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Speaking in riddles: The Panama Papers and the global financial services sector

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journal contribution
posted on 2019-03-28, 09:44 authored by Jon Cloke, Ed BrownEd Brown
In 2007, on the cusp of the economic crisis, a paper was published in Growth and Change (June 2007) entitled “Shadow Europe: alternative European financial geographies,” which began to tackle the idea of shadow finance in Europe and the size and inseparability of what was regarded as “shadow” from “normal” financial flows. A number of the observations made have proved remarkably prescient and one particular phrase stands out in the light of the recent revelations about the so-called Panama Papers in 2016: “Strategically important flows of capital derived from complex underground production systems that have seldom been analyzed in detail move through the European financial networks that connect to offshore tax havens (Christensen, 2003). These havens are not a separate and distinct entity from the financial networks that connect world cities but rather a vital counterpart on which the functioning of the cities connected via those networks depends” (2007, p. 319). The revelation of the Panama Papers constitutes a new critical juncture from which to re-visit that 2007 paper and to re-examine the state of knowledge on shadow and formal financial flows.

History

School

  • Social Sciences

Department

  • Geography and Environment

Published in

Area

Volume

51

Issue

1

Pages

190 - 192

Citation

CLOKE, J.M.P. and BROWN, E.D., 2019. Speaking in riddles: The Panama Papers and the global financial services sector. Area, 51 (1), pp.190-192.

Publisher

Wiley © Royal Geographical Society (with the Institute of British Geographers).

Version

  • AM (Accepted Manuscript)

Publisher statement

This is the peer reviewed version of the following article: CLOKE, J.M.P. and BROWN, E.D., 2019. Speaking in riddles: The Panama Papers and the global financial services sector. Area, 51 (1), pp.190-192, which has been published in final form at https://doi.org/10.1111/area.12431. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.

Acceptance date

2018-01-09

Publication date

2018-03-12

ISSN

0004-0894

eISSN

1475-4762

Language

  • en

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