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 Q2 ECONOMICS

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

D. Tori, Özlem Onaran

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引用次数: 4

摘要

本文分析了金融化对非金融公司(nfc)投资的影响，并探讨了金融化与发展中经济体和新兴经济体(di)的结构和制度特征之间的相互作用。我们使用基于公开上市的nfc资产负债表的面板数据，估计了金融化对实体投资的影响。我们的主要贡献是评估nfc金融化与国家级金融发展、金融改革、资本账户开放和全球价值链参与之间的相互作用。我们发现，发展中国家金融中心金融化的影响是高度具体的。股票市场发展、金融自由化改革、资本账户开放和参与全球价值链与金融化对投资的更明显的负面影响相关。我们的分析为发展中国家企业金融化变化的来源提供了新的经验证据。

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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Financialisation and firm-level investment in developing and emerging economies

This article analyses the effects of financialisation on non-financial companies’ (NFCs) investment and explores the interactions between financialisation and the structural and institutional features of developing and emerging economies (DEEs). We estimate the effects of financialisation on physical investment for a sample of DEEs using panel data based on the balance sheets of publicly listed NFCs. Our main contribution is to assess the interactions between the financialisation of the NFCs and country-level financial development, financial reform, capital account openness and global value chain participation. We find that the effects of the financialisation of the NFCs in DEEs are highly context specific. Stock market development, financial reforms for liberalisation, capital account openness and participation in the global value chains are associated with more pronounced negative effects of financialisation on investment. Our analysis provides novel empirical evidence regarding the sources of variation in the financialisation of corporations in DEEs.

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来源期刊

Cambridge Journal of Economics ECONOMICS-

CiteScore

4.30

自引率

5.00%

发文量

期刊介绍： The Cambridge Journal of Economics, founded in 1977 in the traditions of Marx, Keynes, Kalecki, Joan Robinson and Kaldor, provides a forum for theoretical, applied, policy and methodological research into social and economic issues. Its focus includes: •the organisation of social production and the distribution of its product •the causes and consequences of gender, ethnic, class and national inequities •inflation and unemployment •the changing forms and boundaries of markets and planning •uneven development and world market instability •globalisation and international integration.