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dc.contributor.authorKarwowski, Ewa
dc.contributor.authorStockhammer, Engelbert
dc.contributor.authorShabani, Mimoza
dc.date.accessioned2019-10-29T01:06:29Z
dc.date.available2019-10-29T01:06:29Z
dc.date.issued2019-10-10
dc.identifier.citationKarwowski , E , Stockhammer , E & Shabani , M 2019 , ' Dimensions and Determinants of Financialisation : Comparing OECD Countries since 1997 ' , New Political Economy . https://doi.org/10.1080/13563467.2019.1664446
dc.identifier.issn1356-3467
dc.identifier.otherPURE: 12797957
dc.identifier.otherPURE UUID: 719202b7-5d30-4bb2-88e3-9916e0b38c59
dc.identifier.otherORCID: /0000-0001-6350-1839/work/64003667
dc.identifier.otherScopus: 85074034083
dc.identifier.urihttp://hdl.handle.net/2299/21807
dc.description.abstractThe financialisation literature has grown over the past decades. Despite a generally accepted definition, financialisation has been used to describe different phenomena. We distinguish between financialisation of non-financial companies, households and the financial sector and use activity and vulnerability measures. We identify seven financialisation hypotheses in the literature and empirically investigate them in a cross-country analysis for 17 OECD countries and two time periods, 1997–2007 as well as 2008–17. We find different financialisation measures are only weakly correlated, suggesting the existence of distinct financialisation processes. There is strong evidence that financialisation is linked to asset price inflation and correlated with a debt-driven demand regime. Financial deregulation encourages financialisation. There is limited evidence that market-based financial systems are more financialised. Foreign financial inflows do not seem a main driver. We do not find indication that an investment slowdown precedes financialisation. Our findings suggest financialisation should be understood as a variegated process, playing out differently across economic sectors and countries.en
dc.language.isoeng
dc.relation.ispartofNew Political Economy
dc.subjectFinancialisation
dc.subjectcross country analysis
dc.subjectfinancial deregulation
dc.subjectproperty prices
dc.subjectGeography, Planning and Development
dc.subjectDevelopment
dc.subjectPolitical Science and International Relations
dc.titleDimensions and Determinants of Financialisation : Comparing OECD Countries since 1997en
dc.contributor.institutionDepartment of Accounting, Finance and Economics
dc.contributor.institutionHertfordshire Business School
dc.contributor.institutionOrganisation, Markets and Policy Research Group
dc.description.statusPeer reviewed
dc.date.embargoedUntil2021-04-10
dc.identifier.urlhttp://www.scopus.com/inward/record.url?scp=85074034083&partnerID=8YFLogxK
rioxxterms.versionAM
rioxxterms.versionofrecordhttps://doi.org/10.1080/13563467.2019.1664446
rioxxterms.typeJournal Article/Review
herts.preservation.rarelyaccessedtrue


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