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Increased Capital Mobility/Liquidity and its Repercussions at Regional Level

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Abstract

The most significant structural change undergone by the British and Swiss economies during the past 25 years (1975-2000) is indisputably the development of their financial systems. From this point of view, the two countries show a number of similarities: the presence of one or more international financial place(s), large enterprises which expanded greatly on the international front during that period, the decline of their industrial regions, a monetarist-type monetary policy that involved floating their currency on the external market, a more or less enthusiastic policy of liberalizing their financial markets, etc. In these two countries, the development of international financial centres and the decline of the industrial regions took place in parallel. The question that remains is: are these developments linked? There have been many studies dealing with the relationship between finance and industry. But this article is original in that it approaches the question principally from the spatial angle (by contrasting the evolution of the financial centres with that of the other regions) and from the sectoral angle (by making a distinction between finance and the industrial activities).

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  • José Corpataux & Olivier Crevoisier, 2005. "Increased Capital Mobility/Liquidity and its Repercussions at Regional Level," GRET Publications and Working Papers 10-05, GRET Group of Research in Territorial Economy, University of Neuchâtel.
    • Handle: RePEc:nct:wpaper:10-05
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    References listed on IDEAS

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    1. Philip Arsetis & Malcolm Sawyer (ed.), 1998. "The Political Economy of Central Banking," Books, Edward Elgar Publishing, number 1419.
    2. Jose Corpataux & Olivier Crevoisier & Alain Thierstein, 2002. "Exchange Rate and Regional Divergences: The Swiss Case," Regional Studies, Taylor & Francis Journals, vol. 36(6), pages 611-626.
    3. Eric Nasica, 1997. "Comportements bancaires et fluctuations économiques: l'apport fondamental d'H.P. Minsky à la théorie des cycles endogènes et financiers," Post-Print halshs-00466545, HAL.
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    Cited by:

    1. Olivier Crevoisier, 2014. "Beyond Territorial Innovation Models: The Pertinence of the Territorial Approach," Regional Studies, Taylor & Francis Journals, vol. 48(3), pages 551-561, March.
    2. Thierry Theurillat & José Corpataux & Olivier Crevoisier, 2008. "The Impact of Institutional Investors on Corporate Governance: A View of Swiss Pension Funds in a Changing Financial Environment," GRET Publications and Working Papers 12-08, GRET Group of Research in Territorial Economy, University of Neuchâtel.
    3. Thierry Theurillat, 2011. "La ville négociée : entre financiarisation et durabilité," Géographie, économie, société, Lavoisier, vol. 13(3), pages 225-254.
    4. Thierry Theurillat & Olivier Crevoisier, 2013. "The Sustainability of a Financialized Urban Megaproject: The Case of Sihlcity in Zurich," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 37(6), pages 2052-2073, November.
    5. Thierry Theurillat & Jose Corpataux & Olivier Crevoisier, 2008. "Property Sector Financialization: The Case of Swiss Pension Funds (1992--2005)," European Planning Studies, Taylor & Francis Journals, vol. 18(2), pages 189-212, December.
    6. Ludovic Halbert & Hortense Rouanet, 2014. "Filtering Risk Away: Global Finance Capital, Transcalar Territorial Networks and the (Un)Making of City-Regions: An Analysis of Business Property Development in Bangalore, India," Regional Studies, Taylor & Francis Journals, vol. 48(3), pages 471-484, March.
    7. Christian Livi & Pedro Araujo & Olivier Crevoisier, 2012. "Les territoires de l'innovation "durable": des milieux locaux à la communication "responsable". Les cas du photovoltaïque et de la finance durable en Suisse occidentale," GRET Publications and Working Papers 05-12, GRET Group of Research in Territorial Economy, University of Neuchâtel.
    8. Christian Livi & Hugues Jeannerat & Olivier Crevoisier, 2013. "Mobility of Knowledge. The Photovoltaic Industry in Western Switzerland : The Emergence of a Multi-Local Valuation Milieu," GRET Publications and Working Papers 04-13, GRET Group of Research in Territorial Economy, University of Neuchâtel.
    9. Thierry Theurillat & Jose Corpataux & Olivier Crevoisier, 2006. "The Financialization of the Property Sector: the Case of the Swiss Pension Trusts (1994-2005)," ERSA conference papers ersa06p118, European Regional Science Association.

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    More about this item

    Keywords

    capital mobility/liquidity; exchange rate; financial centres; industrial and tourist regions; Switzerland; United Kingdom;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • F1 - International Economics - - Trade
    • G3 - Financial Economics - - Corporate Finance and Governance
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics

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