role of investors and clients, are reimagined and reworked.

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Financialization of Singaporean Banks and the Production of Variegated Financial Capitalism

Cited by 35 publications

References 57 publications

‘Deal or no deal?’ Governing urban infrastructure funding and financing in the UK City Deals

‘Deal or no deal?’ Governing urban infrastructure funding and financing in the UK City Deals

Economic Geography of Investment Banking Since 2008: The Geography of Shrinkage and Shift

Initial coin offerings: Linking technology and financialization

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