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Politics, time and space in the era of shadow banking

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  • Dick Bryan
  • Michael Rafferty
  • Duncan Wigan

Abstract

In the wake of the Global Financial Crisis, there has been an understandable focus on the financial fragility and contagion aspects of shadow banking. This article argues that shadow banking is important for another set of reasons. It has been well established that shadow banking permits the transformation of assets and financial claims. It has also been established that fiscal and regulatory arbitrage occurs through shadow banking, and associated offshore financial activities. The article develops the argument that together these are transforming the times and spaces of modern finance, and directly challenging earlier spatio-temporal concepts of finance, and the regulatory/jurisdictional order built on them. The article suggests that the longer term significance of shadow banking may not just be its role in financial crisis, or even tax and regulatory arbitrage, but that it was here that innovative forms of capital were produced and generalised which transcended the spaces and times of earlier institutional, transactional and jurisdictional concepts of capital and wealth.

Suggested Citation

  • Dick Bryan & Michael Rafferty & Duncan Wigan, 2016. "Politics, time and space in the era of shadow banking," Review of International Political Economy, Taylor & Francis Journals, vol. 23(6), pages 941-966, November.
    • Handle: RePEc:taf:rripxx:v:23:y:2016:i:6:p:941-966
    DOI: 10.1080/09692290.2016.1139618
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    Cited by:

    1. John Schmidt, 2024. "Incendiary assets: Risk, power, and the law in an era of catastrophic fire," Environment and Planning A, , vol. 56(2), pages 418-435, March.
    2. Rasmus Corlin Christensen & Leonard Seabrooke & Duncan Wigan, 2022. "Professional action in global wealth chains," Regulation & Governance, John Wiley & Sons, vol. 16(3), pages 705-721, July.
    3. Yannis Dafermos & Daniela Gabor & Jo Michell, 2023. "FX swaps, shadow banks and the global dollar footprint," Environment and Planning A, , vol. 55(4), pages 949-968, June.
    4. Maj Grasten & Leonard Seabrooke & Duncan Wigan, 2023. "Legal affordances in global wealth chains: How platform firms use legal and spatial scaling," Environment and Planning A, , vol. 55(4), pages 1062-1079, June.
    5. Michael Pryke & John Allen, 2019. "Financialising urban water infrastructure: Extracting local value, distributing value globally," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1326-1346, May.

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