Abstract:The authors examine the impact of the remote delivery of financial services on the branch network of British building societies. The current phase of branch-network rationalisation in the financial sector in Europe and North America is argued in the academic literature to be the inevitable consequence of the growth of electronic and telemediated forms of delivery of financial services. In the British building society sector, despite some evidence of branch closure as the use of the Internet and telephone call … Show more
“…In response to the emergence of financial crises, the financial services industry has been revealed to respond by abandoning fixed and variable capital investments in “risky” areas and to relocate or re‐concentrate activities within what are perceived to be “safer” areas. Such processes of financial abandonment and financial exclusion have occurred at a variety of spatial scales over the past 20 years or so, ranging from the mass closure of international bank branches in developing countries following the Less Developed Countries debt crisis of the 1980s (Corbridge 1993), to the extensive bank branch closure programmes undertaken within economies such as the US and the UK in the 1990s (Dymski and Veitch 1996; Leyshon and Thrift 1995; Willis, Marshall, and Richardson 2001). (Leyshon 2004:463–464)…”
Section: Introduction: From Harvey To Financial Exclusion In Mortgagementioning
The geography of financial exclusion has mainly focused on exclusion from retail banking. Alternatively, and following the work of David Harvey, this paper presents a geography of access to and exclusion from home mortgage finance. The case of Milan shows that capital switching to the built environment is partly a sign of economic crisis and partly a sign of the intrinsic opportunities that the built environment provides. A major factor in both is the deregulation of the mortgage market that has enabled the loosening of historically stringent lending criteria, leading to a tremendous growth of the mortgage market, while leaving the co-evolution of family and home ownership intact. In addition, capital switches within sectors of the economy and between places. In Milan, once "unattractive" but currently gentrified nineteenth-century districts underwent cycles of devalorisation and revalorisation. Even though access to mortgages has increased throughout Milan, geographical disparities in mortgage lending persist: at present, yellowlining (differential access, based on less favourable terms) is common in parts of the Milanese periphery. The creation of boundaries makes the realisation of class-monopoly rent possible; while the subsequent redrawing of these boundaries creates new submarkets in which surplus value can be extracted. Based on the Milan case, one cannot explain the timing and geography of formation and reformation of submarkets in other cities, but it helps us to see how Harvey's abstract ideas of class-monopoly rent, submarket creation, and capital switching take place in the real world. Copyright 2007 Blackwell Publishing.
“…In response to the emergence of financial crises, the financial services industry has been revealed to respond by abandoning fixed and variable capital investments in “risky” areas and to relocate or re‐concentrate activities within what are perceived to be “safer” areas. Such processes of financial abandonment and financial exclusion have occurred at a variety of spatial scales over the past 20 years or so, ranging from the mass closure of international bank branches in developing countries following the Less Developed Countries debt crisis of the 1980s (Corbridge 1993), to the extensive bank branch closure programmes undertaken within economies such as the US and the UK in the 1990s (Dymski and Veitch 1996; Leyshon and Thrift 1995; Willis, Marshall, and Richardson 2001). (Leyshon 2004:463–464)…”
Section: Introduction: From Harvey To Financial Exclusion In Mortgagementioning
The geography of financial exclusion has mainly focused on exclusion from retail banking. Alternatively, and following the work of David Harvey, this paper presents a geography of access to and exclusion from home mortgage finance. The case of Milan shows that capital switching to the built environment is partly a sign of economic crisis and partly a sign of the intrinsic opportunities that the built environment provides. A major factor in both is the deregulation of the mortgage market that has enabled the loosening of historically stringent lending criteria, leading to a tremendous growth of the mortgage market, while leaving the co-evolution of family and home ownership intact. In addition, capital switches within sectors of the economy and between places. In Milan, once "unattractive" but currently gentrified nineteenth-century districts underwent cycles of devalorisation and revalorisation. Even though access to mortgages has increased throughout Milan, geographical disparities in mortgage lending persist: at present, yellowlining (differential access, based on less favourable terms) is common in parts of the Milanese periphery. The creation of boundaries makes the realisation of class-monopoly rent possible; while the subsequent redrawing of these boundaries creates new submarkets in which surplus value can be extracted. Based on the Milan case, one cannot explain the timing and geography of formation and reformation of submarkets in other cities, but it helps us to see how Harvey's abstract ideas of class-monopoly rent, submarket creation, and capital switching take place in the real world. Copyright 2007 Blackwell Publishing.
“…Challenging the post-Fordist/flexible organisation thesis 407 to over-emphasise the organisational effects of new technologies on higher education (Deem, 2002), just as in banking, where the advent of the automatic-teller machine has changed but not yet led to the abolition of physical banks (Willis et al, 2001).…”
Section: Flexibility and Team Work In Universitiesmentioning
“…In response to the emergence of financial crises, the financial services industry has been revealed to respond by abandoning fixed and variable capital investments in ''risky'' areas and to relocate or re-concentrate activities within what are perceived to be ''safer'' areas. Such processes of financial abandonment and financial exclusion have occurred at a variety of spatial scales over the past 20 years or so, ranging from the mass closure of international bank branches in developing countries following the Less Developed Countries debt crisis of the 1980s (Corbridge 1993), to the extensive bank branch closure programmes undertaken within economies such as the US and the UK in the 1990s (Dymski and Veitch 1996; Leyshon and Thrift 1995;Willis, Marshall and Richardson 2001).…”
Section: Spatial Fixes: Financial Abandonment and Exclusionmentioning
confidence: 99%
“…LCSs are examples of these alternative financial institutions Lee et al 2003;Williams et al 2001). They are local circuits of consumption, production and multilateral exchange facilitated by the provision, distribution and use of an independent local currency.…”
Section: Constructing Circuits Of Value: Local Currency Systemsmentioning
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