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Juvaria Jafri

Financial inclusion tends to be presented as the remedy to financial exclusion. However, this relationship, in which financial inclusion and exclusion are opposites and mutually exclusive, is dubious given the notion of a financial citizenship which confers a right and ability on individuals and households to participate fully in the economy and to accumulate wealth. Despite the growing recognition that financial inclusion is not the same as financial citizenship, the former continues to be presented as a development intervention in the form of tools such as microloans and mobile money. These products reflect a bifurcated financial sector. The connection between these two notions may be highlighted through the concept of shadow financial citizenship. Since strategies that financialize development also bifurcate finance, they execute an inferior form of inclusion and of access to finance. The phenomena of shadow financial citizenship is thus a feature of finance where the needs of the poor are seen to be distinct, and where there is a separation between formal and informal markets.

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Edited by Silvia Grandi, Christian Sellar and Juvaria Jafri

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Christian Sellar, Silvia Grandi and Juvaria Jafri

The introduction describes the focus of the book as an exploration of the boundaries between political and financial geographies. Specifically, it interrogates linkages between the changing spatialities and policies of the state, the evolution of a globalizing financial system, and the consequences of this for people and firms. In so doing, it makes two key claims. First, more attention needs to be paid to areas in between the core of the financial system and the recent investigations of financial peripheries. Thus, it defines the geographical scope of the book as focused on semi-peripheral financial areas, that is, established industrial or emerging economies outside the financial centres of North America, North-Western Europe and East Asia where financial industries are established but do not have the same level of global influence as the core. Second, a focus on the semi-periphery enables us to better view the entanglement between globalizing finance and banks and larger geostrategic processes affecting the spatiality of the nation state.

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Christian Sellar, Silvia Grandi and Juvaria Jafri

This chapter proposes the notion of geofinance/banking to engage in and advance debates in both financial and political geography. Therefore, the first section of this chapter summarizes key concepts in financial geography; the second section makes the case for looking at finance from a political geographical standpoint; the third expands on the notion of geofinance/banking; and the fourth and fifth sections discuss broader implications of this as a model to understand finance in the semi-peripheries.

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Geofinance between Political and Financial Geographies

A Focus on the Semi-Periphery of the Global Financial System

Edited by Silvia Grandi, Christian Sellar and Juvaria Jafri

This edited collection explores the boundaries between political and financial geographies, focusing on the linkages between the changing strategies, policies and institutions of the state. It also investigates banks and other financial institutions affected by both state policies and a globalizing financial system, and the financial resources available to firms as well as households. In so doing, the book highlights how an empirical focus on the semi-periphery of the financial system may generate new perspectives on the entanglement between (geo) politics and finance.