The financialisation of the Romanian Economy: from central bank-led to dependent financialization

Daniela Gabor
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Daniela Gabor: Pour la Solidarite Belgium and University of the West of England Bristol

FESSUD studies from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

Abstract: This study argues that financializations is not a phenomenon exclusively associated with complex innovation in highly developed financial markets. Financialization also affects countries with 'shallow' financial markets but with a significant presence of transnational financial actors that become a powerful economic and political force able to navigate and shape uneven regulatory and institutional terrains in order to sustain new modes of profit generation. The study distinguishes two stages in financialization of the Romanian economy. The first, central-bank dominated stage saw the systemic transformation of firm-bank-state relations that resulted in the creation of impatient banking and the forestalling of industrial policy options. The second, dependent financialization, is in turn characterised by new modes of profit generation for transnational financial actors, interconnectedness and fragility as the main mechanism of incorporation in European financial structures.

Keywords: impatient banking; financialization; carry-trades; sterilizations; macroeconomic policies; pension funds; dependency; financial globalization. (search for similar items in EconPapers)
JEL-codes: G2 O5 P45 (search for similar items in EconPapers)
Pages: 227
Date: 2013-07-29
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Citations: View citations in EconPapers (2)

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