Economics at your fingertips  

Implications of financialisation for sustainability

Giampaolo Gabbi () and Elisa Ticci ()

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

Abstract: : Over the last thirty years, the historical increasing expansion of financial systems has experienced a phase of acceleration, the second one after the industrial revolution. During this phase of financialisation, the logic of finance has acquired a significant role in economic decisions of all broad institutional elements: financial and non-financial corporations, government and households. Usually formulated with a negative connotation, the notion of financialisation as an “excessive” growth of finance, however, remains elusive and with vague operative implications. We first discuss different features, manifestations and processes which are encompassed in the second financialisation. We then review the literature on its implications by distinguishing the effects on endogenous sustainability, namely on the functioning of financial systems, and the effects on the social and economic spheres: productive investments, human capital, distribution, resilience and exposure to shocks and to systemic risks. Finally, our critical survey focuses on a recent hot debate on the role of financialisation in shaping the incentives for environmental protection, and in restructuring the interests and power equilibrium among different stakeholders on the uses – current, future and speculative – of environmental goods and services.

Keywords: financialisation; sustainability. (search for similar items in EconPapers)
JEL-codes: N20 O16 Q56 (search for similar items in EconPapers)
Pages: 58 pages
Date: 2014-08-14
New Economics Papers: this item is included in nep-env and nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link) ... Working-paper-47.pdf Full text (application/pdf)
Our link check indicates that this URL is bad, the error code is: 500 Can't connect to (No such host is known. )

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this paper

More papers in Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project FESSUD Co-ordinator (Malcolm Sawyer) Leeds University Business School Maurice Keyworth Buidling Leeds LS2 9JT.
Bibliographic data for series maintained by Helen Evans ().

Page updated 2021-06-16
Handle: RePEc:fes:wpaper:wpaper47