Advanced Search
MyIDEAS: Login to save this paper or follow this series

The Expansion of the Finance Industry and Its Impact on the Economy: A Territorial Approach Based on Swiss Pension Funds

Contents:

Author Info

Abstract

A new economic geography of finance is emerging, and the current "financialization" of contemporary economies has contributed greatly to the reshaping of the economic landscape. How can these changes be understood and interpreted, especially from a territorial point of view? There are two contradictory economic theories regarding the tangible effects of the rise of the finance industry. According to neoclassical financial theorists, the finance industry's success is based on its positive effects on the real economy through its capacity to allocate financial resources efficiently. An alternative approach, adopted here, posits that finance does not merely mirror the real economy and that the financial economy, far from being a simple instrument for the allocation of capital, has its own autonomy, its own logic of development and expansion. A series of complex, and sometimes contradictory, connections link financial markets and the real economy, and there are some tensions between them, calling into question the coherence of the regional and national economies that follow from them. Moreover, the territorial approach shows how the mobility/liquidity of capital and the changing dimensions of new regions and countries are central to the finance industry's functioning. This article builds an understanding of the financial system through the lens of pension funds and highlights the impact of such a system on the real economy and its geography.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://onlinelibrary.wiley.com/doi/10.1111/j.1944-8287.2009.01035.x/full
Download Restriction: file cannot be freely downloaded, thus you can download the document in open access below

File URL: http://doc.rero.ch/lm.php?url=1000,43,4,20090904173439-LZ/Corpataux_Jos_-_The_Expansion_of_the_Finance_Industry_20090904.pdf
Download Restriction: no

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Paper provided by GRET Group of Research in Territorial Economy, University of Neuchâtel in its series GRET Publications and Working Papers with number 07-09.

as in new window
Length: 22 pages
Date of creation: Jul 2009
Date of revision:
Publication status: Published in Economic Geography, July 2009, Volume 85, Issue 4, Pages 313-334
Handle: RePEc:nct:wpaper:07-09

Contact details of provider:
Postal: Faubourg de l'Hôpital 27, 2000 Neuchâtel, Switzerland
Phone: +41 (0)32 718 1420
Fax: +41 (0)32 718 1421
Email:
Web page: http://www2.unine.ch/socio/
More information through EDIRC

Related research

Keywords: Finance Industry; Territorial Economy; Swiss Pension Funds;

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Jane S. Pollard, 2003. "Small firm finance and economic geography," Journal of Economic Geography, Oxford University Press, vol. 3(4), pages 429-452, October.
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 in new window

Cited by:
  1. 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.
  2. 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.
  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, 2011. "La ville négociée : entre financiarisation et durabilité," GRET Publications and Working Papers 12-11, GRET Group of Research in Territorial Economy, University of Neuchâtel.
  5. 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.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:nct:wpaper:07-09. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alain Paul Segessemann).

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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