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Lapavitsas, Costas and Soydan, Aylin (2022) 'Financialisation in developing countries: approaches, concepts, and metrics.' International Review of Applied Economics, 36 (3). pp. 424-447.

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Financialisation in developing countries is the subject of an expanding literature but its characteristic features and its relationship to developed countries remain unclear. Reviewing the literature, this paper shows that financialisation in developing countries should be distinguished from financial liberalisation and financial globalisation. Furthermore, its character is partly derivative from financialisation in developed countries, as is confirmed by two theoretical approaches, related but different from each other, namely ‘subordinate’ and ‘dependent’ financialisation. By further reviewing the empirical literature, the paper also shows that financialisation in developing countries is highly variable and different from that in developed countries regarding the conduct of non-financial enterprises, banks, and households. Moreover, the literature addresses several sources of vulnerability for developing countries relating to financialisation. Finally, there are significant literature gaps, above all, the connection between financialisation and the globalisation of production as well as the role of the state.

Item Type: Journal Article
Keywords: Development, financial liberalisation, financial globalisation, subordinate financialisation, dependent financialisation, financialisation metrics, developing countries
SOAS Departments & Centres: Departments and Subunits > Department of Economics
ISSN: 14653486
DOI (Digital Object Identifier):
SWORD Depositor: JISC Publications Router
Date Deposited: 29 Mar 2022 19:38

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