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Rodrigo Fernandez

Rodrigo Fernandez
KU Leuven | ku leuven · Department of Earth and Environmental Sciences

PhD

About

45
Publications
35,365
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1,018
Citations
Additional affiliations
January 2011 - January 2013
University of Amsterdam
Position
  • PostDoc Position

Publications

Publications (45)
Article
Full-text available
Building on the notion of corporate financialization, this article analyzes the financial dynamics of the world’s largest digital platforms over the period 2000–2020: Alibaba, Alphabet (Google), Amazon, Apple, Meta (Facebook), Microsoft, and Tencent. These “Big Tech” corporations jointly form the infrastructural core of the digital economy. Taking...
Technical Report
Full-text available
This briefing focuses on Gazprom’s business activities in Amsterdam, the Netherlands, which are serviced by a range of accountancy and law firms. As the world’s largest gas producer, majority state-owned Gazprom is generally considered the most lucrative jewel in Putin’s crown. The offshore financial center of Amsterdam, meanwhile, functions as th...
Technical Report
Full-text available
The shareholder value revolution has coincided with rapid increases in Dutch top managers’ pay. Theoretically, rising executive bonuses should reflect improved corporate performance, as measured by a series of operational and shareholder value indicators. However, critics argue that in practice the relationship between pay and performance is weak....
Article
Full-text available
"[T]his contribution first expands on our notion ‘the Big Tech bang’, through which we analyze the historical rise of Big Tech and its role in shaping an emerging socio-technical system. Second, we move to the present and expand on the features of what we call ‘the Big Tech model’, which is based on generating network effects to facilitate rent ext...
Article
Full-text available
In this paper, we review the burgeoning literature on the study of corporate financialization, distinguishing three strands of empirical, quantitative studies: (1) national-level and macro-comparative analysis, (2) sector- and firm-level analysis, and (3) econometric studies. We argue that corporations should be studied in their spatial organizatio...
Article
Full-text available
De afgelopen vier decennia is het sociaal-democraten niet gelukt de neoliberale wind te doen keren. Sterker: sociaal-democraten zijn hierop meegevaren. Maar er is altijd nog kans de stevens te wenden, en de naar links opgeschoven koers uit het laatste verkiezingsprogramma van de Partij van de Arbeid biedt nieuwe hoop.
Article
Full-text available
In this article, we employ a Veblenian framework to analyze three dimensions of corporate financialization: the expansion of the balance sheet, the rising importance of intangible assets and the growing levels of financial payouts. Our focus is the pharmaceutical sector, which is strongly dominated by a handful of large corporations known as Big Ph...
Technical Report
Full-text available
This report unpacks the notion 'Big Tech', and investigates the financial numbers behind the operations of the world's largest Big Tech companies, five of which are headquartered in the US - Alphabet (Google), Apple, Amazon, Facebook and Microsoft - and two in China, namely Alibaba and Tencent. At the time of writing, each of the seven firms’ marke...
Article
Full-text available
The private rental sector (PRS) is making a surprising comeback. A central argument in our paper is that we see the rise of PRS and the associated stagnation of homeownership as springing from the contradictions inherent to financialized homeowner societies. Rather than a feature of either mature or late homeowner societies, contradictions of the p...
Technical Report
Full-text available
In this report, SOMO examines how the pharmaceutical industry has shifted focus in the past 18 years towards a financialised business model to boost their own profit margins. This business model revolves around maximising payouts to shareholders at the expense of making productive investments in new medicines that might benefit the population at la...
Article
Full-text available
Resumen La política de Quantitive Easing (QE) fue la respuesta de los países desarrollados a al estallido de la crisis financiera de 2007/08. En los países centrales esta política profundizó la desigualdad del ingreso, inició una retracción de los flujos bancarios del mercado internacional y sostuvo un modelo de crecimiento basado en deuda. Por el...
Article
Full-text available
The financialization of housing in the Global South (GS) and peripheries of the Global North (GN) develops in different ways than in the GN because the mechanisms underlying and pushing financialization are fundamentally different. We argue that subordinated financialization in the GS is the contemporary form of uneven and combined development, sha...
Chapter
Full-text available
In this chapter, we unpack the mechanisms and players shaping offshore finance. We first detail a number of legal innovations instrumental to the rise of the global offshore system. Next, we evaluate different datasets underscoring the weight of offshore capital stocks and flows shaping financialized capitalism. These figures reveal a core geograph...
Chapter
Full-text available
This essay focuses on the murky financial realm known as offshore finance. It shows that offshore finance is not solely about capital moving beyond the reach of states, but involves the rampant unbundling and commercialisation of state sovereignty itself.
Article
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Mounting concerns exist that small private investors exacerbate the urban housing crisis, by purchasing dwellings to rent out – so-called “buy-to-let” purchases. By buying up property, they may drive up house prices and exclude regular house-seekers. In this paper, we show that buy-to-let purchases constitute an increasing share of all purchases on...
Technical Report
Full-text available
In dit onderzoek kijken Rodrigo Fernandez en Frans Bieckmann naar de argumenten die voorstanders gebruiken en duiken ze in de tegenargumenten. Daaruit blijkt dat er inhoudelijk weinig grond is om de dividendbelasting af te schaffen. De maatregel lijkt vooral een voortvloeisel te zijn van de invloed van multinationale ondernemingen – in het bijzonde...
Technical Report
Full-text available
A new age of debt crises in emerging economies is on the horizon. Debt levels have been rising across developing countries since the 2008 global financial crisis, on the back of favourable monetary policies in developed economies. The end of Quantitative Easing (QE) programmes and the rise in interest rates in developed economies are creating the c...
Article
Full-text available
This article examines the effects of implementing the proposals of the European Commission to institute a Capital Market Union (CMU) on the diverse landscape of residential capitalism in Europe. The CMU will bypass existing national institutional blockades that left core countries of the Eurozone, namely Germany, France and Italy, largely untouched...
Article
Full-text available
Why does a social housing provider bet on interest rate fluctuations? This article presents a case study of the financialization of both housing and the state. Social housing in the Netherlands is provided by non-profit housing associations that have since 1989 been set apart from the state. Many associations started developing housing for profit,...
Article
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Credit intermediation outside the regular banking system, or shadow banking, has increased immensely over the past decade. This paper situates this increase against the backdrop of the structural problem of overaccumulation, and thus the absence of profitable reinvestment opportunities in the production sphere, in addition to the scarcity of high-q...
Research
Full-text available
The 2008 near-death experience of the dominant finance-led system and the years of austerity that followed did not produce a shift towards deleveraging and a return to a production and wage-led economic model. Instead we are faced with the introduction of the Capital Markets Union (CMU), a schizophrenic strategy by the European Commission (EC), whi...
Article
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The paper focuses on transnational wealth elites buying residential properties in New York and London as an investment rather than as a primary residence. The transnational wealth elite is a group of people that have their origin in one locality, but invest their wealth transnationally since they entertain transnational jobs, assets and social netw...
Article
Full-text available
In the literature, one finds various explanations for the rise of financialized capitalism. In the different strands of financialization literature, housing either plays a minor role or is simply seen as one of the bearers of financialization. The relations between housing and financialization are under-researched and under-theorized. This article,...
Chapter
Full-text available
Sinds twee decennia is een groeiende muur van geld wereldwijd op zoek naar investerings- mogelijkheden. Deze geldpot is een belangrijke stuwende kracht achter vastgoedbubbels en hypotheekschulden wereldwijd.
Chapter
Full-text available
Geen enkel ander land dat ons omringt, laat jongeren pas op hun 23 e vol-waardig meedoen op de arbeidsmarkt. Frankrijk, Ierland, Portugal en Spanje kennen een minimumloon vanaf 18 jaar of eerder. En België weliswaar ook pas vanaf 22 jaar, maar een 18-jarige verdient daar wel 82 procent van het volwas-sen minimumloon en niet die schamele 45 procent...
Conference Paper
Full-text available
When Lehman Brothers collapsed, the wider public was exposed to the complex world of finance, where credit is intermediated in unconventional ways outside of the regular banking system. Such unconventional finance has become known as 'shadow banking'. This paper contributes to the debate on shadow banking by explaining the role of European offshore...
Chapter
Full-text available
De val van Lehman Brothers kwam als een donderslag bij heldere hemel. In korte tijd werden ontwikkelde economieën plotseling geconfronteerd met gebeurtenissen die sinds de jaren dertig van de vorige eeuw niet meer waren voorgekomen. Banken werden gered, de economie viel stil, de grensoverschrijdende kapitaalstromen krompen ineen en vervolgens brak...
Technical Report
Full-text available
Met het uitbreken van de kredietcrisis heeft het grote publiek kennisgemaakt met het schaduwbankwezen, een complex financieel systeem dat hypotheken verpakte en verhandelde. Banken werden geraakt en moesten met publieke middelen gered worden. De economie stortte in de ergste en langste economische crisis sinds de depressie in de jaren 30. Het verpa...
Article
Full-text available
If any organization ought to be immune to the forces of financialization, it is a publicly funded university in corporatist Europe. Shielded from the intrusion by financial metrics, values and professionals through a strong historically rooted tradition of self-management by powerful professional guilds, continental universities should largely have...
Book
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Sinds de financiële crisis is de EU ondergedompeld in een bezuinigingspolitiek. Na twee decennia van schuld gedreven economische groei kwamen economieën plotseling tot stilstand. Deze crisis en de dominante politieke antwoorden kunnen, net als de voorgaande crisis in de jaren 1980, een schakelmoment worden in de ontwikkeling van de Nederlandse verz...
Technical Report
There is growing concern about the negative impact national harmful tax regimes have on the domestic revenue of other countries, especially in the context of the international financial crisis and resulting austerity measures. In the EU, the tax gap resulting from tax evasion and avoidance is estimated at € 1 trillion a year.This briefing looks at...
Article
Full-text available
De verzorgingsstaat is een van de meest succesvolle politieke projecten ooit. Sociale zekerheid in geval van arbeidsongeschiktheid, werkloosheid en ouderdom; kwalitatief hoogstaande, breed toegankelijke en betaalbare diensten op het gebied van gezondheidszorg, welzijn, arbeidsbemiddeling, onderwijs en volkshuisvesting; en tot slot een effectief ste...
Thesis
Full-text available
Rodrigo Fernandez beschrijft de samenhang tussen de financiële globalisering en het ontstaan van een hiërarchisch interstedelijk netwerk van financiële centra. In dit proces, dat zich voltrok sinds de jaren zeventig, is Amsterdam als financieel centrum gaandeweg ondergeschikt geraakt aan een netwerk van financiële centra die wereldwijd opereren, me...
Article
The securitization crisis that started in mid-2007 has demonstrated that we are indeed living in a "global financial village" and are all subject to the vagaries of financialization. Nevertheless, the fallout from the credit crisis has not been homogeneous across space. That some localities were hit harder than others suggests that there are distin...
Article
abstractThe securitization crisis that started in mid-2007 has demonstrated that we are indeed living in a “global financial village” and are all subject to the vagaries of financialization. Nevertheless, the fallout from the credit crisis has not been homogeneous across space. That some localities were hit harder than others suggests that there ar...
Article
Full-text available
This paper ventures an institutional explanation for distinct patterns of political contestation over the rise of activist investors such as private equity and hedge funds in Europe and North America. Taking issue with the dichotomous nature of the literature on varieties of capitalism (VoC) and the homogenizing assumptions of the literature on fin...
Article
Financiële dienstverlening is schone, kennisintensieve werkgelegenheid die niet makkelijk kan worden weggekaapt door lagelonenlanden en waar goed geld in kan worden verdiend. Maar daar moet wel moeite voor worden gedaan.

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Projects

Projects (4)
Project
Financialization has become the go-to term for scholarship that studies the vastly expanded role of finance in contemporary politics, economy and society. The goal of this handbook is to provide a comprehensive overview of the scholarship on financialization as it stands today, almost twenty years after the concept was first embraced by social scientists.
Project
GEOFIN (Western Banks in Eastern Europe: New Geographies of Financialisation) is a €1.8M European Research Council (ERC) Consolidator Grant project (2016-2021). The main objective is to examine how states, banks and households in post-socialist contexts of East-Central Europe have been financialised and to consider what implications this has for the societies in question and for Europe as a whole. The project pilots a novel approach based on the concept of ‘financial chains’ which are understood both as channels of value transfer and as social relations that shape socio-economic processes and attendant economic geographies. See more on our project website: https://geofinresearch.eu/