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1.
Michael Pryke 《Geoforum》2007,38(3):576-588
The paper adopts a cultural economy approach to explore the emergence of a market in so-called weather derivatives, referred to in the paper as a form of ‘geomoney’. These are specially designed financial products that allow firms to protect their profits against the impact of changing weather conditions. The paper approaches the emergence of this market, and the issues its growth raises, in three interlinked stages. Weather derivatives are located amongst the hybrid collective that is contemporary finance and are analysed through the conceptual apparatus afforded by a cultural economy approach to finance. The paper employs this analytical line to examine the assumptions and models that enable the weather to be turned into a risk and then be transported and traded within capital markets. Through specific examples of weather products together with a discussion of the International Finance Corporation’s recent involvement in this market, the paper suggests something of the ‘world making’ capabilities of finance theory and the politics of finance often hidden beneath the mathematical models. The paper concludes by highlighting not only the usefulness of a cultural economy of finance to geographers but, in light of the examples discussed, the need for cultural economy to recognise and to engage critically in its analysis the politics that such a conceptual approach to the making of financial markets exposes. 相似文献
2.
后危机时代矿产品价格趋势分析 总被引：17，自引：13，他引：4
通过对近50年来石油、铜、铝、镍价格变化趋势分析, 总结了矿产品价格长周期变化规律: 不变价格呈周期性下降趋势, 现价价格呈台阶状上升趋势。铜、铝、镍不变价格的绝对下降反映了人类技术进步带来生产效率的不断提高, 而石油不变价格的上升反映了资源稀缺程度对石油价格的重要影响; 由资源稀缺性决定的资源性商品的生产效率难以与其他商品生产效率同步提高, 必然以现价价格阶段性上涨实现价格平衡。结合矿产品成本、供需趋势和市场体系分析, 判断后金融危机时代矿产品价格平台为: 石油60～80美元/桶、铜3500美元/吨、铝2100美元/吨、镍14000美元/吨。 相似文献
3.
Less is more: Spectres of scarcity and the politics of resource access in the upstream oil sector 总被引：1，自引：0，他引：1
Our objective in this paper is to understand the significance of the peak oil claim for the large, publicly-traded oil companies to whom the tasks of finding oil, extracting it and delivering it to market have been allocated. On the face of it, peak oil would appear to offer the ultimate solution to a problem that has plagued the international oil industry for the last one hundred years: how to organise scarcity in the face of prodigious abundance. We examine how publicly-traded oil firms (‘Big Oil’) are engaging with the discourse and science of peak oil, and find that peak oil positions firms like Exxon, BP and Shell in a number of different and quite complex ways: as a beneficiary (of a higher price regime), but also as a victim (of shrinking reserves) and a suspect (for under-investing in exploration or exploiting reserves too rapidly). We find a surprising lack of consensus among Big Oil about the significance of peak oil’s core claim for an imminent, permanent decline in the production of conventional grades of crude, and we conclude that peak oil is not regarded as strategic priority for oil producers (the contrast here with climate change is instructive). To understand why this is the case we turn from the physical science-based account of peak oil to political economy, and examine the contradictory character of Big Oil’s current position. We show how the strong financial returns to Big Oil in the last few years mask a precarious structural position when it comes to reserves access and reserves replacement. Critically the origins of this squeeze originate primarily above-ground: in the ownership of reserves, the politics of resource access and the changing structure of the international oil industry, and not below-ground in geological limits. Accordingly, we reject the simple assumption that increasing geological scarcity explains/justifies high returns, and argue that the relative marginalisation of peak oil within Big Oil’s strategic concerns reflects the way it misdiagnoses the cause of oil companies’ woes when it comes to finding and replacing reserves. We conclude that peak oil’s claim of physically-induced scarcity obfuscates rather than illuminates when it comes to understanding the opportunities for - and constraints on - accumulation in the upstream oil sector. 相似文献
4.
《Geoforum》2015
In Malaysia, second largest palm oil producer worldwide, logging companies, palm oil corporations, and even responsible citizens can now compensate their biodiversity impacts by purchasing Biodiversity Conservation Certificates in an emerging new biodiversity market: the Malua BioBank. Biodiversity markets are part of a wider trend of marketisation and neoliberalisation of biodiversity governance; introduced and promoted as (technical) win–win solutions to counter biodiversity loss and enable sustainable development. The existing neoliberalisation and nature literature has tended to analyse these processes as consequences of an inherent drive of capital to expand accumulation and submit ever more areas of nature to the neoliberal market logic.In contrast, I aim (a) to problematise the agency and the “work” behind marketisation of biodiversity, challenging the story of (corporate-driven) neoliberalisation as the realisation of an inherent market-logic (based on the a false conceptual state–market divide, often prevalent even in activist academic circles working on neoliberalisation of nature) and to see the state not only as regulator, but driving force behind, and part of “the market”; (b) to question the myth of neoliberalisation as state losing control to the market and to show how the state is using the biodiversity market as mode of governing; re-gaining control over its forests and its conservation policy; and (c) to demonstrate empirically the distinction between neoliberal ideology and practice, and to show that marketisation was based on pragmatic decisions, not ideology-driven political action. My analysis is based on 35 qualitative interviews with actors involved in the BioBank. 相似文献
5.
《International Geology Review》2012,54(3):250-258
The East Siberian region, which comprises nearly 43% of Russia's territory (including the Sakha (Yakut) republic), has substantial hydrocarbon potential that is impeded by significant logistical problems, the daunting physical environment, and technical challenges posed by the geological complexity of the region. The area's three major oil and gas provinces are the Lena- Tunguska (with the greatest potential), Lena-Vilyuy, and Yenisey-Anabar. The paper focuses on assessment of reserves, production potential, and history, as well as joint-venture activity involving foreign capital. Foreign investment is targeting gas deposits in the Vilyuy basin and elsewhere in the Sakha republic and small oil deposits serving local markets in the Yakutsk and Noril'sk areas. Forecasts do not envisage substantial production of oil from the region before the year 2010. Future gas production levels are less predictable despite the ambitious plans to export gas from Sakha to South Korea. 相似文献
6.
石油期货市场机制及对中国石油安全的影响 总被引：7，自引：7，他引：0
本文通过系统分析2003-2008年石油期货市场过度炒作的影响和动因, 结合不同历史时期国际石油期货市场机制的演变, 指出目前的石油期货市场已由以往的价格发现、平抑油价和规避风险的场所, 转变为发达国家和国际大型金融机构借以谋利和制约发展中国家经济社会发展的工具; 提出目前的石油市场机制使中国的石油安全乃至经济安全面临严峻的挑战, 中国应一方面提高国内企业和金融机构参与国际金融市场交易的能力, 积极参与国际石油期货市场交易, 以规避价格波动的风险; 另一方面加快步伐打造中国的石油期货市场, 获得国际石油定价权。 相似文献
7.
Carbon emissions trading is being used by more and more countries or regions to solve the global warming problem. The establishment of China’s carbon market mechanism is still under exploration and improvement. This paper focuses on the price determination mechanism in the carbon market. Based on the price theories, we analyze the theoretical basis of the carbon price formation and the carbon price transmission mechanism from the perspective of the agents that affect carbon price. From these angles including residents’ demands, enterprises’ actual emissions and indirect effects on residents’ demands, the government’s setting for carbon market institutions and indirect effects on residents and enterprises, as well as energy markets and financial markets, we analyze how these factors influence the carbon price. In turn, we discuss how carbon price affects the enterprise costs, energy-saving technologies and residents’ welfare. Besides, we summarize the current price mechanism of domestic and overseas major carbon markets. Finally, based on the current research on carbon price theory and its influencing factors, we also present some further directions on carbon price mechanism and influencing factors including China’s carbon market price mechanism design, the quantitative analysis of carbon price factors and improvement of carbon price theory. 相似文献
8.
2017年以来,全球石油消费持续疲软,消费增速呈逐渐下降的趋势,新冠肺炎疫情对石油需求的打击更是"雪上加霜".本文回顾了疫情发生以来国际原油价格及大型油气公司股票价格的走势,探讨了疫情对全球石油需求和供应市场的影响,研判了短期及中长期全球石油供需格局,得出了三点结论:(1)疫情对全球石油需求产生重大冲击,预计2020年全球石油需求较2019年将下降5％,未来随着全球经济逐步恢复,全球石油消费将缓慢回升,预计到2030年全球石油消费将达到峰值48.7亿t;(2)未来3～5年,全球石油产量将大于需求量,全球石油市场供大于求的局面仍将持续;(3)中长期来看,若国际原油价格持续在低价位震荡,将会造成上游勘探开发投入不足,英国、俄罗斯及亚洲等国家的部分老油田产量将持续下滑,全球石油市场将趋紧. 相似文献
9.
《Geoforum》2015
The difference between bank-based and market-based financial systems is a longstanding and influential conceptual staple of the interdisciplinary literature on finance. This dualistic model has been subjected to wide-ranging critiques over the past decade. Yet, while those critiques productively problematize the relationship between banks and markets presumed by the model, they fail to address the underlying distinction between banks and markets that is also presumed by the model. This article questions that distinction. It argues that financial markets are best understood not as places or platforms where banks and other financial actors come to interact – and thus as essentially separate from banks – but, instead, as, in large part, their interaction; as constituted by it. The article further argues for the political as well as scholarly importance of reconfiguring our ideas of what financial markets are. The idea of markets as separate, reified phenomena not only underpins the scholarly model of bank- and market-based financial systems – it does political work in the wider world, with the appeal to financial markets or, more nebulously, “the market” to rationalize and justify political decision-making having become a commonplace of contemporary public policy discourse. 相似文献
10.
《Geoforum》2016
This largely programmatic paper offers a new way of thinking through the incorporation of farmland into financial markets. Building on the notion of “operations of capital”, it sketches analytical entry points for scrutinizing the inner workings of agri-finance capital formation. The concept of operations can make two useful contributions to the existing discussion. First, it helps provide a more nuanced historicization of the entanglement between finance and farmland. Finance has a long history of penetrating agriculture and the new quality of the contemporary coupling of finance and farmland only becomes fully visible when adopting a more nuanced historical perspective. Rather than imagining the history of capitalism as one where industrial capitalism gives way to financialized capitalism, the concept of operations sensitizes us for the situated modes, processes and practices of financial economization that have reworked economy, society and nature at specific historical conjunctures.Second, it allows us to move beyond simply treating “financialization” as explanans. Shifting attention to the situated practical activities of global finance, it eventually helps us explore central categories of financial economization (“capital”, “resources”, “property” and “value”) as practical accomplishments rather than taking them for granted. Only then can we come to terms with how finance works through farmland in different geographical settings. Empirical material from an ongoing research project will support my arguments. 相似文献
11.
通过对当前地质工作转型升级时期的资金投入分析,梳理了财政投入和社会资金的现状特征和问题,进而提出了对策建议。研究结果显示,中国的地质工作正处于转型升级期,在资金投入上主要表现出资金投下滑总体趋势放缓、矿产勘查资金供需矛盾突出、新旧动能转换引领投资分化、科技和信息化投入仍需提升、投入空间格局正发生转变五大特征。研究认为,为进一步优化资金投入以适应新的发展形势,应该以中长期战略引领投资布局,强化两级财政的协同配合,多措并举吸引社会资本注入,完善财政投入评估调整机制。 相似文献
12.
Natural resource investment in the mining sector is often mediated through conflicts over rent distribution between corporate capital and landowner states. Recent rounds of neoliberal policy promoted by the World Bank have highlighted the need for landowner states to offer incentives in order to attract “high risk” capital investment. In Sub-Saharan Africa, in particular, countries have been pushed to offer attractive fiscal terms to capital, thereby lowering the proportion traditionally called rent. This paper examines how the concept of “risk” has been mobilized to legitimate such skewed distributional arrangements. While certain conceptions of social and ecological “risk” have been prevalent in political and social theoretic discourse on mining, such focus elides the overwhelming contemporary power of our notion of “neoliberal risk” – or the financial/market risks – in actually setting the distributional terms of mineral investment. We illustrate our argument by examining the nexus of World Bank mining policy promotion and Tanzanian policy in the late 1990s meant to attract foreign direct investment in gold production. In closing, we suggest that just as “risk” is used to legitimate attractive fiscal terms for investment, recent events highlight how skewed distribution of benefits may set into motion risks that corporate capital had not bargained for. 相似文献
13.
Transnational elites in global cities: British expatriates in Singapore's financial district 总被引：5，自引：0，他引：5
Jonathan V. Beaverstock 《Geoforum》2002,33(4):525-538
Skilled international migration is as an important process of both contemporary globalization and the global city. The establishment of a transnational elite of expatriate labour in international finance plays a vital part in the accumulation of capital within international financial centres (IFCs). Expatriate labour has become a major determinant of the IFC, creating financial capital through complex social relations, knowledge networks, practices and discourses. The principal argument being made in this paper is that expatriates are major agents in the accumulation and transfer of financial knowledge in the IFC, and that such processes are undertaken through expatriate global–local knowledge networks and other social practices. The paper is divided into three major parts. Following a discussion of transnational elites as expatriates in global cities, which also conceptualises their contribution to the spatialization of financial knowledge networks, the empirical study investigates the working, social and cultural knowledge networks and practices of British expatriates in Singapore. Finally, the paper revisits the conceptual work on transnational elites and suggests that expatriates were deeply embedded in global–local relations in the workplace and the business/social sphere through interaction with local ‘western educated/experienced' Singaporeans, but were disembedded from the local in the home and other household social spaces due to the invisibility of the local population in their interactions. Both the theoretical and empirical analyses suggests that expatriates are flow in the Castellian spatial logic of the network society. 相似文献
14.
通过对不同生态补偿方式的对比分析, 可知生态补偿能够在一定程度上提升农户的生活水平, 促进农户五种生计资本的合理均衡分布. 而资金支持的补偿方式对于农户生活的提升最为有效, 技术支持的补偿方式对促进农户生计资本的合理分布更为有效. 从对农户人力资本的影响来看, 政府可以通过对农户给予资金支持, 从而有效促进农户人力资本的提高; 从对农户物质资本的影响来看, 政府可以通过对农户给予技术支持, 从而有效促进农户物质资本的提高; 从对农户金融资本的影响来看, 政府可以通过对农户给予资金和技术支持, 从而有效促进农户金融资本的提高, 弥补农户由于实施生态补偿后所损失的利益, 提高农户的生计水平. 相似文献
15.
The paper uses a capital asset pricing model to analyze the market risk in the European Union Emission Trading System (EU ETS) and clean development mechanisms (CDM) and Zipf analysis technology to analyze the carbon price volatility in different expectations of returns in the two markets. The results show that the systematic risk of the EU ETS market is around 0.07 %, but the CDM market is clearly divided into two stages; the systematic risk of the futures contracts in the first stage (DEC09–DEC12) is less than the EU ETS market, but the systematic risk of the futures contracts that enter the market is greater than the EU ETS market and has a higher market sensitivity, although on the unsystematic risk. The CDM market is always greater than the EU ETS market. Abnormal returns in the two carbon markets are both lower than 0.02 %, but CDM is higher. The probability of price down is greater than that of price up. The carbon price is affected by market mechanisms and external factors (economic crisis and environmental policies) in the low expectations of returns. However, in the high expectations of returns, compared with the CDM market, the carbon price change in the EU ETS market is less stable and has higher risks. 相似文献
16.
《Geoforum》2015
In the last four years, carbon-intensive, coal-dependent South Africa has become one of the leading global destinations for renewable energy investment. This investment can be attributed to the unprecedented take off of the country’s Renewable Energy Independent Power Producers’ Programme (RE IPPPP), a bidding process for the procurement of privately generated, utility scale renewable energy, launched in August 2011. Asserting that energy must be studied within the broader economic, political and social forces in which it is embedded, I explore the fundamental role that different modes of finance have played in shaping South Africa’s emerging renewable energy sector within the context of the country’s unique system of accumulation characterised by its minerals-energy complex (MEC) (Fine and Rustomjee, 1996). I focus on finance and financialisation as growing features within the MEC. I further examine the tension or incompatibility between commercial demands for ‘bankability’, short-term shareholder value and impatient finance and RE IPPPP’s unique requirements for community ownership of projects and the realisation of economic development criteria. I find that a reconfiguration of long-standing MEC actors, particularly in the realms of finance is taking place as they merge with new sources of foreign capital. 相似文献
17.
《Geoforum》2016
This paper investigates the geographies of high frequency trading. Today shares shift hands within microseconds, giving rise to a form of financial geographies termed algorithmic capitalism. This notion refers to the different spatio-temporalities produced by high frequency trading, under the valuation of time. As high frequency trading accelerates financial markets, the paper examines the spatio-temporalities of automated trading by the ways in which the speed of knowledge exploitation in financial markets is not only of interest, but also the expansion between different temporalities. The paper demonstrates how the intensification of time–space compression produces radical new dynamics in the financial market and develops information rent in HFT as convertible to a time rent and a spatio-temporal rent. The final section discusses whether high frequency trading only responds to crises in microseconds or constitutes them. It argues that automated trading will not only contribute to accelerate crises, but also deepen them by the ways in which it differentiates the dynamics between financial, fixed and productive capital. 相似文献
18.
The paper uses a capital asset pricing model to analyze the market risk in the European Union Emission Trading System (EU ETS) and clean development mechanisms (CDM) and Zipf analysis technology to analyze the carbon price volatility in different expectations of returns in the two markets. The results show that the systematic risk of the EU ETS market is around 0.07 %, but the CDM market is clearly divided into two stages; the systematic risk of the futures contracts in the first stage (DEC09–DEC12) is less than the EU ETS market, but the systematic risk of the futures contracts that enter the market is greater than the EU ETS market and has a higher market sensitivity, although on the unsystematic risk. The CDM market is always greater than the EU ETS market. Abnormal returns in the two carbon markets are both lower than 0.02 %, but CDM is higher. The probability of price down is greater than that of price up. The carbon price is affected by market mechanisms and external factors (economic crisis and environmental policies) in the low expectations of returns. However, in the high expectations of returns, compared with the CDM market, the carbon price change in the EU ETS market is less stable and has higher risks.
相似文献19.
Carbon finance is considered one of the most efficient methods to address the issue of climate change. The problem of how to establish and improve China’s carbon financial system requires theoretical study as well as practical policies. A literature review of the effects of financial macroenvironment on carbon emissions was conducted. The purpose is to investigate the relationships of long-run equilibrium and short-run dynamics through the ARDL-ECM model among carbon intensity and macroenvironment factors including financial development, financial innovation, stock market turnover and foreign direct investment. And the former three are proven as long-term drivers of carbon intensity decline while FDI are insignificant to mitigate it. There is also a short-term dynamic adjustment among them. A main contribution to the literature in China studies the methods to reduce carbon intensity by taking into account the role of financial macroenvironment, especially the financing environment. Considering establishing an efficient carbon finance system, indirect financing tools represented by financial development could be more significant than direct financing ones represented by stock market turnover. 相似文献
20.
Antonio A.R. Ioris 《Geoforum》2012,43(3):612-622
The paper discusses the contradictory evolution of water services and the politicised nature of water scarcity in Lima, the capital of Peru. It initially claims that water scarcity cannot be understood as an isolated phenomenon, but it is inserted in a wider multiplicity of scarcities that characterise contemporary urban development. The naturalisation of scarcity in the official policy discourse is then criticised for its tendency to overlook interconnected mechanisms of political differentiation and socioeconomic exploitation that influence the allocation and use of water. Against such reductionist readings, the analysis employs a non-essentialist interpretation of multiple scarcities related to water and emphasises the need to address the totality of the experience of scarcity. Based on qualitative fieldwork, which explored recent institutional reforms and the daily struggle for water in the periphery of Lima, three fundamental reasons were identified for the persistence of water scarcity: first, the expansion of water problems as a result of the poor quality of housing and the discriminatory practices against low-income residents; second, the modest improvements in water services provided by public investment programmes, which have primarily aimed to answer political and electoral demands of the ruling party; and third, the technocratic basis of new management approaches and the systematic exclusion of grassroots communities from the decision-making process. Genuine responses to the mounting water problems of Lima require a more critical appreciation of the production of circumstantial abundances and totalising scarcities in the city. 相似文献