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Placing the Run on Northern Rock

Journal of Economic Geography, Vol. 12, No. 1, pp. 157-181

Posted: 6 Mar 2012  

John Neill Marshall

affiliation not provided to SSRN

Andy Pike

Newcastle University (UK)

Jane S. Pollard

Centre for Urban and Regional Development Studies

John Tomaney

Newcastle University (UK)

Stuart Dawley

affiliation not provided to SSRN

Joanna E. Gray

Newcastle University (UK) - Law School

Date Written: January 6, 2012

Abstract

The collapse and subsequent nationalization of Northern Rock in 2007-08 was the first major run on a UK retail bank since 1866. The Northern Rock case is exemplary on two fronts. First, described at the time of its collapse as an example of an aggressive business model employed by naïve management, it is now clear that Northern Rock marked the beginning of and provides insights into the credit crunch and wider global banking crisis. Second, Northern Rock provides a distinct context - geographically and institutionally - from which to explore the banking crisis. The paper utilizes management interviews, secondary literatures and an investigation of the wider impacts of the restructuring of Northern Rock to produce a reading from the perspective of a peripheral financial region. It contributes to attempts to understand financial geographies that range beyond the major international financial centres that often dominate debates in Economic Geography.

Keywords: credit crunch, geographies of finance, demutualization, Northern Rock

JEL Classification: R11, O16, O10, L00

Suggested Citation

Marshall, John Neill and Pike, Andy and Pollard, Jane S. and Tomaney, John and Dawley, Stuart and Gray, Joanna E., Placing the Run on Northern Rock (January 6, 2012). Journal of Economic Geography, Vol. 12, No. 1, pp. 157-181. Available at SSRN: https://ssrn.com/abstract=2016784

John Neill Marshall (Contact Author)

affiliation not provided to SSRN ( email )

Andy Pike

Newcastle University (UK) ( email )

Centre for Urban and Regional Development Studies
(CURDS)
England NE1 7RU
United Kingdom

Jane S. Pollard

Centre for Urban and Regional Development Studies ( email )

5 Barrack Road
NEWCASTLE UPON TYNE, NE1 7RU
United Kingdom

HOME PAGE: http://www.ncl.ac.uk/gps/staff/profile/j.s.pollard

John Tomaney

Newcastle University (UK) ( email )

5 Barrack Road
NEWCASTLE UPON TYNE, NE1 7RU
United Kingdom

Stuart Dawley

affiliation not provided to SSRN

No Address Available

Joanna E. Gray

Newcastle University (UK) - Law School ( email )

21 - 24 Windsor Terrace
Jesmond
Newcastle upon Tyne, NE1 7RU
United Kingdom

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