2017
DOI: 10.1111/tran.12204
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After neoliberalisation? Monetary indiscipline, crisis and the state

Abstract: Across the advanced capitalist states, the post‐crisis conjuncture has been characterised by both marked continuity and profound change. While regressive distributional trends in place before the 2008 crisis have intensified, a number of highly unorthodox policy interventions have also emerged. In particular, a new regime of “loose” monetary policy has crystallised, exemplified by record low interest rates and sustained programmes of quantitative easing. Existing approaches within economic geography are, we co… Show more

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Cited by 28 publications
(16 citation statements)
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“…Second, Peck's own study of Atlantic City reveals that some of the “mediating conditions” to which he refers are, of course, financial ones. In focusing squarely on these (without ignoring other relevant factors), the present article aims to demonstrate their especial salience, thus bridging to and building on an incipient literature that is beginning to provide insight into the significance of specific financial contexts to different regimes not of urban development but rather of urban governance – including, increasingly, financialised forms of governance (e.g., Beswick & Penny, ; Green & Lavery, ; Hendrikse & Sidaway, ; Peck & Whiteside, ). Last but not least, there is an important conceptual consideration.…”
Section: The Financialisation Of Urban Development: Toward a Conjunctmentioning
confidence: 98%
“…Second, Peck's own study of Atlantic City reveals that some of the “mediating conditions” to which he refers are, of course, financial ones. In focusing squarely on these (without ignoring other relevant factors), the present article aims to demonstrate their especial salience, thus bridging to and building on an incipient literature that is beginning to provide insight into the significance of specific financial contexts to different regimes not of urban development but rather of urban governance – including, increasingly, financialised forms of governance (e.g., Beswick & Penny, ; Green & Lavery, ; Hendrikse & Sidaway, ; Peck & Whiteside, ). Last but not least, there is an important conceptual consideration.…”
Section: The Financialisation Of Urban Development: Toward a Conjunctmentioning
confidence: 98%
“…They adopted novel monetary policies such as quantitative easing, which involved expanding bank balance sheets in order to stimulate private investment and economic growth. This shift to a sustained loose monetary policy introduced a number of instabilities into the global economy, including increased currency volatility in the emerging economies and intensified asset price inflation in the advanced economies (Green and Lavery, 2018). Novel post-crisis interventions by the Federal Reserve, such as the swap lines that were arranged with the European Central Bank and Bank of England, have been particularly important in stabilizing the global financial system (Tooze, 2018).…”
Section: Monetary and Financial Instabilitiesmentioning
confidence: 99%
“…Therefore, the positive ethics-oriented morality of private homeownership promoted by the Thatcher government that increased demand for owner-occupied housing, contributed to establishing mortgage credit as a key constituent part of the macroeconomic regime of Britain, which was a significant contributing factor to the 2007-2008 Global Financial Crisis (GFC) (Green and Lavery, 2017;Berry and Hay, 2016). It must be emphasised that 'there is no evidence that the Conservative government under Mrs Thatcher intended to transform British banks into the dynamic sector of the British economy' (Bellringer, and Michie, 2014, 132).…”
Section: Britain's Mortgage-led Accumulation Regimementioning
confidence: 99%