Financial Inclusion or Subordination? The Monetary Politics of Debt in Cambodia

Financial inclusion is a leading driver of household debt across the global South. Although critical geographers have analysed this debt through the lens of financialisation, few have examined it in terms of monetary politics. This is a salient issue, because poorer nations often have limited control over their monetary policy due to their dependence on foreign currencies, which can adversely affect the structure of their financial markets. Building on the concept of monetary dependency from scholarship on financial subordination, I analyse the monetary politics of debt in Cambodia. Drawing on elite interviews and ethnographic research, I argue that Cambodia's extreme monetary dependence on the US dollar has shaped monetary and fiscal policies that compel poorer households to take on private debt to pay for their basic needs. This paper advances critical geographies of debt and development by studying financial subordination and its impact on financial inclusion in the global South.     

Better than Cash,but Beware the Costs: Electronic Payments Systems and Financial Inclusion in Developing Economies

This article considers current proposals for using electronic payments systems to promote financial inclusion — that is, to widen the availability of financial and monetary services in developing countries. While such systems can generate significant savings in the operation of monetary systems, payment services markets are typically uncompetitive and require regulatory and broader state interventions to ensure those savings are widely distributed. The use of those systems to broaden the reach of for‐profit lenders raises a number of concerns, as a growing literature has documented how microcredit initiatives in developing countries have resulted primarily in expansions in consumption credit to households, often under predatory terms. The authors advance two original arguments in this connection. First, the perverse results of many microcredit initiatives reflect the underdevelopment of the areas concerned: without broader development strategies, potentially transformative productive projects are rare and unprofitable to finance. In contrast, widespread unmet consumption needs ensure consumption credit offers lenders a profitable alternative business orientation. Second, and in light of this, electronic payments platforms can contribute to economic development by enabling the establishment of well‐regulated or public systems of electronic ‘narrow banks’ restricted from lending, but capable of widening access to affordable payments, savings and insurance services.     

Quelling inflation: The role of the public

Members of the Monetary Policy Committee (MPC) of the Bank of England seek to subdue inflation using ‘monetary policy’ to regulate the availability of money and credit to the financial system. The central bank ‘policy rate’ is the blunt instrument conventionally employed to affect the pacing of economic activity, stimulating or retarding growth. Credibly explaining that the rise in interest rates – the ‘tightening’ of monetary policy – underway at the moment will continue suppressing demand for goods and services until an inflation target of around 2 per cent is achieved is the emphatic message the bank seeks to convey. Such intentionally destructive and potentially brutal interventions are the critical aim of current bank policy. This article demonstrates how the design of the contemporary monetary regime, which presents itself unequivocally as the outcome of macroeconomic developments, can be recast in anthropological terms, thus revealing the role of the public in the unfolding monetary drama.     

States,Money and the Persistence of Colonial Financial Hierarchies in British West Africa

This article contributes to debates about the persistence of colonial hierarchies in global finance by examining the reproduction of key features of colonial monetary and financial systems through the end of formal colonialism in West Africa, with a focus on Ghana. The article draws together engagements with Marxian theories of money and of the colonial state, and an examination of a key period which has often not received sufficient direct attention in debates about colonialism and financial subordination: the breakdown and end of formal colonial rule, roughly between 1930 and 1960. The central puzzle addressed in this article is how, despite the explicit desire on the part of nationalist political leaders to overturn colonial financial systems, these wound up being reproduced through the negotiation of political independence. The article shows how the entanglements of colonial monetary and financial systems with processes of state formation posed severe limits on efforts to articulate a ‘developmental’ colonialism after World War II. Efforts to work around these limits ultimately reinforced the reliance of the colonial and postcolonial state on extractive and hierarchical structures of global finance. In short, the article shows how the contradictory position of the state in colonial capitalism is vital to understanding the persistence of colonial monetary and financial structures.     

国外金融地理:地理学和经济学研究对比

金融地理学的研究日益受到关注,其中地理学和经济学领域的学者参与最多。但不同的学科渊源和研究传统,使两者在研究领域、研究方法方面各有特点,差异明显。自理论渊源看,地理学的研究始于20世纪70年代的马克思主义地理学,而经济学的研究可追溯到古典区位论和循环累积因果论。地理学的研究,注重探讨区位和地方对金融交易和金融运行的影响,受政治经济学传统和文化转向的影响,特别关注金融系统发展的不平等效应和金融空间中的社会、文化因素;经济学研究主要致力于探讨货币和金融系统对区域发展影响的非中性,特别关注地理距离对信用获得的影响。地理学的研究定性研究较多,并擅长借鉴其他学科的理论和方法;经济学的研究专注简化,以计量分析为主。新出现的金融化经济体系或金融主导的增长体系迫切需要经济地理学开展研究。相互借鉴和整合可推动金融地理学的发展。     

REGIONAL FINANCIAL SEGMENTATION IN THE UNITED STATES*

ABSTRACT. Responding to continuing discussions in this Journal regarding the importance of regional money supply and credit, a simple reduced-form regional money supply model is posited and an investigation of real regional money supplies is performed for several states around the country. Hypothesis tests are performed regarding the question of regional financial market segmentation, concluding that segmentation still exists in the United States. The empirical results also imply that interregional trade, presumably via the consequent constraint on regional banks, has at least as much effect on regional money supplies as Federal Reserve policies. These results lend further support for the assertion that regionally available money matters at the local level, and that regional analysis should continue to include regional money and credit as explanatory variables. The implications for policy makers are that: 1) national monetary policy cannot cure regional ills if the problems are manifested in regional industry mixes; and 2) some proposed banking reforms now being debated in Congress, i.e, nationwide branch banking and, particularly, industrial ownership of banks, are suspect. A healthy caution is warranted without more tests of these reforms.     

“All Gone Now”: The Material,Discursive and Political Erasure of Bank and Building Society Branches in Britain

Abstract: This paper examines an apparent anomaly that lies at the heart of processes of financial exclusion within Britain. Given that the branch networks of banks and building societies have shrunk in size by about one‐third since 1989, a period during which the Government has launched a wide‐ranging set of policies to tackle financial exclusion, why is it that the issue of branch closure has been neutralised as a political issue? After providing evidence to show the extent of branch closure in Britain and illustrating the ways in which geographical research in particular has drawn attention to the nature of this problem, we look at the way the issue of physical access to financial services has been discursively and politically marginalised. We undertake a detailed history of public policy in the area, and the ways in which research funded by industry bodies and Government departments has been used and framed to build a pro‐market, neoliberal policy programme that constructs branch closures as natural and inevitable.     

上海金融业与金圆券政策的推行

1948年的金圆券政策及其推行有着多方面的内容,包含着复杂的关系,其掠夺性、不合理性的显现有一个过程,上海金融业对金圆券政策态度从遵行、异议、批评到反对也有转变的过程。以往对金圆券政策问题的研究,主要以国民党政权及其国家行局为主体,以其相关决策及实施为主线,其研究比较简略和狭窄;其实,选择上海私营金融业为考察主体,以当时私营行庄公司如何应对实施金圆券政策的各主要方面为研究主线,着重从私营金融业的基本态度、金银与外汇资产、利率、资本升值和现金增资等方面进行探讨,可以进一步深化对金圆券问题本身以及对20世纪40年代末上海金融业与国民党政权关系的研究。     

Ecological Functions and Functionings: Towards a Senian Analysis of Ecosystem Services

Ecosystem services are part of a growing trend within environment and development to analyse environmental change within the context of socially valued outcomes. Yet, ecosystem services‐based policies and analyses are increasingly criticized for failing to connect with, or even for restricting, development outcomes. This article seeks to connect environmental analysis with development outcomes better by applying the capability approach of Amartya Sen and others. It demonstrates how scientific analysis of ecosystem services sometimes conflates pathways of ecosystem management with development outcomes, but that it can be reconfigured to include more diverse values and objectives. The article argues that ecosystem services should be identified more as ‘functionings’ (in the Senian sense of valued development outcomes) rather than ‘functions’ (in the sense of biophysical, apolitical ecosystem properties) in order to indicate that ‘services’ always reflect social values, and that values and scientific explanations of underlying biophysical properties evolve together. Environmental science for socially valued outcomes such as ecosystem services is therefore an important site of political inclusion and exclusion. The article illustrates this analysis with examples of ecosystem‐based adaptation to climate change from the World Bank and government of Bangladesh, and in contrast to differing approaches from the field of sustainability science.     

20世纪90年代以来的中国宏观经济政策调整

20世纪90年代以来,中国政府的宏观经济政策经历了三次较大的调整。即:1993-1996年政府实行了适度从紧的财政、货币政策,降低高通胀率,使国民经济顺利实现第一次“软着陆”;1998-2002年财政货币政策由适度从紧转向积极有限度扩张,扩大内需,降低高失业率,使国民经济顺利实现第二次“软着陆”;2003年下半年至今政府采取稳健的财政货币政策,加强宏观调控,抑制部分行业投资增长过快,减缓物价上涨压力,对保持经济平稳较快发展而避免大起大落起到了显著的作用。     

Taming Foreign Exchange Derivatives Markets? Speculative Finance and Class Relations in Brazil

This article provides a critical interrogation of the Brazilian tax on foreign exchange derivatives deployed between 2011 and 2013. It analyses the drivers of the policy‐making process that led to implementation of the measure, locates it within the broader policy response regarding the management of cross‐border capital flows and speculative finance, and assesses its political economy significance in light of class dynamics. The author makes three arguments. First, this innovative policy tool must be interpreted in terms of the emergence of a specific form of state power allowing for the continuation of finance‐led strategies of accumulation, while mitigating some of their worst consequences. Second, this form of state power internalizes the subordinate positionality of Brazil in the global financial and monetary system. Third, while financialization processes have eroded the efficiency of a number of policy tools, this policy experiment demonstrates the possibility of regulating complex financial markets, provided that appropriate resources are dedicated to the task, and that there is the political will to do so. The article concludes by discussing theoretical implications, for how to theorize state and financialization, as well as political implications.     

国外金融排斥研究进展评述——基于金融地理学视角

20世纪90年代以来,金融排斥逐渐问题引起金融地理学家们的广泛关注。本文通过梳理国外相关文献,对金融排斥的概念界定及相关理论、金融排斥的现象、影响因素、结果与对策等方面进行了阐述。总体上,对金融排斥概念界定有所拓展;对金融排斥现象的分析逐步由"接触性"和"使用性"排斥研究向综合排斥研究方向发展;并从金融供给的地理排斥、金融需求的社会经济排斥以及社会环境因素排斥等多维视角阐释了"为什么被排斥";最后对金融排斥易导致的金融公平缺失、贫困加剧以及区域经济差异扩大等许多社会、经济问题及对策进行了探讨。在此基础上,总结了国外金融排斥研究趋势,并指出中国金融排斥的研究应加强对排斥的不同群体、不同空间尺度与空间演化等方面的研究。     

When is a museum a public museum? Considerations from the point of view of public finance

This article considers the scope and types of support given through the system of museum public finance in the USA as well as the attitudes to support this system reflects. This examination provides a deepened understanding of the significance of ties between museums and government that are mediated by dollars. The degree of directness through which government dollars are delivered to a museum tells us something important about the museum’s public status. But several other contextual factors also influence this status; money has dimensions of significance that can only be understood by looking at characteristics of the institutions, mechanisms, and systems through which it moves. In other words, money, in a policy system, does not express strictly numerate relations. The article concludes by pointing up ways that an acknowledgement of this multivalence of money can be valuable for developing nuanced theory about the relationships between cultural economics and cultural policy.     

Financial Exclusion in Rural and Remote New South Wales,Australia: a Geography of Bank Branch Rationalisation, 1981–98

The provision of financial services in rural Australia is a significant public policy issue, reflected in the high level of media and political interest in the recent spate of branch closures. There are, however, many aspects of the current debate regarding the delivery of financial services to rural communities that are, at best, less than ideal and, at worst, erroneous. Using telephone directories for New South Wales, non‐metropolitan bank branch listings for the period 1981 to 1998 were collated. A recategorisation of these data according to the Rural, Remote and Metropolitan Areas classification reveals, amidst a spatial realignment of financial service provision, that rural and remote New South Wales have been disproportionately affected by a relatively recent and concerted withdrawal of services. The research demonstrates that corporate‐level responses to increased competition within the financial system are significantly more important in deciding rural access to banking services than local and regional population trends. Indeed, two‐thirds of rural localities that have lost branches had experienced healthy population growth during the study period. In the wake of the post‐deregulation reconfiguration of the bank branch network, the socio‐economic marginalisation of rural communities is being compounded, a process of ‘financial exclusion’ recognised in other parts of the developed world.     

The Fiscal-Electoral Nexus in Australia, 1976-94

This article re-evaluates existing political business cycle theory in the specific context of the political economy of Australian fiscal policy since the mid-1970s. Whereas 'traditional' political business cycle models, formulated within a Keynesian framework, assume a high level of state autonomy over fiscal policy, this article argues that an environment of fiscal restraint has been imposed on Australian federal governments over the study period. Given the historical dynamics of Australian economic policy which inform this study, a hypothesis is developed which reflects the policy optimisation dilemma which has confronted Australian federal governments when formulating fiscal priorities in a pre-election context. On one hand, there are pre-poll demands for expansionary fiscal settings from the electorate; on the other, there are demands from financial markets and domestic neoliberal interests for fiscal restraint. Reflecting the fact that identifiable costs are associated with implementing expansionary fiscal policy settings, it is hypothesised that such an approach will be adopted only in times of greatest political need, when an incumbent government is facing a popularity deficit in a pre-election context. While the study confirms that the fiscal-electoral effect is relatively weak, electoral demands do still influence the fiscal priorities of Australian federal governments. This is particularly so with the case of personal taxation relief, a policy approach that appears to be more acceptable to financial markets, key neoliberal interests and some segments of the electorate.     

Money Games: Currencies and Power in the Contemporary World Economy

Abstract: A well‐known cliché has it that “money makes the world go round” Certainly, monetary arrangements, specifically exchange‐rate mechanisms, can serve to show the degree to which markets and states intersect to direct the workings of the world economy. It is common to assume that the singular model over recent decades has been a neoliberal one based on independent floating exchange rates. I challenge this assumption by showing that a number of different combinations of money and power have operated in the recent past, creating a number of distinctive “money games”. Only one of these, the globalist/transnational, is facing a particularly severe crisis. The others, what I term the classic/territorial, integrative/shared, and imperialist/substitute provide available alternatives. The recent history, geographical features, and future prospects of the various money games are the main concerns of the essay. The analysis welcomes the recent financial crisis as providing an opportunity to further pluralize political‐economic visions beyond the perceived dominant one‐size‐fits‐all neoliberal ideology of the globalist regime.     

Research on the history of the third world in Scandinavia

The aim of this paper is to challenge some of the established views on monetary and economic aspects of medieval Norwegian history. This challenge is not only based on a different understanding of the evidence, but also on new interpretations of documentary and numismatic evidence. Contrary to what has been the general understanding I argue that money was available, and it was, in longer periods of time, available within a framework of a well organized monetary system with large coinages. In the second half of the 12th century, coins became distributed and used among a larger group of people in rural areas than ever before. In market places and towns, money economy was emerging in the 11th and 12th, and probably seen partly in effect in the 13th and 14th century. If we accept the evidence for coinage and the use of money as being widely distributed, or even accept it partly, it opens up a range of new perspectives to use as starting points for understanding medieval monetary and economic history in Norway.     

The Impossible Trinity: Inflation Targeting,Exchange Rate Management and Open Capital Accounts in Emerging Economies

This article contributes to the debate on macroeconomic management and capital account regulations in developing and emerging countries (DECs). It argues that the recommendation by neoclassical economists and international financial institutions (IFIs) to combine an inflation‐targeting regime with exchange rate management, whilst maintaining open capital accounts, is not only impossible but also potentially counterproductive. The article draws on extensive semi‐structured interviews with currency traders in Brazil and London to show that this is due to the particular way such a regime shapes central bank interventions in the money and foreign exchange markets and the destabilizing way these interventions interact with financial market expectations. The interview results also demonstrate that the guidelines issued by IFIs actually undermine, rather than aid, DEC central banks’ initial attempts to manage excessive exchange rate movements. These results support the long‐standing argument by heterodox economists and critical international political economists that DECs need to make the exchange rate an explicit instrument and goal of their macroeconomic policy and complement it with comprehensive capital account regulations to reduce the destabilizing impact of international capital flows. The interview results also give some concrete suggestions on how to achieve this.     

Presumption,policy and practice

This article aims to analyse the basis for the construction of current policy designed to use museums and galleries as agents of social inclusion in Great Britain. It does this by first analysing their social role and their historical contribution to social policy. The article then goes on to present the findings of a research project that compared the rhetoric surrounding this issue with practice. It concludes that a series of issues are preventing the successful construction and implementation of policy. These are: a lack of policy coherence across different parts of the British Government; an inability to successfully measure social impact; a lack of institutional clarity about how to respond to policy guidance; and a lack of understanding about what constitutes social exclusion. The final and most significant difficulty is the lack of clarity about what can be expected from museums and galleries in this respect. The underlying question of how they function in society remains largely unanswered and means that policy is not based upon firm foundations.     

美国内战时期南部邦联政府的财政政策

美国内战期间,南部邦联财政政策的主要目标是筹措资金。为达到此目的,南部邦联政府采取了征税和发行国库券与债券等措施。由于通过征税获得的财政收入微乎其微,南部邦联政府的财政资金便主要依靠发行国库券和债券。此举固然使得南部邦联政府短期获得一部分可支配资金,但由于南部邦联没有坚实雄厚的财政基础,又得不到外来有力的资金援助和支持,因此南部邦联财政政策并未实现既定目标,反而引发了通货膨胀和物价飞涨,加剧了南部邦联的民心涣散,最终加速了南部邦联的失败。