Dariusz Wojcik

Dariusz Wojcik
University of Oxford | OX · School of Geography and the Environment

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167
Publications
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Introduction
Skills and Expertise

Publications

Publications (167)
Article
The literature on financialization tends to overemphasize the increasing size of the financial sector vis-á-vis the rest of the non-financial business sector, usually excluding from the analysis the inter-sectoral relationships between firms. Moreover, few studies have utilized the analytical tools of network theory and the notion of centrality, de...
Article
Financial discipline and financialization are transforming Global Production Networks through growing pressures related to shareholder value, short-termism and new financial products and services. However, little focus has been devoted to exploring whether these processes are accelerating rates of sectoral convergence. As financialization creates n...
Chapter
Post-Keynesian models of finance place an emphasis on understanding how the tension between “animal-spirits”-driven endogenous monetary production, and stability-seeking liquidity preference, behaves cyclically over time. This chapter shows that a post-Keynesian model of finance also needs to be understood in terms of how this tension operates over...
Chapter
This chapter presents a novel analysis of the geographic evolution of international banking since 1980, which addresses still unanswered questions about the role of offshore centers in the global financial crisis, and the post-crisis stability of these centers. It shows that post-1980 regulatory shifts prompted a “Great Inversion” of offshore banki...
Book
Modern civilization revolves around money. However, money is a paradox. It is nothing more than a representation of and medium for decentralized networks of social trust, but its production is controlled by highly centralized networks of firms, places, and governments, and there is never enough of it to go around. Moreover, given that the creation...
Chapter
This chapter investigates employment patterns, remuneration, and power relations in the US financial sector between 1978 and 2008; identifying the economic geography of investment banking as one of the keys to understanding the dynamics of the contemporary world economy, and promoting a mesolevel approach to the study of geographies of finance. It...
Chapter
Chapter 1 introduces the global financial network conceptual framework, and the outline of the analysis and arguments in the book. It outlines the conceptualization of global financial networks as “assembly lines” for money, which sit at the heart of the capitalist system. It also explains how a single centralized global financial network is produc...
Chapter
While contemporary technological disruption is increasingly conceptualized in terms of the logic and paradoxes of the digital platform economy, discussions of FinTech have only engaged to a limited extent with these debates—particularly from an economic geographic standpoint. This chapter fills this gap by extending the Global Financial Network (GF...
Chapter
This chapter brings financial centers into the debate on the causes and consequences of the global financial crisis, by focusing on New York and London. It argues that the degree of commonality, complementarity, and connectivity between the two leading global financial centers justifies the use of the term “New York–London axis” (the axis). It trac...
Chapter
This chapter analyzes the evolution of China Mobile—one of China’s pioneer “national champions,” and one of the world’s largest telecom companies—through the lens of the global financial network framework, focusing on the role of financial and business services (FABS), financial centers, offshore jurisdictions, and various governments, in its devel...
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To address the paucity of research on the financial geography of Latin America and contribute to the emerging geographical literature on FinTech, we use quantitative financial data and qualitative insights from expert interviews, to explore the relationships between FinTech development and financial geography of the region, with focus on Brazil, Me...
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We investigate how the emergence of fintech start-ups and their financing is shaped by regional knowledge creation and lack of trust in financial services incumbents across 21 OECD countries, 226 regions and over the 2007–2014 period. We find that knowledge generated in the IT sector is much more salient for fostering new fintech start-ups than kno...
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Using a unique database on investment funds and the conceptual framework of global financial networks, this paper examines the spatial structure of the European investment fund industry, with particular focus on Luxembourg and Ireland. Grounded in financial and economic geography, the paper shows how these countries became the leading investment fu...
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Economic geographers typically associate Adam Smith with the pin factory, the division of labour, and the ‘invisible hand’ of the market. We show that a closer reading of The Wealth of Nations reveals a much richer and broader range of ideas, which we illustrate by focusing on six themes: methodology, the role of physical geography and land in deve...
Article
This paper investigates the spatial distribution of employment in financial and business services (FABS) across major metropolitan areas in the Visegrád Four (V4). It addresses a gap in research on financial centres by illustrating overlapping institutional arrangements as an interplay between centripetal and centrifugal forces with the Global City...
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We investigate the effect of urban network connectivity on the growth of financial centres. While existing research recognises the importance of network connectivity to firms, clusters as well as city regions, large-sample empirical evidence is currently scarce, particularly in the context of financial services. We contribute to this debate by stud...
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This article investigates the spatial patterns of interurban trade in capital market services by analysing 16,324 trade links involving advisers and clients in the Visegrád Four plus Austria and their counter-parties worldwide between 2000 and 2014. We aim to address a gap in the research on financial centres and interurban trade by providing empir...
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Environmental, Social and Governance (ESG) rating agencies have been instrumental in mainstreaming sustainability in the investment industry. Traditionally, they have relied on company disclosure and human analysis to produce their ratings. More recently however, technological innovation in data scraping and Artificial Intelligence (AI) have underc...
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Advanced producer services have long been theorized as pivotal in organizing the global economy. Finance takes centre stage in the advanced producer services complex as orchestrator of global flows, particularly in underwriting investment and evaluating corporate performance. The ascent of financialized globalization raises the suspicion that key a...
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Despite the well-known dependence of vertex and network structural parameters on network boundary specification employed by researchers, there has so far been effectively no discussion of this methodological caveat in the global and world city literature. Given the reliance of empirical studies of urban networks on the sampling of underlying actors...
Article
Full-text available
Here we present a novel analysis of the geographic evolution of international banking since 1980, which addresses still unanswered questions about the role of offshore centers in the global financial crisis, and the post-crisis stability of these centers. We show that post-1980 regulatory shifts prompted a ‘Great Inversion’ of offshore banking, whe...
Article
Full-text available
This article explores whether increasing fossil fuel divestment commitments are related to the reduction of capital flows into the oil and gas sector, based on an analysis of syndicated lending, equity and bond underwriting across 33 countries from 2000 to 2015. We find that increasing oil and gas divestment pledges in a country are associated with...
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We investigate whether credit rating agencies are biased towards areas with strong financial centre characteristics, using data for 259 areas from 39 countries for 2004-17. We employ a range of measurements of financial centre characteristics, including a financial centre index, the share of financial and business services in an area’s total employ...
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In the introduction to the first-ever special issue on the spatial dimensions of FinTech, we show that despite a FinTech fever in business and media, research on FinTech is still niche, particularly in social sciences. We describe FinTech as a research area full of controversies, ripe and in need of geographical research. As we outline, papers in t...
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We investigate how different types of environmental policies and new regional environmental knowledge affect new venture creation in and financing of green (low carbon), brown (fossil fuel) and gray (unrelated to natural resources) technologies across 24 OECD countries and 293 regions over the period 2001-13. We find that new regional environmental...
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This paper offers an informed commentary on the actual and potential impacts of the pandemic on financial markets, sector and centres, grounded in literature on financial centres, the state‐finance nexus, and trends affecting the landscape of finance since the global financial crisis. We expect a slowdown in new financial regulation, continued firm...
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We examine the relationship between finance and economic growth in the metropolitan areas of 75 countries at various stages of economic development in the period 2001-2015. Our analysis demonstrates an inverted-U shaped relationship between finance and growth. This relationship becomes even more significant in the areas of a country outside its lar...
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More than ten years after the global financial crisis, what has happened to the ‘too-big-to-fail’ (TBTF) banks whose reckless behavior was among its preconditions, but which received public support and guarantees in the midst of that crisis? Insofar as this too-big-to-fail status helped create the crisis and then imposed costs on the rest of societ...
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This special issue examines the recent trends and impacts of financial development in Asia and its implications for regional studies in this rapidly growing region. This editorial introduces the dynamics of the financial landscape in Asia and its growing influence in global finance. Overall, the papers in this special issue highlight the important...
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The interlocking world city network model and other office location approaches (OLAs) have become the most widely used empirical models of the world city network (WCN). Despite numerous methodological improvements, they continue to rely on a legacy of using data on office locations of firms to indirectly estimate intercity business flows. To advanc...
Article
Full-text available
While contemporary technological disruption is increasingly conceptualized in terms of the logic and paradoxes of the digital platform economy, discussions of “FinTech” have only engaged to a limited extent with these debates—particularly from an economic geographic standpoint. Here we fill this gap by proposing an adapted Global Financial Network...
Article
Full-text available
The purpose of this article is to examine how the geography of Brazil’s financial centers changed since 2000 in terms of financial center hierarchy, specialization, and spatial concentration. To address these questions, we use data on employment and mergers and acquisitions in financial and business services, complemented with data on remuneration...
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Research on resilience in evolutionary economic geography is predominantly underpinned by structuralist ontologies and studied with positivist scientific methods. As a result, most frameworks tend to overlook important reflexive mechanisms of resilience including agency, power and politics. In this paper, we postulate that in economic contexts char...
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This study applies the global financial network (GFN) framework to investigate the process and consequences of global financing for a regional economy in a financial globalization era. Using Linyi, a prefectural-level city in China as a case study, it illustrates how the regional economy has been linked with GFN via overseas listings of the lead re...
Article
In 2016, the Global Sustainable Investment Alliance estimated the market for sustainable investments to have reached 22.89 trillion USD of assets under management. While financial institutions have embraced the idea of sustainable finance as a business opportunity, they have arguably done little, but to piggy-back on investors’ demand. Today, it is...
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Born as a term with a critical connotation towards finance, financialization has been widely employed in social sciences, despite the vagueness often surrounding it. In this article we discuss the concept of financialization with a focus on three dimensions. First, we highlight the crucial role of theory in shaping the depth of one’s understanding...
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This study investigates the connection between network centrality and firm growth on a sample of 3224 financial services firms located in the UK in the aftermath of the global financial crisis. The findings, based on a spatial econometric model of long-term firm growth, indicate that firms that span structural holes, engage in co-management appoint...
Article
As argued insightfully by Töpfer, the global financial networks (GFNs) concept needs to be more politically sensitive, particularly if it is to capture the dynamics of Chinese capitalism and its role in the world at large. However, in doing so, we should not lose sight of the role of financial and business services, financial centers, and offshore...
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Financial centres are central to contemporary capitalism, but research on their development has been impeded by methodological challenges related to data availability. This paper offers a new typology of financial centre activity. Based on the nationality of parent companies of financial service providers operating in a centre, and the nationalitie...
Book
This book gathers leading economic historians, geographers, and social scientists to focus on the developments in key international financial centres following the 2008 Global Financial Crisis and to consider the likely effects of Brexit on these centres. Eleven centres in eight countries are taken into consideration: New York, London, Frankfurt, P...
Article
The global financial crisis was underpinned by the securitization of subprime mortgages led by US investment banks, and its outbreak was marked by the bankruptcy of Lehman Brothers on 15 September 2008. This paper investigates the resilience of the US securities industry to this shock and its evolution between 2008 and 2016, with focus on employmen...
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Investment bank capitalism might have foundered during the global financial crisis in 2008, but what has happened to investment banks? Our analysis reveals that core investment banking activities have experienced a significant contraction, accompanied by diminished institutional and geographic concentration. Large banks have experienced the largest...
Book
The New Oxford Handbook of Economic Geography is the most comprehensive and significant statement about the value and potential of economic geography in 2017. Sixty-six leading economists and geographers from around the world investigate the rival theories and perspectives that have sustained the development of economic geography. The Handbook also...
Article
The introduction approaches economic geography with reference to where, why, and so what questions focused on understanding economy. The latter is defined broadly as a totality of processes through which individuals, households, and societies make a living and sustain themselves. This economic-geographical approach is then elaborated with the conce...
Article
This critical reviews section explores the implications of Brexit from a financial geography perspective in a number of different geographical settings. These range from the epicentre of Brexit in London's financial district, to its implications for the wider UK economy before extending the analysis to financial centres in Europe and Asia.
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A key theme of Global Restructuring (R. H. Fagan and M. Webber. 1994. Global Restructuring: The Australian Experience. Melbourne: Oxford University Press) is the dramatic rise of financial capital flows into and out of Australia commencing with the financial deregulation measures of the early 1980s. The book’s concern is with the impacts of this de...
Article
Globalisation, financialisation and technology have fuelled competition among international financial centres (IFCs), with investment banks playing an important part in the process. This study introduces novel data on cross-border investment banking revenues in 2000-2014 by city, and investigates their determinants. It shows that IFCs emerge from c...
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Este artigo investiga os padrões de emprego, remuneração e relações de poder no setor financeiro dos EUA entre 1978 e 2008 e demonstra que os bancos de investimento têm tido um papel central na indústria da securitização, que foi até aqui o segmento do setor financeiro estadunidense que se expandiu e contribuiu significativamente para a crescente d...
Article
Questions have been raised regarding the role of low-tax offshore jurisdictions in the global financial crisis, based largely on evidence that many problematic asset-backed securities were issued from or listed in the Cayman Islands, Jersey, Ireland, and other ‘offshore’ sites. However, there has not been a systematic investigation of the offshore...
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This article proposes a conceptualization of the geographical linkages in the financial services sector based on boundary-spanning activities. In doing so, it seeks to open a dialogue between organizational sociology and regional development that goes beyond an analysis of financial transactions and asset prices to the informational content shared...
Article
Over the past twenty years, a widening gulf has appeared between the increasingly internationalized financing arrangements of the world’s leading corporations and the persistence of nationally compartmentalized approaches to the study of corporate control. In lieu of direct empirical evidence on corporate control at the global level, the most wides...
Article
Due to the importance of venture capital (VC) firms in spurring regional economic growth, the geography of VC firms and VC investments have attracted a lot of attention. However, the spatial patterns of cross-regional VC flows have rarely been explored, particularly in the context of emerging economies. Drawing on a unique dataset on VC firms and i...
Article
We propose a conceptual framework for the political–economic geography of foreign exchange trading, focusing on the causes and consequences of the relationship between the international currency system and international financial centres. The framework is used to analyse data for 1995–2013 demonstrating that while the trading activity has boomed, i...
Article
This paper analyses the relationship between issuers' location and IPO underpricing in the U.S. from 1986 to 2014. Issuers headquartered in rural areas are associated with lower underpricing compared to urban firms. This finding is consistent with strong local bias in rural areas accompanied by superior local information, which associates with more...
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This paper assesses the capacity of Soufriere, Saint Lucia to adapt to climate change. A community-based vulnerability assessment was conducted that employed semi-structured interviews with community members. The results were analysed using the Local Adaptive Capacity (LAC) framework, which characterises adaptive capacity based on five elements: as...
Article
This paper assesses the capacity of Whitehouse, Jamaica to adapt to climate change. A community-based vulnerability assessment was conducted that employed semi-structured interviews with community members within or related to the tourism, fisheries and agricultural sectors. The results were analysed using the Local Adaptive Capacity (LAC) framework...
Article
Although the investment-oriented development model for economic growth adopted by Chinese governments has generated spectacular results, the risks of debt-financed urbanisation and economic development have recently become evident in mounting local debts that are undermining the financial system, triggering concerns with respect to local government...
Article
Recent scandals involving large corporations including Amazon, Apple, Google, Starbucks, and HSBC have highlighted the problems of tax avoidance, evasion, and offshore financial activities. Considering their significance to growing inequality and financial instability, renewed media and public attention is well justified, and new research on these...
Article
We use employment data for 2008–2012 to analyse the impact of the subprime and Eurozone crises on the British and German financial sector. In the UK, the sector contracted and its spatial concentration increased across regions and urban hierarchy, with London as the sole winner. In Germany there has been no contraction overall, and no significant c...
Article
Roughly 60% of all publically announced advisors to China’s “Going Out” M&A transactions from 2000 to 2014 were from international financial centres (representing over 70% of deal value). Why did advisors, located so far away from both acquirer and target, manage to dominate the M&A advisory market in the early stages of the “Going Out” policy? Wha...
Article
While foreign direct investment (FDI) is generally assumed to represent long-term investments within the real economy, approximately 30–50 percent of global FDI is accounted for by networks of offshore shell companies created by corporations and individuals for tax and other purposes. To date, there has been limited systematic research on the globa...
Article
We use employment data for 2008-12 to analyse the impact of the subprime and Eurozone crises on the British and German financial sector. In the UK the sector contracted and its spatial concentration increased across regions and urban hierarchy, with London as the sole winner. In Germany there has been no contraction overall, and no significant chan...
Article
By the end of the 20th century, Hong Kong had emerged as one of the world's major international financial centres. Today, while finance remains central to Hong Kong's future, it is facing unprecedented challenges, in China, in the region and globally. In the context of China, the continuing process of economic reform and financial development raise...
Article
The rise of offshore financial centers in many respects epitomizes the ability of transnationally mobile private capital to undermine state economic sovereignty. As recent crises in Iceland, Ireland, and Cyprus have demonstrated however, this undermining of state sovereignty poses a paradox which calls into question the stability, as opposed to sim...