The agency of reformers in new European financial centres: A historically informed financial geography
While institutional frameworks are the dominant approach to analysing the geography of finance, this article focuses on how individual policymakers influence the characteristics of financial institutions and set, or even alter, financial centre development. The historical narratives from Central and...
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| Format: | Article |
| Language: | English |
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Cambridge University Press
2021-01-01
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| Series: | Finance and Society |
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| Online Access: | https://www.cambridge.org/core/product/identifier/S2059599900000996/type/journal_article |
| _version_ | 1827313637491998720 |
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| author | Tom Hashimoto |
| author_facet | Tom Hashimoto |
| author_sort | Tom Hashimoto |
| collection | DOAJ |
| description | While institutional frameworks are the dominant approach to analysing the geography of finance, this article focuses on how individual policymakers influence the characteristics of financial institutions and set, or even alter, financial centre development. The historical narratives from Central and Eastern Europe (CEE) that this article presents reveal postsocialist reformers’ contrasting philosophies and approaches, despite their shared goals of market liberalisation and European integration. These reforms (or lack thereof) differentiated the securities markets in Warsaw, Prague, and Budapest, especially with respect to financial intermediary mechanisms. Although the legacies of such reforms continue to shape an uneven landscape of financial centres in CEE, this article proposes reformer-centred narratives as an alternative to deterministic institutional thinking. The article argues that historical narratives that foreground the actions and ideas of key policymakers need to be included in the observation framework of financial centre development, in a similar way to how scholars analyse foreign policy by focusing on the heads of governments and ministers. |
| first_indexed | 2024-04-24T22:12:08Z |
| format | Article |
| id | doaj.art-f5e0ea33494d43efa3efa768a39ffa79 |
| institution | Directory Open Access Journal |
| issn | 2059-5999 |
| language | English |
| last_indexed | 2024-04-24T22:12:08Z |
| publishDate | 2021-01-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Finance and Society |
| spelling | doaj.art-f5e0ea33494d43efa3efa768a39ffa792024-03-20T08:20:09ZengCambridge University PressFinance and Society2059-59992021-01-017577510.2218/finsoc.v7i1.5591The agency of reformers in new European financial centres: A historically informed financial geographyTom Hashimoto0ISM University of Management and Economics, LithuaniaWhile institutional frameworks are the dominant approach to analysing the geography of finance, this article focuses on how individual policymakers influence the characteristics of financial institutions and set, or even alter, financial centre development. The historical narratives from Central and Eastern Europe (CEE) that this article presents reveal postsocialist reformers’ contrasting philosophies and approaches, despite their shared goals of market liberalisation and European integration. These reforms (or lack thereof) differentiated the securities markets in Warsaw, Prague, and Budapest, especially with respect to financial intermediary mechanisms. Although the legacies of such reforms continue to shape an uneven landscape of financial centres in CEE, this article proposes reformer-centred narratives as an alternative to deterministic institutional thinking. The article argues that historical narratives that foreground the actions and ideas of key policymakers need to be included in the observation framework of financial centre development, in a similar way to how scholars analyse foreign policy by focusing on the heads of governments and ministers.https://www.cambridge.org/core/product/identifier/S2059599900000996/type/journal_articleAgencypolicymakersfinancial historyCentral and Eastern Europefinancial centres |
| spellingShingle | Tom Hashimoto The agency of reformers in new European financial centres: A historically informed financial geography Finance and Society Agency policymakers financial history Central and Eastern Europe financial centres |
| title | The agency of reformers in new European financial centres: A historically informed financial geography |
| title_full | The agency of reformers in new European financial centres: A historically informed financial geography |
| title_fullStr | The agency of reformers in new European financial centres: A historically informed financial geography |
| title_full_unstemmed | The agency of reformers in new European financial centres: A historically informed financial geography |
| title_short | The agency of reformers in new European financial centres: A historically informed financial geography |
| title_sort | agency of reformers in new european financial centres a historically informed financial geography |
| topic | Agency policymakers financial history Central and Eastern Europe financial centres |
| url | https://www.cambridge.org/core/product/identifier/S2059599900000996/type/journal_article |
| work_keys_str_mv | AT tomhashimoto theagencyofreformersinneweuropeanfinancialcentresahistoricallyinformedfinancialgeography AT tomhashimoto agencyofreformersinneweuropeanfinancialcentresahistoricallyinformedfinancialgeography |