Understanding the geography of international finance

Sarre, Philip (2007). Understanding the geography of international finance. Geography Compass, 1(5) pp. 1076–1096.

DOI: https://doi.org/10.1111/j.1749-8198.2007.00059.x

Abstract

The article introduces the geography of international finance, a major influence on economic and development geography. Key activities and terminology are identified in history and in current markets. Contrasts before and after 1970 show that today's ‘financial architecture’ differs significantly from its precursor. Data sources show the unevenness of economic activity and savings rates between countries, and the even greater unevenness of international banking and trading in securities, foreign exchange and derivatives, which are concentrated in world cities and a mix of on- and offshore tax havens or financial centres. Interpretations of the system, mainly from geography, economics and political economy, show that the developed world is increasingly integrated by financial flows, but that lower-income countries derive few benefits. The article concludes by suggesting that more geographers should take an interest in finance as an object of study and a question of policy.

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