Financiarización subordinada en América Latina: dolarización, endeudamiento externo e internacionalización de la riqueza

Estanislao Malic and Juan Santarcángelo ()
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Estanislao Malic: Universidad Nacional de Quilmes

El Trimestre Económico, 2022, vol. 89 (4), issue 356, 1033-1065

Abstract: Financialization refers to the process by which financial markets, actors, instruments, and institutions gain importance in the functioning of economies and where the surplus generated is directed towards financial accumulation, which displaces productive accumulation (Epstein, 2005). However, this process is heterogeneous among regions and countries, and occurs in the periphery in the form of “subordinate financialization”, since the dynamics of global accumulation condition its asymmetric and dependent insertion. This paper aims to examine a set of central aspects of the process of subordinate financialization of Latin American countries, which is manifested in the loss of sovereign monetary spaces, and which are linked to the process of dollarization of banking systems, the degree of indebtedness, and the internationalization of wealth.

Keywords: Subordinated financialization; Latin America; dollarization; indebtedness; internationalization of wealth. (search for similar items in EconPapers)
JEL-codes: E44 O16 O54 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.20430/ete.v89i356.1588

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