Urban Geographies of Financial Convergence

Situating Indian Financial Centers across Global Production and Financial Networks

Bibliographic Data

ID4041923
AuthorsJulien Migozzi (0000-0001-6896-8809, School of Geography and the EnvironmentUniversity of OxfordOxford, OX1 3QYUK, corresponding author), Michael A Urban (0000-0001-9305-1568, School of Geography and the EnvironmentSmith School of Enterprise and the EnvironmentUniversity of OxfordOxford, OX1 3QYUK), Dariusz Wójcik (0000-0002-4200-3432, School of Geography and the EnvironmentUniversity of OxfordOxford, OX1 3QYUK)
Year2023
Volume99
Issue5
Pages499-525
Publication date2023-10-20
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueEconomic Geography (JOURNAL)
Journal identifiersISSN: 0013-0095 • E-ISSN: 1944-8287
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/00130095.2023.2205584
OpenAlexW4378215776
LanguageEN
Citations received2
References cited52

Recent advancements in the global production networks (GPNs) literature seek to better emphasize the role of finance by identifying where and how global financial networks (GFNs) intersect with GPNs. Financial centers (FCs) operate as key sites for articulating financial convergence, understood as the merging of financial and nonfinancial sectors enacted by cross-sectoral investments. Yet, how such entanglement both feeds on and impacts intercity networks, affecting metropolitan hierarchies, remains largely overlooked. Using a novel data set of 12,147 intersectoral, cross-border and domestic merger and acquisition deals involving finance and insurance firms throughout the period of 2000–20, this article unpacks the sectoral dynamics that underpin the intersection of GFNs with GPNs at the city level in India, the fifth largest economy in the world. Our longitudinal and multiscalar analysis demonstrates how uneven patterns of financial convergence, structured around the rising entanglement between finance and information technology (IT), have reshaped intercity networks and affected the landscape of FCs in India. If Mumbai remains India’s financial capital, Bangalore and New Delhi gained power in domestic and international flows, well ahead of other Indian cities. The article emphasizes how the IT firms, as recipients of transnational investments, and central governments, through direct interventions and state-hybrid investors, operate as key drivers in articulating GFNs with GPNs through intercity networks, changing urban geographies of finance, raising methodological and conceptual questions for future research on financial geography

Business · Convergence (economics) · Economic geography · Economic growth · Economics · Financial market · Geography · Geography of finance · Metropolitan area · Finance · Global Urban Networks and Dynamics · Housing Market and Economics · Housing, Finance, and Neoliberalism

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