Politics, time and space in the era of shadow banking

Dick Bryan, Michael Rafferty and Duncan Wigan

Review of International Political Economy, 2016, vol. 23, issue 6, 941-966

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.

Date: 2016
References: View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://hdl.handle.net/10.1080/09692290.2016.1139618 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:rripxx:v:23:y:2016:i:6:p:941-966

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/rrip20

DOI: 10.1080/09692290.2016.1139618

Access Statistics for this article

Review of International Political Economy is currently edited by Gregory Chin, Juliet Johnson, Daniel Mügge, Kevin Gallagher, Ilene Grabel and Cornelia Woll

More articles in Review of International Political Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().