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Financial geography I: The state-finance nexus

Lai, Karen PY

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In the first of my reports on financial geography, I focus on a growing body of work that engages with the state as a vital and strategic actor in financial markets and in the global economy. After the 2008 global financial crisis, austerity measures and impacts on public finance have reshaped local-central government relationships with increasing use of financial instruments and market solutions. The growing prominence of sovereign wealth funds, shifting roles of national development banks and central banks, and impacts of currency internationalisation are raising questions about new forms of financial statecraft and opportunities for changing configurations of global hegemony. Taken together, a renewed engagement with a political economic lens and focus on state-finance relations illuminate the changing positionalities of economies and financial actors in the spatial organisation of international financial and monetary relations.


Lai, K. P. (2023). Financial geography I: The state-finance nexus. Progress in Human Geography,

Journal Article Type Article
Acceptance Date Apr 2, 2023
Online Publication Date Apr 20, 2023
Publication Date 2023
Deposit Date May 16, 2023
Publicly Available Date May 16, 2023
Journal Progress in Human Geography
Print ISSN 0309-1325
Electronic ISSN 1477-0288
Publisher SAGE Publications
Peer Reviewed Peer Reviewed
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Published Journal Article (585 Kb)

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Copyright Statement
This article is distributed under the terms of the Creative Commons Attribution 4.0 License ( which permits any use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access page (

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