The exclusive nature of global payments infrastructures: the significance of major banks and the role of tech-driven companies

References

• Abolafia, M. Y. (2010). Narrative construction as sensemaking: How a Central Bank Thinks. Organization Studies, 31(3), 349–367. https://doi.org/10.1177/0170840609357380
   Web of Science ®Google Scholar
• Afonso, G., Kovner, A., & Schoar, A. (2014). Trading partners in the interbank lending market. Federal Reserve Bank of New York Staff Reports No. 620.
   Google Scholar
• Allen, H., Christodoulou, G., & Millard, S. (2006). Financial infrastructure and corporate governance. Working Paper No. 316. Bank of England.
   Google Scholar
• Appel, H., Anand, N., & Gupta, A. (2018). Introduction: Temporality, politics, and the promise of infrastructure. In N. Anand, A. Gupta, & H. Appel (Eds.), The promise of infrastructure (pp. 1–38). Duke University Press. https://doi.org/10.1515/9781478002031-002/html
   Google Scholar
• Atkinson, A. B., & Stiglitz, J. E. (2015). Lectures on public economics (Revised ed.). Princeton Univers. Press.
   Google Scholar
• Baecker, D. (2008). Womit handeln Banken?: Eine Untersuchung zur Risikoverarbeitung in der Wirtschaft. Suhrkamp.
   Google Scholar
• Bank for International Settlements BIS. (2012). Payment, clearing and settlement systems in the CPSS countries—Volume 2.
   Google Scholar
• Bank for International Settlements BIS. (2018). Cross-border retail payments.
   Google Scholar
• Barth, F. (1967). Economic Spheres in Darfur. In R. Firth (Ed.), ASA Monograph 6, Themes in economic anthropology (pp. 149–174). Routledge.
   Google Scholar
• Beaumier, G., & Kalomeni, K. (2021). Ruling through technology: Politicizing blockchain services. Review of International Political Economy, in press. https://doi.org/10.1080/09692290.2021.1959377.
   Google Scholar
• Bech, M., Faruqui, U., & Shirakami, T. (2020, March). Payments without borders. BIS Quarterly Review.
   Google Scholar
• Beckert, J. (2016). Imagined Futures: Fictional expectations and capitalist dynamics. Harvard University Press.
   Google Scholar
• Bernards, N., & Campbell-Verduyn, M. (2019). Understanding technological change in global finance through infrastructures. Review of International Political Economy, 26(5), 773–789. https://doi.org/10.1080/09692290.2019.1625420
   Web of Science ®Google Scholar
• Blanchard, O. (2017). Macroeconomics, Global Edition. (7th ed.). Pearson.
   Google Scholar
• Brandl, B., & Hornuf, L. (2020). Where Did FinTechs come from, and where do they go? The transformation of the financial industry in Germany after digitalization. Frontiers in Artificial Intelligence, 3, 8. https://doi.org/10.3389/frai.2020.00008
   PubMedGoogle Scholar
• Brunton, F. (2019). Digital cash: The unknown history of the Anarchists, Utopians, and technologists who created cryptocurrency. Princeton University Press.
   Google Scholar
• Campbell-Verduyn, M., & Goguen, M. (2019). Blockchains, trust and action nets: Extending the pathologies of financial globalization. Global Networks, 19(3), 308–328. https://doi.org/10.1111/glob.12214
   Google Scholar
• Campbell-Verduyn, M., Goguen, M., & Porter, T. (2019). Finding fault lines in long chains of financial information. Review of International Political Economy, 26(5), 911–937. https://doi.org/10.1080/09692290.2019.1616595
   Web of Science ®Google Scholar
• Carruthers, B. G., & Babb, S. (1996). The color of money and the nature of value: Greenbacks and gold in postbellum America. American Journal of Sociology, 101(6), 1556–1591. https://doi.org/10.1086/230867
   Web of Science ®Google Scholar
• Committee on Payments and Market Infrastructures. (2003). The role of central bank money in payment systems. Bank for International Settlements (BIS).
   Google Scholar
• Dodd, N. (2014). The social life of money. Princeton University Press. http://www.jstor.org/stable/j.ctt6wq0p6
   Google Scholar
• Dörry, S. (2014). Strategic nodes in investment fund global production networks: The example of the financial centre Luxembourg. Journal of Economic Geography, 15, 797–814. https://doi.org/10.1093/jeg/lbu031
   Web of Science ®Google Scholar
• Esposito, E. (2011). The future of futures. Edward Elgar Publishing.
   Google Scholar
• Evans, D. S., & Schmalensee, R. (2004). Paying with plastic, second edition: The digital revolution in buying and borrowing. (2nd ed. Auflage). The MIT Press.
   Google Scholar
• Gabor, D., & Brooks, S. (2017). The digital revolution in financial inclusion: International development in the fintech era. New Political Economy, 22(4), 423–436. https://doi.org/10.1080/13563467.2017.1259298
   Web of Science ®Google Scholar
• Ganßmann, H. (2013). Doing money. Routledge.
   Google Scholar
• Garbade, K. D., & Silber, W. L. (1979). The payment system and domestic exchange rates: Technological versus institutional change. Journal of Monetary Economics, 5(1), 1–22. https://doi.org/10.1016/0304-3932(79)90021-7
   Web of Science ®Google Scholar
• Genito, L. (2019). Mandatory clearing: The infrastructural authority of central counterparty clearing houses in the OTC derivatives market. Review of International Political Economy, 26(5), 938–962. https://doi.org/10.1080/09692290.2019.1616596
   Web of Science ®Google Scholar
• Government Office for Science (UK). (2016). Distributed ledger technology: Beyond block chain.
   Google Scholar
• Gruin, J. (2019). Financializing authoritarian capitalism: Chinese fintech and the institutional foundations of algorithmic governance. Finance and Society, 5(2), 84–104. https://doi.org/10.2218/finsoc.v5i2.4135
   Google Scholar
• Gruin, J. (2021). The epistemic evolution of market authority: Big data, blockchain and China’s neostatist challenge to neoliberalism. Competition & Change, 25(5), 580–604. https://doi.org/10.1177/1024529420965524
   Web of Science ®Google Scholar
• Guyer, J. (2017). Cash and livelihood in soft currency economics: Challenges for research. In M. Burchardt & G. Kirn (Eds.), Beyond Neoliberalism: Social analysis after 1989 (pp. 97–116). Palgrave Macmillan. https://doi.org/10.1007/978-3-319-45590-7
   Google Scholar
• Guyer, J. I. (2012). Soft currencies, cash economies, new monies: Past and present. Proceedings of the National Academy of Sciences of the United States of America, 109(7), 2214–2221. https://doi.org/10.1073/pnas.1118397109
   PubMed Web of Science ®Google Scholar
• Helleiner, E. (2002). The making of national money: Territorial currencies in historical perspective. Cornell University Press.
   Google Scholar
• Holmes, D. R. (2013). Economy of words: Communicative imperatives in central banks. University of Chicago Press.
   Google Scholar
• Ingham, G. (2004). The nature of money (1st ed.). Polity Press.
   Google Scholar
• Ingham, G. (2008). Capitalism: With a new postscript on the financial crisis and its aftermath. Polity Press.
   Google Scholar
• International Monetary Fund. (2009). International transactions in remittances: Guide for compilers and users.
   Google Scholar
• Katz, M. L., & Shapiro, C. (1994). Systems competition and network effects. Journal of Economic Perspectives, 8(2), 93–115. https://doi.org/10.1257/jep.8.2.93
   Web of Science ®Google Scholar
• Koddenbrock, K. (2019). Money and moneyness: Thoughts on the nature and distributional power of the ‘backbone’ of capitalist political economy. Journal of Cultural Economy, 12(2), 101–118. https://doi.org/10.1080/17530350.2018.1545684
   Web of Science ®Google Scholar
• Kos, D., & Levich, R. M. (2016). Settlement Risk in the Global FX Market: How Much Remains? (SSRN Scholarly Paper ID 2827530). Social Science Research Network.
   Google Scholar
• Krarup, T. (2019). Between competition and centralization: The new infrastructures of European finance. Economy and Society, 48(1), 107–126. https://doi.org/10.1080/03085147.2019.1578064
   Web of Science ®Google Scholar
• Kress, J. C. (2011). Credit default swaps, clearinghouses, and systemic risk: Why centralized counterparties must have access to central bank liquidity. Harvard Journal on Legislation, 48, 49.
   Web of Science ®Google Scholar
• Larkin, B. (2013). The politics and poetics of infrastructure. Annual Review of Anthropology, 42(1), 327–343. https://doi.org/10.1146/annurev-anthro-092412-155522
   Web of Science ®Google Scholar
• Luzzi, M., & Wilkis, A. (2018). Soybean, bricks, dollars, and the reality of money: Multiple monies during currency exchange restrictions in Argentina (2011–15). HAU: Journal of Ethnographic Theory, 8(1–2), 252–264. https://doi.org/10.1086/698222
   Web of Science ®Google Scholar
• Maurer, B. (2012). Payment: Forms and functions of value transfer in contemporary society. The Cambridge Journal of Anthropology, 30(2), 15–35. https://doi.org/10.3167/ca.2012.300202
   Google Scholar
• Maurer, B. (2016). Re-risking in realtime. On possible futures for finance after the blockchain. BEHEMOTH - A Journal on Civilisation, 9(2), 82–96. https://doi.org/10.6094/behemoth.2016.9.2.917
   Google Scholar
• Mehrling, P. (2010). New Lombard street. University Press.
   Google Scholar
• Merton, R. C. (1992). Financial innovation and economic performance. Journal of Applied Corporate Finance, 4(4), 12–22. https://doi.org/10.1111/j.1745-6622.1992.tb00214.x
   Google Scholar
• Millo, Y., Muniesa, F., Panourgias, N. S., & Scott, S. V. (2005). Organised detachment: Clearinghouse mechanisms in financial markets. Information and Organization, 15(3), 229–246. https://doi.org/10.1016/j.infoandorg.2005.02.003
   Google Scholar
• Mirowski, P. (1991). Postmodernism and the social theory of value. Journal of Post Keynesian Economics, 13(4), 565–582. https://doi.org/10.1080/01603477.1991.11489868
   Web of Science ®Google Scholar
• Norman, B., Shaw, R., & Speight, G. (2014). The history of interbank settlement arrangements: Exploring central banks’role in the payment system. Bank of England Working Paper No. 412.
   Google Scholar
• Petry, J. (2021). From national marketplaces to global providers of financial infrastructures: Exchanges, infrastructures and structural power in global finance. New Political Economy, 26(4), 574–597. https://doi.org/10.1080/13563467.2020.1782368
   Web of Science ®Google Scholar
• Pistor, K. (2019). The code of capital: How the law creates wealth and inequality. Princeton University Press.
   Google Scholar
• Qiu, T., Zhang, R., & Gao, Y. (2019). Ripple vs. SWIFT: Transforming cross border remittance using blockchain technology. Procedia Computer Science, 147, 428–434. https://doi.org/10.1016/j.procs.2019.01.260
   Google Scholar
• Rella, L. (2019). Blockchain technologies and remittances: From financial inclusion to correspondent banking. Frontiers in Blockchain, 2, 14. https://doi.org/10.3389/fbloc.2019.00014
   Google Scholar
• Rice, T., von Peter, G., & Boar, C. (2020, March). On the global retreat of correspondent banks. BIS Quarterly Review.
   Google Scholar
• Rodima-Taylor, D., & Grimes, W. W. (2019). International remittance rails as infrastructures: Embeddedness, innovation and financial access in developing economies. Review of International Political Economy, 26(5), 839–862. https://doi.org/10.1080/09692290.2019.1607766
   Web of Science ®Google Scholar
• Samuelson, P. (1954). The pure theory of public expenditure. The Review of Economics and Statistics, 36(4), 387–389. https://doi.org/10.2307/1925895
   Web of Science ®Google Scholar
• Scott, S. V., Van Reenen, J., & Zachariadis, M. (2017). The long-term effect of digital innovation on bank performance: An empirical study of SWIFT adoption in financial services. Research Policy, 46(5), 984–1004. https://doi.org/10.1016/j.respol.2017.03.010
   Web of Science ®Google Scholar
• Sillitoe, P. (2006). Why spheres of exchange? Ethnology, 45(1), 1–23. https://doi.org/10.2307/4617561
   Web of Science ®Google Scholar
• Stearns, D. L. (2011). Electronic value exchange: Origins of the VISA electronic payment system (2011 ed.). Springer.
   Google Scholar
• Stiefmüller, C. (2020). Open Banking and PSD 2: The Promise of Transforming Banking by ‘Empowering Customers. In J. Spohrer & C. Leitner (Eds.), Advances in the Human Side of Service Engineering: Proceedings of the AHFE 2020 Virtual Conference on The Human Side of Service Engineering., July 16-20, 2020, USA (pp. 299–305). Springer International Publishing. https://doi.org/10.1007/978-3-030-51057-2
   Google Scholar
• Tilly, R. H. (1989). Banking institutions in historical and comparative perspective: Germany, Great Britain and the United States in the Nineteenth and Early Twentieth Century. Journal of Institutional and Theoretical Economics (JITE)/Zeitschrift Für Die Gesamte Staatswissenschaft, 145, 189–209.
   Web of Science ®Google Scholar
• Voshmgir, S. (2019). Token economy: How blockchains and smart contracts revolutionize the economy. Shermin Voshmgir-BlockchainHub.
   Google Scholar
• Westermeier, C. (2020). Money is data – The platformization of financial transactions. Information, Communication & Society, 23(14), 2047–2063. https://doi.org/10.1080/1369118X.2020.1770833
   Web of Science ®Google Scholar
• World Bank Group. (2020). Remittance prices worldwide qaterly, (No. 36, December 2020).
   Google Scholar
• Zelizer, V. A. (1997). The social meaning of money: Pin money, paychecks, poor relief, and other currencies. Princeton University Press.
   Google Scholar