Financialisation in developing countries: approaches, concepts, and metrics

IF 1.4 Q3 ECONOMICS

International Review of Applied Economics Pub Date : 2022-03-17 DOI:10.1080/02692171.2022.2052714

C. Lapavitsas, A. Soydan

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引用次数: 8

Abstract

ABSTRACT Financialisation in developing countries is the subject of an expanding literature but its characteristic features and its relationship to developed countries remain unclear. Reviewing the literature, this paper shows that financialisation in developing countries should be distinguished from financial liberalisation and financial globalisation. Furthermore, its character is partly derivative from financialisation in developed countries, as is confirmed by two theoretical approaches, related but different from each other, namely ‘subordinate’ and ‘dependent’ financialisation. By further reviewing the empirical literature, the paper also shows that financialisation in developing countries is highly variable and different from that in developed countries regarding the conduct of non-financial enterprises, banks, and households. Moreover, the literature addresses several sources of vulnerability for developing countries relating to financialisation. Finally, there are significant literature gaps, above all, the connection between financialisation and the globalisation of production as well as the role of the state.

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发展中国家的金融化：方法、概念和衡量标准

发展中国家的金融化是一个不断扩大的文献主题，但其特征及其与发达国家的关系仍不清楚。回顾文献，本文认为发展中国家的金融化应区别于金融自由化和金融全球化。此外，其特征部分源于发达国家的金融化，这一点得到了两种相互关联但又不同的理论方法的证实，即“从属”和“依赖”金融化。通过进一步回顾实证文献，本文还表明，在非金融企业、银行和家庭的行为方面，发展中国家的金融化具有高度的可变性，与发达国家不同。此外，这些文献还谈到了发展中国家在金融化方面易受伤害的几个来源。最后，存在着重大的文献空白，最重要的是，金融化与生产全球化之间的联系以及国家的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Applied Economics ECONOMICS-

CiteScore

4.30

自引率

4.50%

发文量

期刊介绍： International Review of Applied Economics is devoted to the practical applications of economic ideas. Applied economics is widely interpreted to embrace empirical work and the application of economics to the evaluation and development of economic policies. The interaction between empirical work and economic policy is an important feature of the journal. The Journal is peer reviewed and international in scope. Articles that draw lessons from the experience of one country for the benefit of others, or that seek to make cross-country comparisons are particularly welcomed. Contributions which discuss policy issues from theoretical positions neglected in other journals are also encouraged.