 International financialisation, developing countries and the contradictions of privatised KeynesianismEconomic and Political Studies, 2017, vol. 5, issue 1, 21-40 Abstract: This paper contributes to the understanding of the impact of international financialisation on developing countries. It is generally understood that developing economies are part of the global financialisation process, as exporters of goods to ‘debt-led’ economies and as recipient of foreign capital inflows. This paper argues that a key process connecting these two aspects has been ‘privatised Keynesianism’, the policy regime that sustained financialisation in advanced economies by promoting low interest rates and asset appreciation. A consequence of this regime is to induce pressure on global financial institutions to look for returns and profits in the developing world. Such a mechanism represents a fundamental connection between the developing countries and financialisation at the global level, beside the spread of financial liberalisation. In the post-crisis environment, this connection remains strong and has become even more dangerous for developing countries. Date: 2017 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:repsxx:v:5:y:2017:i:1:p:21-40 Ordering information: This journal article can be ordered from DOI: 10.1080/20954816.2016.1274517 Access Statistics for this article Economic and Political Studies is currently edited by Qing He and Cunna Li More articles in Economic and Political Studies from Taylor & Francis Journals |
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