IDEAS home Printed from https://ideas.repec.org/a/taf/regstd/v48y2014i3p471-484.html
   My bibliography  Save this article

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

Author

Listed:
  • Ludovic Halbert
  • Hortense Rouanet

Abstract

Halbert L. and Rouanet H. 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 . This paper contributes to ongoing debates on the 'landing' or anchoring of global finance capital into the urban built environment. Inspired by recent advances from the school of Territorial Economics, it develops the concept of transcalar territorial networks (TTNs) to explain the processes that result in 'fixing' foreign financial capital into business properties. The paper demonstrates that TTNs contribute to filter away the risks that foreign investors associate with the complexity of local--regional property markets. It also highlights the potential consequences on the spatial, economic and social dynamics of city-regions.

Suggested Citation

  • 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.
    • Handle: RePEc:taf:regstd:v:48:y:2014:i:3:p:471-484
    DOI: 10.1080/00343404.2013.779658
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/00343404.2013.779658
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/00343404.2013.779658?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. C.F. Sirmans & Elaine Worzala, 2003. "International Direct Real Estate Investment: A Review of the Literature," Urban Studies, Urban Studies Journal Limited, vol. 40(5-6), pages 1081-1114, May.
    2. Michael Goldman, 2011. "Speculative Urbanism and the Making of the Next World City," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 35(3), pages 555-581, May.
    3. G. Hodgson, 2007. "What Are Institutions?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 8.
    4. Scott, Allen J. (ed.), 2001. "Global City-Regions: Trends, Theory, Policy," OUP Catalogue, Oxford University Press, number 9780198297994, Decembrie.
    5. Krugman, Paul, 1991. "Increasing Returns and Economic Geography," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 483-499, June.
    6. Kevin Fox Gotham, 2009. "Creating Liquidity out of Spatial Fixity: The Secondary Circuit of Capital and the Subprime Mortgage Crisis," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 355-371, June.
    7. José Corpataux & Olivier Crevoisier & Thierry Theurillat, 2009. "The Expansion of the Finance Industry and Its Impact on the Economy: A Territorial Approach Based on Swiss Pension Funds," Economic Geography, Taylor & Francis Journals, vol. 85(3), pages 313-334, July.
    8. Yasser Elsheshtawy, 2008. "Transitory Sites: Mapping Dubai's ‘Forgotten’ Urban Spaces," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 32(4), pages 968-988, December.
    9. Peter J Taylor & Pengfei Ni & Ben Derudder & Michael Hoyler & Jin Huang & Fengyong Lu & Kathy Pain & Frank Witlox & Xiaolan Yang & David Bassens & Wei Shen, 2009. "The Way We Were: Command-and-Control Centres in the Global Space-Economy on the Eve of the 2008 Geo-Economic Transition," Environment and Planning A, , vol. 41(1), pages 7-12, January.
    10. Andrew Wood, 2004. "The Scalar Transformation of the U.S. Commercial Property-Development Industry: A Cautionary Note on the Limits of Globalization," Economic Geography, Taylor & Francis Journals, vol. 80(2), pages 119-140, April.
    11. Kristian Colletis-Wahl & José Corpataux & Olivier Crevoisier & Bernard Pecqueur & Véronique Peyrache-Gadeau & Leila Kebir, 2008. "The Territorial Economy: A General Approach in Order to Understand and Deal with Globalization," Chapters, in: Mari Jose Aranguren Querejeta & Cristina Iturrioz Landart & James R. Wilson (ed.), Networks, Governance and Economic Development, chapter 2, Edward Elgar Publishing.
    12. 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.
    13. Pat Wilson & Ralf Zurbruegg, 2003. "International Diversification of Real Estate Assets - Is it Worth It? Evidence from the Literature," Working Paper Series 126, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    14. José Corpataux & Olivier Crevoisier & Thierry Theurillat, "undated". "The Expansion of the Finance Industry and Its Impact on the Economy: A Territorial Approach Based on Swiss Pension Funds," GRET Journal Papers 07-09, GRET Group of Research in Territorial Economy, University of Neuchâtel.
    15. Balaji Parthasarathy, 2004. "India's Silicon Valley or Silicon Valley's India? Socially Embedding the Computer Software Industry in Bangalore," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 28(3), pages 664-685, September.
    16. Mari Jose Aranguren Querejeta & Cristina Iturrioz Landart & James R. Wilson (ed.), 2008. "Networks, Governance and Economic Development," Books, Edward Elgar Publishing, number 12737.
    17. Solomon Benjamin, 2008. "Occupancy Urbanism: Radicalizing Politics and Economy beyond Policy and Programs," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 32(3), pages 719-729, September.
    18. Eichholtz, Piet & Koedijk, Kees & Schweitzer, Mark, 2001. "Global property investment and the costs of international diversification," Journal of International Money and Finance, Elsevier, vol. 20(3), pages 349-366, June.
    19. repec:nct:journl:v:85:y:2009:i:3:p:313-334 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Natacha Aveline-Dubach, 2017. "Embedment of “Liquid” Capital into the Built Environment:," Post-Print halshs-01563507, HAL.
    2. Siân Butcher, 2020. "Appropriating rent from greenfield affordable housing: developer practices in Johannesburg," Environment and Planning A, , vol. 52(2), pages 337-361, March.
    3. Enora Robin & Frances Brill, 2018. "The global politics of an urban age: creating 'cities for all' in the age of financialisation," Palgrave Communications, Palgrave Macmillan, vol. 4(1), pages 1-5, December.
    4. Antoine Guironnet & Katia Attuyer & Ludovic Halbert, 2016. "Building cities on financial assets: The financialisation of property markets and its implications for city governments in the Paris city-region," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1442-1464, May.
    5. Hortense Rouanet & Ludovic Halbert, 2016. "Leveraging finance capital: Urban change and self-empowerment of real estate developers in India," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1401-1423, May.
    6. Bo Liu & Desheng Xue & Yiming Tan, 2019. "Deciphering the Manufacturing Production Space in Global City-Regions of Developing Countries—a Case of Pearl River Delta, China," Sustainability, MDPI, vol. 11(23), pages 1-26, December.
    7. Ludovic Halbert & Katia Attuyer, 2016. "Introduction: The financialisation of urban production: Conditions, mediations and transformations," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1347-1361, May.
    8. Frances Brill, 2020. "Complexity and coordination in London’s Silvertown Quays: How real estate developers (re)centred themselves in the planning process," Environment and Planning A, , vol. 52(2), pages 362-382, March.
    9. Jennifer Robinson & Fulong Wu & Phil Harrison & Zheng Wang & Alison Todes & Romain Dittgen & Katia Attuyer, 2022. "Beyond variegation: The territorialisation of states, communities and developers in large-scale developments in Johannesburg, Shanghai and London," Urban Studies, Urban Studies Journal Limited, vol. 59(8), pages 1715-1740, June.
    10. Shatkin, Gavin, 2022. "Financial sector actors, the state, and the rescaling of Jakarta’s extended urban region," Land Use Policy, Elsevier, vol. 112(C).
    11. Nikita Sud, 2017. "State, scale and networks in the liberalisation of India’s land," Environment and Planning C, , vol. 35(1), pages 76-93, February.
    12. Neil Crosby & John Henneberry, 2016. "Financialisation, the valuation of investment property and the urban built environment in the UK," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1424-1441, May.
    13. Jennifer Robinson & Katia Attuyer, 2021. "Extracting Value, London Style: Revisiting the Role of the State in Urban Development," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 45(2), pages 303-331, March.
    14. Alison Todes & Jennifer Robinson, 2020. "Re-directing developers: New models of rental housing development to re-shape the post-apartheid city?," Environment and Planning A, , vol. 52(2), pages 297-317, March.
    15. Daniel Sanfelici & Ludovic Halbert, 2016. "Financial markets, developers and the geographies of housing in Brazil: A supply-side account," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1465-1485, May.
    16. Richard Ballard & Philip Harrison, 2020. "Transnational urbanism interrupted: A Chinese developer’s attempts to secure approval to build the ‘New York of Africa’ at Modderfontein, Johannesburg," Environment and Planning A, , vol. 52(2), pages 383-402, March.
    17. Frances Brill & Daniel Durrant, 2021. "The emergence of a Build to Rent model: The role of narratives and discourses," Environment and Planning A, , vol. 53(5), pages 1140-1157, August.
    18. Richard Ballard & Siân Butcher, 2020. "Comparing the relational work of developers," Environment and Planning A, , vol. 52(2), pages 266-276, March.
    19. Richard Goulding & Adam Leaver & Jonathan Silver, 2023. "From homes to assets: Transcalar territorial networks and the financialization of build to rent in Greater Manchester," Environment and Planning A, , vol. 55(4), pages 828-849, June.
    20. Antoine Guironnet, 2019. "Cities on the global real estate marketplace: urban development policy and the circulation of financial standards in two French localities," Post-Print halshs-02297204, HAL.
    21. Omar N'Diaye & Natacha Aveline-Dubach & Renaud Le Goix, 2018. "The Adoption Of Smart Grid Technology By Japanese Developers: A Real Estate Perspective On The Smart City [L’adoption du smart grid par les promoteurs japonais : une perspective immobilière sur la ," Post-Print halshs-02943595, HAL.
    22. Frances Brill & Veronica Conte, 2020. "Understanding project mobility: The movement of King’s Cross to Brussels and Johannesburg," Environment and Planning C, , vol. 38(1), pages 79-96, February.
    23. Carol Upadhya & Deeksha M Rao, 2023. "Dispossession without displacement: Producing property through slum redevelopment in Bengaluru, India," Environment and Planning A, , vol. 55(2), pages 428-444, March.
    24. Mirjam Büdenbender & Manuel B. Aalbers, 2019. "How Subordinate Financialization Shapes Urban Development: The Rise and Fall of Warsaw's Służewiec Business District," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 43(4), pages 666-684, July.
    25. Zhang, Fangzhu & Wu, Fulong, 2022. "Financialised urban development: Chinese and (South-)East Asian observations," Land Use Policy, Elsevier, vol. 112(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hortense Rouanet & Ludovic Halbert, 2016. "Leveraging finance capital: Urban change and self-empowerment of real estate developers in India," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1401-1423, May.
    2. Frances Brill, 2020. "Complexity and coordination in London’s Silvertown Quays: How real estate developers (re)centred themselves in the planning process," Environment and Planning A, , vol. 52(2), pages 362-382, March.
    3. 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.
    4. Thierry Theurillat & Patrick Rérat & Olivier Crevoisier, 2015. "The real estate markets: Players, institutions and territories," Urban Studies, Urban Studies Journal Limited, vol. 52(8), pages 1414-1433, June.
    5. 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.
    6. 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.
    7. 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.
    8. Thierry Theurillat, 2011. "La ville négociée : entre financiarisation et durabilité," Géographie, économie, société, Lavoisier, vol. 13(3), pages 225-254.
    9. Natacha Aveline-Dubach, 2017. "Embedment of “Liquid” Capital into the Built Environment:," Post-Print halshs-01563507, HAL.
    10. George CS Lin & Xun Li & Fiona F Yang & Fox ZY Hu, 2015. "Strategizing urbanism in the era of neoliberalization: State power reshuffling, land development and municipal finance in urbanizing China," Urban Studies, Urban Studies Journal Limited, vol. 52(11), pages 1962-1982, August.
    11. Alan Walks, 2014. "From Financialization to Sociospatial Polarization of the City? Evidence from Canada," Economic Geography, Clark University, vol. 90(1), pages 33-66, January.
    12. 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.
    13. Natacha Aveline-Dubach, 2014. "New Patterns of Property Investment in " Post-Bubble " Tokyo [Les nouvelles formes de l'investissement immobilier dans l'après-bulle à Tokyo]," Post-Print halshs-01242564, HAL.
    14. Andrés Rodríguez-Pose & Riccardo Crescenzi, 2008. "Mountains in a flat world: why proximity still matters for the location of economic activity," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 1(3), pages 371-388.
    15. Claude Dupuy & Stephanie Lavigne & Dalila Chenaf-Nicet, 2016. "Where Do “Impatient” Mutual Funds Invest? A Special Attraction for Large Proximate Markets and Companies with Strategic Investors," Post-Print hal-03897273, HAL.
    16. Michał Myck & Mateusz Najsztub, 2020. "Implications of the Polish 1999 administrative reform for regional socio‐economic development," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 28(4), pages 559-579, October.
    17. Samira Oukarfi & Maurice Baslé, 2009. "Public-sector financial incentives for business relocation and effectiveness measures based on company profile and geographic zone," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 43(2), pages 509-526, June.
    18. Tom Gillespie, 2020. "The Real Estate Frontier," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 44(4), pages 599-616, July.
    19. Malini Ranganathan, 2014. "Paying for Pipes, Claiming Citizenship: Political Agency and Water Reforms at the Urban Periphery," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 38(2), pages 590-608, March.
    20. Delgado, Mercedes & Porter, Michael E. & Stern, Scott, 2014. "Clusters, convergence, and economic performance," Research Policy, Elsevier, vol. 43(10), pages 1785-1799.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:regstd:v:48:y:2014:i:3:p:471-484. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/CRES20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.