Cambridge Journal of Economics最新文献_第10页

Beyond financialisation: the longue durée of finance and production in the Global South 金融化之外:全球南方国家金融和生产的长期停滞

IF 2 2区经济学

Cambridge Journal of Economics Pub Date : 2022-08-09 DOI: 10.1093/cje/beac029

Kai Koddenbrock, I. Kvangraven, N. Sylla

{"title":"Beyond financialisation: the longue durée of finance and production in the Global South","authors":"Kai Koddenbrock, I. Kvangraven, N. Sylla","doi":"10.1093/cje/beac029","DOIUrl":"https://doi.org/10.1093/cje/beac029","url":null,"abstract":"\u0000 One of the central premises of the literature on financialisation is that we have been living in a new era of capitalism, characterised by a historical shift in the finance-production nexus. Finance has expanded to a disproportionate economic size and, more importantly, has divorced from productive economic pursuits. In this paper, we explore these claims of ‘expansion’ and ‘divorce’ based on a longue durée analysis of the link between finance and production in Senegal and Ghana. As such, we de-centre the dominant approach to financialisation. Seen from the South, we argue that although there has been expansion of financial motives and practices the ‘divorce’ between the financial and the productive economy cannot be considered a new empirical phenomenon having occurred during the last decades and even less an epochal shift of the capitalist system. The tendency for finance to neglect the needs of the domestic productive sector has been the structural operation of finance in many parts of the Global South over the last 150 years. Therefore, one cannot put forward a theory of the evolution of finance under capitalism without taking these crucial historical insights into account.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47499768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 13

Financialisation and the authoritarian state: the case of Russia 金融化与威权国家:以俄罗斯为例

IF 2 2区经济学

Cambridge Journal of Economics Pub Date : 2022-08-04 DOI: 10.1093/cje/beac038

A. Mishura, S. Ageeva

{"title":"Financialisation and the authoritarian state: the case of Russia","authors":"A. Mishura, S. Ageeva","doi":"10.1093/cje/beac038","DOIUrl":"https://doi.org/10.1093/cje/beac038","url":null,"abstract":"\u0000 Using the example of Russia, we argue that financialisation in an authoritarian state can take place primarily through formation in financial sector monopoly-like state-related structures controlled by a limited circle of the irreplaceable elite. It occurs because financialisation and new financial technologies in an authoritarian state increase both the opportunities and incentives for dominance of large state-dependent institutions in the financial sector. The authoritarian state and its elite are using financial and information technology developments in accordance with their goals, adopting and enhancing some financial practices and innovations from the experience of developed countries while rejecting, distorting or slowing down others. As a result, on the one hand, within the framework of the formation of such monopoly-like institutions, financialisation is proceeding actively, the role of finance and financial relations in society is increasing everywhere and the use of new financial technologies, digitalisation and financial inclusion are expanding. On the other hand, some financial markets remain underdeveloped because either they imply a certain degree of competition, diversity, institutional quality and independence from state voluntarism, or the state and authoritarian elite have not yet fully elaborated a strategy of integrating these financial markets into the orbit of their interests. Thus financialisation in DEEs with an authoritarian political regime can strengthen and facilitate the dominance of authoritarian elites. We draw these conclusions considering the example of financialisation in Russia in the last two decades, where the banking sector is at the core of the financial system.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44528804","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Financialisation and firm-level investment in developing and emerging economies 发展中国家和新兴经济体的金融化和企业投资

IF 2 2区经济学

Cambridge Journal of Economics Pub Date : 2022-08-01 DOI: 10.1093/cje/beac030

D. Tori, Özlem Onaran

引用次数: 4

A financial straitjacket? Côte d’Ivoire’s National Development Banks 财政紧身衣?Côte科特迪瓦国家开发银行

IF 2 2区经济学

Cambridge Journal of Economics Pub Date : 2022-07-28 DOI: 10.1093/cje/beac034

G. Quist

引用次数: 0

Connecting financialisation and structural change: a critical appraisal regarding Brazil 将金融化与结构变革联系起来：对巴西的批判性评价

IF 2 2区经济学

Cambridge Journal of Economics Pub Date : 2022-07-28 DOI: 10.1093/cje/beac036

Mariana Finello Corrêa, Carmem Feijó

引用次数: 1

An international multi-sectoral approach to financialisation 国际上多部门的金融化方法

IF 2 2区经济学

Cambridge Journal of Economics Pub Date : 2022-07-28 DOI: 10.1093/cje/beac025

Matías Torchinsky Landau

{"title":"An international multi-sectoral approach to financialisation","authors":"Matías Torchinsky Landau","doi":"10.1093/cje/beac025","DOIUrl":"https://doi.org/10.1093/cje/beac025","url":null,"abstract":"\u0000 Many studies attempted to measure the degree of financialisation of an economy, generally on a country-by-country basis, given the heterogeneity of indicators and data availability. In this paper, a simple but common measure of financialisation of non-financial corporations (NFCs) is developed, namely, the participation of services provided by the financial sector (both directly and indirectly) on their value-added creation process, inspired by the methodology developed by Dávila-Fernández and Punzo (2020). To do this, we use the inter-country input-output (ICIO) matrices built by the OECD, which allow us to understand the role played by the financial sector (local or foreign) in the ‘value-added production function’ of NFCs from 45 industries, in 67 countries for the period 1995–2018. We find three main stylised facts. First, the financial sector plays a relevant role in the value-added creation process of NFCs, and its importance has increased during the last years, although there is high diversity among countries. Second, this process has been heterogeneous when different productive sectors are considered. Primary industries evidenced a low degree of financialisation, while manufacturing and the service sector generally presented a higher reliance on finance. Third, between 1995 and the global financial crisis, NFCs increased their dependence on foreign financial value-added, followed by a partial reversion of this process. Moreover, the origin of these exports of financial services changed: while some traditional financial hubs such as the UK, Switzerland and Japan decreased their importance as providers of financial value-added to NFCs, China, Russia and India became important global players.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42464629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Financialisation of developing and emerging economies and China’s experience: how China resists financialisation 发展中经济体和新兴经济体的金融化与中国经验:中国如何抵制金融化

IF 2 2区经济学

Cambridge Journal of Economics Pub Date : 2022-07-26 DOI: 10.1093/cje/beac037

Fusheng Xie, Xiaolu Kuang, Zhi Li

引用次数: 3

The regional distinctiveness and variegation of financialisation in emerging economies 新兴经济体金融化的区域差异性和多样性

IF 2 2区经济学

Cambridge Journal of Economics Pub Date : 2022-07-26 DOI: 10.1093/cje/beac033

E. Karwowski

{"title":"The regional distinctiveness and variegation of financialisation in emerging economies","authors":"E. Karwowski","doi":"10.1093/cje/beac033","DOIUrl":"https://doi.org/10.1093/cje/beac033","url":null,"abstract":"\u0000 The world region is missing from financialisation analysis of emerging economies (EEs) with little attention given to regional commonalities or comparative analysis across regions. This article sets out to identify regional commonalities in financialisation experiences across EEs, rooted in domestic institutions and countries’ varying integration into the global financial system. Bringing commonalities within and differences between emerging regions to the fore will help us understand the specificities of their political economies and current capitalist experiences. Based on existing research and data availability, six financialisation indicators across five macroeconomic aggregates are identified. Considering 2008–17, a ranking emerges with the most affected region being Central Easter Europe (CEE), followed by Latin America. Emerging Asia takes an intermediate position while EEs in the Middle East and North Africa (MENA) region and Africa show limited signs of financialisation. Our analysis identifies distinct regional features. Financialisation in CEE and Latin America is strongly driven by external forces, the key difference being the role that large domestic capitalists play in the process. Across Emerging Asia, financialisation has mainly unfolded in the private sector while state authorities could to some extent insulate public policy. In MENA, much of the private sector appears outside of the reach of financialisation because of the economic and political power of regional conglomerates. In emerging Africa, the phenomenon is concentrated in very few, if intensely affected, financialisation centres. From a theoretical perspective, we find financialisation is driven by a mix of external factors and domestically influential capitalist elites pursuing their interests.","PeriodicalId":48156,"journal":{"name":"Cambridge Journal of Economics","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48520650","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Up the stairs, down in the elevator? The asymmetric response of emerging market currencies to the global liquidity cycle 上楼梯，下电梯?新兴市场货币对全球流动性周期的不对称反应

IF 2 2区经济学

Cambridge Journal of Economics Pub Date : 2022-07-19 DOI: 10.1093/cje/beac026

J. Macalós, P. Rossi

引用次数: 1

Exorbitant privilege and compulsory duty: the two faces of the financialised IMS 过分的特权和强制性的义务:金融化的国际金融体系的两面

IF 2 2区经济学

Cambridge Journal of Economics Pub Date : 2022-07-19 DOI: 10.1093/cje/beac027

Ricardo Carneiro, B. De Conti

引用次数: 3