Financialisation in developing countries: Approaches, concepts, and metrics
Costas Lapavitsas and
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Costas Lapavitsas: Department of Economics, SOAS University of London
Aylin Soydan: Department of Economics and Finance, Istanbul Okan University
No 240, Working Papers from Department of Economics, SOAS, University of London, UK
Financialisation in developing countries has been extensively researched but its characteristic features and its relationship to developed countries remain unclear. Drawing on a review of the literature, this paper shows, first, that it should be distinguished from financial liberalisation and globalisation. Two fundamental theoretical approaches are subsequently considered, which establish its derivative character relative to developed countries, namely â€˜subordinateâ€™ and â€˜dependentâ€™ financialisation. The paper then demonstrates its characteristic features by examining the empirical literature, including the use of metrics. Financialisation in developing countries is highly variable and different from that in developed countries regarding the conduct of non-financial enterprises, banks, and households. It is also a source of economic vulnerability.
Keywords: development; financial integration; subordinate financialisation; dependent financialisation (search for similar items in EconPapers)
JEL-codes: F02 F36 F63 F65 O16 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:soa:wpaper:240
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