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Financialisation in developing countries: approaches, concepts, and metrics

Lapavitsas, Costas; Soydan, Aylin

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Authors

Aylin Soydan



Abstract

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.

Citation

Lapavitsas, C., & Soydan, A. (2022). Financialisation in developing countries: approaches, concepts, and metrics. International Review of Applied Economics, 36(3), 424-447. https://doi.org/10.1080/02692171.2022.2052714

Journal Article Type Article
Acceptance Date Jan 21, 2022
Online Publication Date Mar 17, 2022
Publication Date Mar 17, 2022
Deposit Date Mar 29, 2022
Publicly Available Date Mar 29, 2022
Journal International Review of Applied Economics
Print ISSN 0269-2171
Electronic ISSN 1465-3486
Publisher Taylor and Francis Group
Peer Reviewed Peer Reviewed
Volume 36
Issue 3
Pages 424-447
DOI https://doi.org/10.1080/02692171.2022.2052714
Keywords Development, financial liberalisation, financial globalisation, subordinate financialisation, dependent financialisation, financialisation metrics, developing countries
Publisher URL https://www.tandfonline.com/doi/full/10.1080/02692171.2022.2052714

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