Financialization and its implications on the determination of exchange rates of emerging market economies

Ramos, Raquel Almeida

doi:10.47749/t/unicamp.2016.1026944

Cited by 2 publications

(1 citation statement)

References 208 publications

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“…Foreign financial inflows, including foreign direct investment, have been linked to financialisation (Tyson and McKinley, 2014;Dünhaupt, 2017). In this context, foreign exchange turnover has also become a measure of financialisation, capturing financial investors' interest in currency as investment asset (Ramos, 2016). States have increasingly turned towards financial markets to finance their expenditure given shrinking tax revenue ever since the 1980s (Streeck, 2017).…”

Section: Variegated Financialisation: Evidence and Empiricsmentioning

confidence: 99%

Commonality without convergence: An analytical framework Accounting for variegated financialisation in emerging economies

Bonizzi,

Karwowski

2023

Competition & Change

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Financialisation is not a homogenous but a variegated process. However, the question along which categories this variegation happens is currently unanswered. We identify four variegation categories: financial sector structure, productive structures, the role of the state, and the growth model. We apply these categories to two seemingly similar emerging-economy contexts which have produced different financialisation experiences: Colombia and South Africa. Financialisation in South Africa is much more market-based, meaning it is led by the financial sector unfolding through financial markets and banks’ activities visible in their much larger size, activity, and international interconnectedness, than in Colombia. Hence, South African credit extension, bond markets, domestic pension funds, and stock market capitalisation are substantially larger than Colombia’s, while the Rand has experienced strong internationalisation since 2000. Nevertheless, there is evidence financialisation processes have been unfolding dynamically in both countries over the past two decades, reinforcing the view of variegated financialisation as a common tendency with significant heterogeneities across countries.

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Section: Variegated Financialisation: Evidence and Empiricsmentioning

confidence: 99%

Commonality without convergence: An analytical framework Accounting for variegated financialisation in emerging economies

Bonizzi,

Karwowski

2023

Competition & Change

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Global currency hierarchy and national policy space: a framework for peripheral economies

Fritz

Paula

Prates

2018

European Journal of Economics and Economic Policies: Intervention

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In this paper, we develop a Keynesian-structuralist perspective on the origins and implications of the currency hierarchy in the international monetary and financial system. We show that international asymmetry in monetary affairs results in structural implications for peripheral economies. Our main hypothesis is that the international asymmetry related to the currency hierarchy, amplified by financial globalization, imposes major constraints on the adoption of Keynesian policies in these economies. These vary over time and space and depend on certain structures, such as the specific global monetary regime, as well as on domestic institutions and policy variables. For this purpose, we first develop the concept of currency hierarchy and then discuss the structural policy space limitations for the countries at the bottom of this hierarchy. Finally, we provide some brief reflections on the challenges connected to climbing this hierarchy.

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Financialization and its implications on the determination of exchange rates of emerging market economies

Abstract: This thesis investigates the impacts of financialization on exchange rates of emerging market economies (EMEs). With financialization, finance follows a patrimonial and increasingly

Cited by 2 publications

References 208 publications

Commonality without convergence: An analytical framework Accounting for variegated financialisation in emerging economies

Commonality without convergence: An analytical framework Accounting for variegated financialisation in emerging economies

Global currency hierarchy and national policy space: a framework for peripheral economies

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