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dc.contributor.authorKarwowski, Ewa
dc.contributor.authorStockhammer, Engelbert
dc.date.accessioned2018-03-23T16:13:41Z
dc.date.available2018-03-23T16:13:41Z
dc.date.issued2017-02-05
dc.identifier.citationKarwowski , E & Stockhammer , E 2017 , ' Financialisation in emerging economies: A systematic overview and comparison with Anglo-Saxon economies ' , Economic and Political Studies , vol. 5 , no. 1 , pp. 60-86 . https://doi.org/10.1080/20954816.2016.1274520
dc.identifier.issn2470-4024
dc.identifier.otherPURE: 12773582
dc.identifier.otherPURE UUID: 964a5924-6ca8-40bc-8a41-21554b7420d0
dc.identifier.otherScopus: 85033501498
dc.identifier.otherORCID: /0000-0001-6350-1839/work/62751648
dc.identifier.urihttp://hdl.handle.net/2299/19936
dc.descriptionThis is an Accepted Manuscript of an article published by Taylor & Francis Group in Economic and Political Studies, on 5 February 2017, available online at: https://www.tandfonline.com/doi/full/10.1080/20954816.2016.1274520. Under embargo until 5 July 2018.
dc.description.abstractFinancialisation 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 bank-based 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 the continents. Asia has been more exposed to capital inflows, stock markets have gained importance and private sector debt has 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.en
dc.format.extent27
dc.language.isoeng
dc.relation.ispartofEconomic and Political Studies
dc.subjectfinancialisation
dc.subjectemerging markets
dc.subjectfinancial stability
dc.subjectasset price volatility
dc.subjectheterodox economics
dc.titleFinancialisation in emerging economies: : A systematic overview and comparison with Anglo-Saxon economiesen
dc.contributor.institutionHertfordshire Business School
dc.contributor.institutionDepartment of Accounting, Finance and Economics
dc.contributor.institutionOrganisation, Markets and Policy Research Group
dc.description.statusPeer reviewed
dc.date.embargoedUntil2018-07-05
dc.identifier.urlhttp://www.tandfonline.com/doi/full/10.1080/20954816.2016.1274520
rioxxterms.versionAM
rioxxterms.versionofrecordhttps://doi.org/10.1080/20954816.2016.1274520
rioxxterms.typeJournal Article/Review
herts.preservation.rarelyaccessedtrue


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