How much can governments borrow? Financialization and emerging markets government borrowing capacity

Hardie, Iain

doi:10.1080/09692290903507276

Cited by 49 publications

(43 citation statements)

References 37 publications

(16 reference statements)

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“…This inattention is particularly evident in the field of International Political Economy (IPE), especially in the work by Hardie (2011;, which is highly relevant to our study because it investigates the financialisation of public-debt markets and the introduction of new trading practices, including derivatives.…”

Section: Framing Derivatives and The Financialisation Of The Statementioning

confidence: 99%

Derivatives and the financialisation of the Italian state

Lagna

2015

New Political Economy

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Abstract:The existing literature on financialisation has devoted insufficient attention to how governments wield the market-based practices and technologies of financial innovation to pursue statecraft objectives. Because of this inattention, scholars have missed the opportunity to examine a crucial facet of the financialisation of the state.To remedy this limitation, the present article investigates how and why the Italian government designed derivatives-based strategies during the 1993-99 period. It argues that these tactics gained momentum in the context of the political struggles that developed in Italy beginning in the late 1980s. In particular, the study shows how a neoliberal-reformist alliance came to power and used financial innovation to comply with the Economic and Monetary Union (EMU) admission criteria. EMU dynamics enhanced the power position of the neoliberal-reformist coalition vis-à-vis the country's traditional political and business establishment. This work offers insights that go beyond the specificities of the Italian case. It encourages further research on how governments in other countries simultaneously exposed state institutions to financial speculation and gained access to a range of new instruments through which they could manage state affairs in a financialised manner.

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Section: Framing Derivatives and The Financialisation Of The Statementioning

confidence: 99%

Derivatives and the financialisation of the Italian state

Lagna

2015

New Political Economy

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“…Although multiple investment strategies populate securities markets, as firms privilege their own proprietary models, the conventional core of the business consists of maximizing returns through the purchase and sale of various types of 'risks' (Hardie 2011). Treated as a commodity to be manipulated, hedged and traded, risk (calculations) informs how bond markets price sovereign debt.…”

Section: Constitutive Effects For Investorsmentioning

confidence: 99%

Credit Ratings and Sovereign Debt

Paudyn¹

2014

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The global political economy is in flux as a series of cumulative crises impacts its organization and governance. The IPE series has tracked its development in both analysis and structure over the last three decades. It has always had a concentration on the global South. Now the South increasingly challenges the North as the centre of development, also reflected in a growing number of submissions and publications on indebted Eurozone economies in Southern Europe.An indispensable resource for scholars and researchers, the series examines a variety of capitalisms and connections by focusing on emerging economies, companies and sectors, debates and policies. It informs diverse policy communities as the established trans-Atlantic North declines and 'the rest', especially the BRICS, rise.

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“…Most literature on financialisation has focused on Anglo-Saxon economies, although there is a growing array of studies exploring the forms and developmental implications of financialisation in the Global South (Karwowski & Stockhammer, 2017;Mawdsley, 2016;Bracking, 2016;Bayliss, 2014;Hardie, 2011;Bonizi, 2013;Roy, 2010;Soederberg, 2013).…”

Section: : Literature Reviewmentioning

confidence: 99%

Financialization and the extractive industries: The case of South African platinum mining

Bowman

2018

Competition & Change

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Introduction This paper examines the effects of financialisation on large-firm management strategy in the extractive industries, and the accompanying developmental implications. It does so through a case study of South African platinum-group metal (PGM) mining since the transition to democracy in the mid-1990s. During this time, the South African economy underwent farreaching liberalisation which has led to deepening processes of financialisation, with consequences for changes in management strategy (Ashman et al, 2011). As the paper describes, for the major South African mining companies integrated in increasingly globalised capital markets, this created intensified competitive pressures around the creation of shareholder value. Drawing on a wider conceptual literature on the financialisation of the firm, the paper explores how this change manifested in the strategies employed by the then three largest PGM mining companies, Lonmin, 1 Impala Platinum Holdings (Implats) and Anglo-American Platinum (Amplats), during the long commodities boom of the 2000s and subsequent

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How much can governments borrow? Financialization and emerging markets government borrowing capacity

Abstract: Domestic Commercial Banks Very high involvement. Own 79.4%. High involvement. Own 37.3%. 62 High involvement. Own 43.2%. Domestic Individuals Involved. Probably own 20%. 62 Involved. Own approximately 25%. 62 Not involved. Own 0.16%.

Cited by 49 publications

References 37 publications

Derivatives and the financialisation of the Italian state

Derivatives and the financialisation of the Italian state

Credit Ratings and Sovereign Debt

Financialization and the extractive industries: The case of South African platinum mining

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