Financial systems, corporate control and capital accumulation

Aglietta, Michel; Breton, Régis

doi:10.1080/03085140120089054

Cited by 196 publications

(106 citation statements)

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“…For rich economies, there is evidence that since the 1970s financial structures have converged, while investment rates have been dampened (Schaberg, 1999), supporting the idea that financialisation coincides with a shift from bank-based to market-based finance. Aglietta & Breton (2001) argued that after World War II and up to the mid-1970s financial markets were subordinated as the financial sector was heavily regulated and dominated by banks. Financial liberalisation shifted the balance towards equity markets, contributing to financialisation.…”

Section: Financialisation In Emerging Economies: a Literature Reviewmentioning

confidence: 99%

Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies

Karwowski

Stockhammer

2017

Economic and Political Studies

125

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Financialisation research has originally focussed on the US experience, but the concept is now increasingly applied to emerging economies (EMEs). There is a rich literature stressing peculiarities of individual country experiences, but little systematic comparison across EMEs. This paper fills this gap, providing an overview of the debate and identifying six financialisation interpretations for EMEs. These different interpretations stress (1) financial deregulation (2) foreign financial inflows, (3) asset price volatility, (4) the shift from bankbased to market-based finance, (5) business debt, and (6) household indebtedness. We construct and compare measures of the six financialisation interpretations across a sample of 17 EMEs from Latin America, emerging Europe, Africa and Asia, contrasting them with the US and UK, two financialised economies. We find considerable variation in financialisation experiences of EMEs. Asset price volatility is found across continents. Asia has been more exposed to capital inflows, stock markets have gained importance and private sector debt risen. In emerging Europe financial deregulation has been more pronounced with lower levels but strong increases in household debt. The picture is similar in South Africa, the African EME in the sample, where household debt is comparatively high. Financialisation in Latin America is weaker according to our measures.Keywords: Financialisation; Emerging markets; Financial instability; Asset price volatility; Heterodox economics JEL codes: F30; F34; G01; G12; G15; B50 Acknowledgements: We would like to thank our colleague Rex McKenzie for comments on the paper. The usual disclaimers apply.

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Section: Financialisation In Emerging Economies: a Literature Reviewmentioning

confidence: 99%

Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies

Karwowski

Stockhammer

2017

Economic and Political Studies

125

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“…Meanwhile, Aglietta and colleagues (Aglietta and Breton 2001b;Aglietta and Reberioux 2005) argue that a new regime of finance-led capitalism has emerged since the 1970s, which has been driven by the growth in the size and liquidity of global financial markets and of the power of institutional investment 'responsible for the management of continually increasing savings' (page 1). As a result, there has been a significant revaluation and reallocation of risk, which is now diffused widely throughout the economy.…”

Section: The Régulation School Of Financializationmentioning

confidence: 99%

Financializing space, spacing financialization

French

Leyshon

Wainwright

2011

Progress in Human Geography

420

354

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The paper develops a sympathetic critique of the concept of financialization. This concept has been developed to account for the empowering of financial markets and their influence over the unfolding of economy, polity and society. Processes of financialization are claimed to manifest at a number of scales, ranging from higher levels of instability within the economy as a whole, through pressure exerted on corporations by capital markets, to the equity effects of the financial system on individuals and households.. In seeking to explain the change within contemporary society financialization has to date been relatively underplayed, particularly when compared to similar and related concepts such as neoliberalization. While the concept of financialization has the potential to unite researchers across cognate social science fields, thereby building critical mass and recognition within social studies of money and finance, we argue that to date research has been insufficiently attentive to the role of space and place, both in terms of its processes and its effects. The paper explores a number of possibly fruitful directions for work on financialization to pursue, focusing in particular on the concepts of the financial ecology and financial citizenship.

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“…• Lavoie (1995) • Lazonick and O'Sullivan (2000) • Aglietta and Breton (2001) • Cutler and Waine (2001) • Stockhammer (2004) • Froud et al (2006) • Roberts et al (2006) • Dallery (2008) • Hein (2008) Financial innovations / debt-led consumption and distribution…”

Section: Introductionmentioning

confidence: 99%

Have we been here before? Phases of financialization within the twentieth century in the US

Fasianos¹,

Guevara²,

Pierros³

2018

ROKE

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This paper explores the process of financialization from a historical perspective during the course of the twentieth century. We identify four phases of financialization: the first from the 1900s to 1933 (early financialization), the second from 1933 to 1940 (transitory phase), the third between 1945 and 1973 (de-financialization), and the fourth period picks up from the early 1970s and leads to the Great Recession (complex financialization). Our findings indicate that the main features of the current phase of financialization were already in place in the first period. We closely examine institutions within these distinct financial regimes and focus on the relative size of the financial sector, the respective regulation regime of each period, the intensity of the shareholder value orientation, as well as the level of financial innovations implemented. Although financialization is a recent term, the process is far from novel. We conclude that its effects can be studied better with reference to economic history.

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Financial systems, corporate control and capital accumulation

Cited by 196 publications

References 0 publications

Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies

Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies

Financializing space, spacing financialization

Have we been here before? Phases of financialization within the twentieth century in the US

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