2,667
Views
38
CrossRef citations to date
0
Altmetric
Articles

Subordinated Financial Integration and Financialisation in Emerging Capitalist Economies: The Brazilian Experience

ORCID Icon &
Pages 290-313 | Received 15 Jul 2016, Accepted 18 Jun 2017, Published online: 13 Jul 2017

References

  • Aalbers, M.B. (2008), ‘The Financialization of Home and the Mortgage Market Crisis’, Competition & Change, 12, pp. 148–66.
  • Agénor, P.-R. (1998), ‘The Surge in Capital Flows: Analysis of ‘Pull’ and ‘Push’ Factors’, International Journal of Finance & Economics, 3, pp. 39–57. doi: 10.1002/(SICI)1099-1158(199801)3:1<39::AID-IJFE60>3.0.CO;2-X
  • Aglietta, M. and Breton, R. (2001), ‘Financial Systems, Corporate Control and Capital Accumulation’, Economy and Society, 30, pp. 433–66. doi: 10.1080/03085140120089054
  • Akkemik, K.A. and Özen, Ş. (2014), ‘Macroeconomic and Institutional Determinants of Financialisation of non-Financial Firms: Case Study of Turkey’, Socio-Economic Review, 12, pp. 71–98. doi: 10.1093/ser/mwt006
  • Akyüz, Y. (2015), Internationalization of Finance and Changing Vulnerabilities in Emerging and Developing Economies. South Centre Research Paper 60.
  • Almeida, J.S.G.D., Novais, L.F. and Rocha, M.A. (2016), ‘A Fragilização Financeira das Empresas Não Financeiras no Brasil pós-Crise’, TEXTOS PARA DISCUSSÃO Institute de Economia Unicamp, 281.
  • Amaral, M.S. (2012), Teorias do Imperialismo e da Dependência: a Atualização necessária ante a Financeirização do Capitalismo (Sao Paulo: Teses de Doutorado, Universidade de São Paulo).
  • Andrade, R.P.D. and Silva, R.C. (2010), ‘Uma Mestra na Periferia do Capitalismo: a Economia Política de Maria da Conceição Tavares’, Revista de Economia Política, 30, pp. 539–59.
  • Araujo, E., Bruno, M. and Pimentel, D. (2012), ‘Financialisation against Industrialisation: A Regulationist Approach to the Brazilian Paradox’, Revue de la Regulation. Available from: http://regulation.revues.org/9604
  • Aron, J., Leape, J. and Thomas, L. (2010), ‘Portfolio and Capital Markets in South Africa’, Paper presented at the CSAE Conference 2010 Economic Development in Africa, Oxford, 21–23 March.
  • Arrighi, G. (1994), The Long Twentieth Century: Money, Power, and the Origins of our Times (London: Verso).
  • Baran, P. and Sweezy, P. (1966), Monopoly Capital: An Essay on the American Economic and Social Order (New York, Monthly Review).
  • BCB (Central Bank of Brazil) (2015a), Relatorio de Inclusao Financeira. Numero 3.
  • BCB (Central Bank of Brazil) (2015b), Relatórios de Inflação. Online Source. Available from: http://www.bcb.gov.br/htms/relinf/direita.asp?idioma=P&ano=2015&acaoAno=ABRIR&mes=06&acaoMes=ABRIR, March 2015.
  • BCB (Central Bank of Brazil) (2016a), ‘Balance of Payments’, Time Series, May.
  • BCB (Central Bank of Brazil) (2016b), Brazilian banks balance sheets data at. Available from: http://www4.bcb.gov.br/fis/cosif/balancetes.asp
  • BCB (Central Bank of Brazil) (2016c), ‘Open Market Press Release’, May.
  • BCB (Central Bank of Brazil) (2016d), ‘Série Histórica de Emprestimos do SFN’, Time Series, Online Source: Available from: http://www.bcb.gov.br/htms/opercredito/seriehistcred.asp
  • Becker, J., et al. (2010), ‘Peripheral Financialization and Vulnerability to Crisis: A Regulationist Perspective’, Competition & Change, 14, pp. 225–47. doi: 10.1179/102452910X12837703615337
  • Belluzzo, L.G.D.M. (1998), ‘Dinheiro e as Transfigurações da Riqueza’, in J.L. Fiori and M.D.C. Tavares (eds), Poder e Dinheiro: uma Economia Política da Globalização (Petropolis: Editora Vozes), pp. 151–95.
  • Belluzzo, L.G.D.M. and Carneiro, R. (2004), ‘O Mito da Conversibilidade’, Revista de Economia Política, 24, pp. 218–22.
  • Biancareli, A.M. (2008), ‘A Globalização Financeira e os Países em Desenvolvimento: em Busca de uma Visão Crítica’, Trabalho apresentado no I Econtro Internacional da Associacao Keynesiana Brasileira.
  • Bin, D. (2016), ‘The Politics of Financialization in Brazil’, World Review of Political Economy, 7, pp. 106–26. doi: 10.13169/worlrevipoliecon.7.1.0106
  • BIS (Bank For International Settlements) (2015), ‘What Do New FORMS of Finance Mean for EM Central Banks?’, BIS Paper, 83.
  • Bond, P. (1998), Uneven Zimbabwe: A Study of Finance, Development, and Underdevelopment (Trenton: Africa World Press).
  • Bonizzi, B. (2013), ‘Financialization in Developing and Emerging Countries’, International Journal of Political Economy, 42, pp. 83–107. doi: 10.2753/IJP0891-1916420405
  • Boyer, R. (2000), ‘Is a Finance-Led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis’, Economy and Society, 29, pp. 111–45. doi: 10.1080/030851400360587
  • Boyer, R. (2007), ‘Assessing the Impact of Fair Value upon Financial Crises’, Socio-Economic Review, 5, pp. 779–807. doi: 10.1093/ser/mwm018
  • Braga, J.C.D.S. (1998), ‘Financeirização Global: o Padrão sistêmico de Riqueza do Capitalismo Contemporâneo’, in J.L. Fiori and M.D.C. Tavares (eds), Poder e Dinheiro: uma Economia Política da Globalização (Petropolis: Editora Vozes), pp. 195–243.
  • Brenner, R. (2004), ‘New Boom or New Bubble’, New Left Review, 25, pp. 57–102.
  • Bresser-Pereira, L.C. (2015), ‘Reflecting on New Developmentalism and Classical Developmentalism’, Sao Paulo School of Ecnomics (FGV) Working Paper, 395.
  • Bruno, M., et al. (2011), ‘Finance-Led Growth Regime no Brasil: Estatuto teórico, Evidências empíricas e Consequências macroeconômicas’, Revista de Economia Política, 31, pp. 730–50.
  • Bruno, V. and Shin, H.S. (2015), ‘Global Dollar Credit and Carry Trades: a Firm-level Analysis’, BIS Working Paper, 51.
  • Burger, J.D. and Warnock, F.E. (2006), ‘Local Currency Bond Markets’, NBER Working Paper, 12552.
  • Caballero, R., Cowan, K. and Kearns, J. (2004), ‘Fear of Sudden Stops: Lessons from Australia and Chile’, NBER Working Paper, 10519.
  • Cardoso De Mello, J.M. (1998), ‘A Contra-Revolução Liberal-Conservadora e a Tradição Crítica Latino-Americana. Um Prólogo em Homenagem a Celso Furtado’, in M.D.C. Tavares and J.L. Fiori (eds), Poder e Dinheiro: uma Economia Política da Globalização (Petropolis: Editora Vozes), pp. 15–26.
  • Carneiro, R. (2006), ‘Globalização e Inconversibilidade Monetária’, Texto para Discussão’, IE/UNICAMP, 126.
  • Carneiro, R. (2010), ‘O Dolar e Seus Rivais’, Observatorio da Economia Global, 1.
  • Carvalho, F.J.C. (2009), ‘The Accumulation of International Reserves as a Defense Strategy’, Initiative for Policy Dialogue Working Paper Series, April 2009.
  • Cerutti, E., Claessens, S. and Puy, M.D. (2015), Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More Than Fundamentals (Washington: International Monetary Fund).
  • Chilcote, R.H. (1978), ‘A Question of Dependency’, Latin American Research Review, 13, pp. 55–68.
  • Christophers, B. (2012), ‘Anaemic Geographies of Financialisation’, New Political Economy, 17, pp. 271–91. doi: 10.1080/13563467.2011.574211
  • Christophers, B. (2015), ‘The Limits to Financialization’, Dialogues in Human Geography, 5, pp. 183–200. doi: 10.1177/2043820615588153
  • Cintra, M.A.M. and Castro, E.M.M.D. (2001), ‘Internationalizacion del Sector Financiero y Dolarizacion de los Paises Latinoamericanos’, Nueva Sociedad, 172, pp. 85–103.
  • Cintra, M.A.M. and Da Silva Filho, E.B. (2013), ‘Financiamento das Corporacacoes: Perspectivas do Desenvolvimento Brasileiro’, Ipea Serie Economia Internacional, Livro 3.
  • Cintra, M.A.M. and Farhi, M. (2003), ‘Las restricciones de capitales extranjeros a los países emergentes en el umbral del siglo XXI’, Nueva Sociedad, 183, pp. 54–69.
  • Cintra, M.A.M. and Farhi, M. (2009), ‘Crisis Financeira Internacional: Contagio y Respuestas Regulatorias’, Nueva Sociedad, 22, pp. 104–27.
  • Cohen, B.J. (1998), The Geography of Money (Ithaca: Cornell University Press).
  • Cohen, B.J. (2005), ‘The Macrofoundations of Monetary Power’, in D.M. Andrews (eds), International Monetary Power (Ithaca, NY: Cornell University Press). Online Source. Available at: http://cadmus.eui.eu/handle/1814/3357
  • Correa, E., Vidal, G. and Marshall, W. (2012), ‘Financialization in Mexico: Trajectory and Limits’, Journal of Post Keynesian Economics, 35, pp. 255–75. doi: 10.2753/PKE0160-3477350205
  • Coutinho, L.G. and Belluzzo, L.G.D.M. (1996), ‘Desenvolvimento e Estabilização sob Finanças Globalizadas’, Economia e Sociedade, 7, pp. 129–54.
  • Coutinho, L.G. and Belluzzo, L.G.D.M. (1998), ‘”Financeirização” da Riqueza, Inflação de Ativos e Decisões de Gasto em Economias Abertas’, Economia e Sociedade, 11, pp. 137–50.
  • Crotty, J. (2005), ‘The Neoliberal Paradox: The Impact of Destructive Product Market Competition and “Modern. Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era”’, In, 2005. Citeseer.
  • D'Arista, J. (2005), ‘The Role of the International Monetary System in Financialization’, in Gerald Epstein (ed), Financialization and the World Economy (Cheltenham: Edward Elgar), pp. 220–39.
  • De Carvalho, F.J.C. and Sicsú, J. (2004), ‘Controvérsias recentes sobre Controles de Capitais’, Revista de Economia Política, 24, p. 94.
  • De Conti, B. (2011), ‘Políticas Cambial e Monetária: os Dilemas enfrentados por Países Emissores de Moedas Periféricas’, Tese de Doutorado, University of Campinas and University of Paris 13.
  • De Conti, B.M., Prates, D.M. and Plihon, D. (2014), ‘A Hierarquia Monetária e suas Implicações para as Taxas de câmbio e de Juros e a Política Econômica dos Países Periféricos’, Economia e Sociedade, 23, pp. 341–72. doi: 10.1590/S0104-06182014000200003
  • Demir, F. (2009a), ‘Capital Market Imperfections and Financialization of Real Sectors in Emerging Markets: Private Investment and Cash Flow Relationship Revisited’, World Development, 37, pp. 953–64. doi: 10.1016/j.worlddev.2008.09.003
  • Demir, F. (2009b), ‘Financial Liberalization, Private Investment and Portfolio Choice: Financialization of Real Sectors in Emerging Markets’, Journal of Development Economics, 88, pp. 314–24. doi: 10.1016/j.jdeveco.2008.04.002
  • Dos Santos, T. (2000), A Teoria da Dependência - Balanço e Perspectivas (Rio de Janeiro: Civilização Brasileira)
  • Doucette, J. and Seo, B. (2011), ‘Limits to Financialization? Locating Financialization within East Asian Exportist Economies’, Discussion Paper.
  • Dow, S. (1999), ‘International Liquidity Preference and Endogenous Credit’, in J. Deprez and J. Harvey (eds), Foundations of International Economics: Post Keynesian Perspectives (London: Routledge), pp. 153–70.
  • Duménil, G. and Lévy, D. (2004), Capital Resurgent: Roots of the Neoliberal Revolution (Harvard: Harvard University Press).
  • Dymski, G. (2010), ‘Why the Subprime Crisis is Different: A Minskyian Approach’, Cambridge Journal of Economics, 34, pp. 239–55. doi: 10.1093/cje/bep054
  • Eichengreen, B. (2010), Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System (Oxford: Oxford University Press).
  • Eichengreen, B. and Gupta, P. (2013), ‘Tapering Talk: The Impact of Expectations of Reduced Federal Reserve Security Purchases on Emerging Markets’, VOX, Online Source. Available from: http://www.voxeu.org/article/fed-tapering-and-emerging-markets.
  • Eichengreen, B., Hausmann, R. and Panizza, U. (2003), ‘The Mystery of Original Sin’, in B. Eichengreen and R. Hausmann (eds), Debt Denomination and Financial Instability in Emerging Market Economies (Chicago, IL: University of Chicago Press). Online Source. Available at: https://www.researchgate.net/publication/228975173_The_mystery_of_original_sin
  • Engelen, E., Konings, M. and Fernandez, R. (2010), ‘Geographies of Financialization in Disarray: The Dutch case in Comparative Perspective’, Economic Geography, 86, pp. 53–73. doi: 10.1111/j.1944-8287.2009.01054.x
  • Ergüneş, N. (2012), ‘Global Integration of Middle-income Developing Countries in the Era of Financialisation: The Case of Turkey’, Financialisation in Crisis, 32, p. 217. doi: 10.1163/9789004201088_010
  • Ertürk, I. (2003), ‘Governance or Financialisation: the Turkish Case’, Competition and Change, 7, pp. 185–204. doi: 10.1080/1024529042000197068
  • Erturk, I. and Solari, S. (2007), ‘Banks as Continuous Reinvention’, New Political Economy, 12, pp. 369–88. doi: 10.1080/13563460701485599
  • Farhi, M. and Borghi, R.A.Z. (2009), ‘Operações com Derivativos Financeiros das Corporações de Economias Emergentes no Ciclo Recente’, Estudos Avançados, 23, pp. 169–88. doi: 10.1590/S0103-40142009000200013
  • Farhi, M. and Cintra, M.A.M. (2009), ‘Crisis Financiera Internacional: Contagio y Respuestas Regulatorias’, Nueva Sociedad, 224, pp. 104–29.
  • Ferrari Filho, F. (2008), ‘Regime cambial para Países Emergentes: uma Proposição a partir de Keynes’, Economia e Sociedade, Campinas, 17, p. 33.
  • FESSUD (2013–2015), ‘Fessud Studies in Financial Systems’, Online Source. Available from: http://fessud.eu/studies-in-financial-systems/.
  • Fiori, J.L. (1998), ‘Globalização, Hegemonia e Império’, in M.D.C. Tavares and J.L. Fiori (eds), Poder e Dinheiro: uma Economia Política da Globalização (Petropolis: Editoria Vozes), pp. 87–151.
  • Fiori, J.L. (2004), ‘Formação, Expansão e Limites do Poder Global’, O Poder Americano. Petrópolis, RJ: Vozes, 11–64.
  • Fischer, A.M. (2015), ‘The End of Peripheries? On the Enduring Relevance of Structuralism for Understanding Contemporary Global Development’, Development and Change, 46, pp. 700–32. doi: 10.1111/dech.12180
  • Frank, A.G. (1967), Capitalism and Underdevelopment in Latin America: Historical Studies of Brazil and Chile (New York: Monthly Review).
  • French, S. and Leyshon, A. (2004), ‘The New, New Financial System? Towards a Conceptualization of Financial Reintermediation’, Review of International Political Economy, 11, pp. 263–88. doi: 10.1080/09692290420001672804
  • French, S., Leyshon, A. and Wainwright, T. (2011), ‘Financializing Space, Spacing Financialization’, Progress in Human Geography, 35 (6), pp. 1–22. doi: 10.1177/0309132510396749
  • Fritz, B. (2002), Entwicklung durch wechselkurs-basierte Stabilisierung? Der Fall Brasilien (Marburg: Metropolis).
  • Fritz, B. and Prates, D. (2014), ‘The new IMF Approach to Capital Account Management and its Blind Spots: Lessons from Brazil and South Korea’, International Review of Applied Economics, 28, pp. 210–39. doi: 10.1080/02692171.2013.858668
  • Furtado, C. (1959), Formação Econômica do Brasil (Rio de Janeiro: Fundo de Cultura).
  • Gabor, D. (2010), Central Banking and Financialization. A Romanian Account of how Eastern Europe Became Subprime (Basingstoke: Palgrave Macmillan).
  • Gabor, D. (2013), The Financialisation of the Romanian Economy: from Central Bank-led to Dependent Financialization. Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
  • Gallagher, K.P., Griffith-Jones, S. and Ocampo, J.A. (2012), ‘Regulating Global Capital Flows for Long-Run Development’, Pardee Center, Task Force Report, March 2012.
  • Goldfajn, I. and Minella, A. (2005), ‘Capital Flows and Controls in Brazil: What have we Learned?’, NBER Working Paper, 11640.
  • Goldstein, M. and Turner, P. (2004), Controlling Currency Mismatches in Emerging Markets (Washington: Washington Institute for International Economics).
  • Guttmann, R. (2008), ‘A Primer on Finance-Led Capitalism and Its Crisis’, Revue de la Regulation, 3 Online Source. Available at: https://regulation.revues.org/5843.
  • Harvey, D. (2003), The New Imperialism (Oxford: Oxford University Press).
  • Helleiner, E. (1994), States and the Re-emergence of Global Finance (Ithaca, NY: Cornell University Press).
  • Helleiner, E. (2008), ‘Political Determinants of International Currencies: What Future for the US Dollar?’, Review of International Political Economy, 15, pp. 354–78. doi: 10.1080/09692290801928731
  • Helleiner, E. and Kirshner, J. (2009a), The Future of the Dollar (London: Cornell University Press).
  • Helleiner, E. and Kirshner, J. (2009b), ‘The Future of the US Dollar: Wither the Key Currency?’, in E. Helleiner and J. Kirshner (eds), The Future of the Dollar (London: Cornell University Press), pp. 1–24.
  • Herr, H. (1992), Geld, Währungswettbewerb und Währungssysteme: Theoretische und Historische Analyse der internationalen Geldwirtschaft (Frankfurt: Campus Verlag).
  • Herr, H. and Hübner, K. (2005), Währung und Unsicherheit in der globalen Ökonomie: Eine geldwirtschaftliche Theorie der Globalisierung (Berlin: Edition Sigma).
  • Hirst, P.Q., et al. (2009), Globalization in Question (Cambridge: Polity).
  • IIF (2015), ‘Capital Flows to Emerging Markets’, Institute of International Finance, January.
  • IMF (International Monetary Fund) (2011), ‘Internationalization of Emerging Market Currencies: A Balance between Risks and Rewards’, IMF Staff Discussion Note, 11/17.
  • Itoh, M. (2006), ‘Political Economy of Money, Credit and Finance in Contemporary Capitalism: Remarks on Lapavitsas and Dymski’, Historical Materialism, 14, pp. 97–112. doi: 10.1163/156920606776690974
  • Itoh, M. and Lapavitsas, C. (1999), Political Economy of Money and Finance (London: Macmillan).
  • Jones, S. (2012), Macro Funds Seek Succour in Emerging Markets, Online Source. Available from: http://www.ft.com/cms/s/0/406cec70-1ddb-11e2-8e1d-00144feabdc0.html#axzz2AIFqcC3Z (downloaded 24th October 2012), Financial Times, 24th October 2012.
  • Kalinowski, T. and Cho, H. (2009), ‘The Political Economy of Financial Liberalization in South Korea: State, Big Business, and Foreign Investors’, Asian Survey, 49, pp. 221–42. doi: 10.1525/as.2009.49.2.221
  • Kaltenbrunner, A. (2016), ‘A Post Keynesian Framework of Exchange Rate Determination: A Minskyan Approach’, Journal of Post Keynesian Economics, 38, pp. 426–48. doi: 10.1080/01603477.2015.1065678
  • Kaltenbrunner, A. and Painceira, J.P. (2015), ‘Developing Countries’ Changing Nature of Financial Integration and New Forms of External Vulnerability: The Brazilian experience’, Cambridge Journal of Economics, 39, pp. 1281–306. doi: 10.1093/cje/beu038
  • Karacimen, E. (2014), ‘Financialization in Turkey: The Case of Consumer Debt’, Journal of Balkan and Near Eastern Studies, 16, pp. 161–80. doi: 10.1080/19448953.2014.910393
  • Karacimen, E. (2016), ‘Consumer Credit as an Aspect of Everyday Life of Workers in Developing Countries Evidence from Turkey’, Review of Radical Political Economics, 48, pp. 252–268. doi: 10.1177/0486613415591806
  • Kenen, P.B. (2009), ‘Currency Internationalization: An Overview’, Paper presented at the Bank of Korea and BIS Seminar on Currency Internationalization: Lessons from the Global Financial Crisis and Prospects for the Future in Asia and the Pacific, Seoul, Korea, March 19–20, 2009.
  • Kirshner, J. (2008), ‘Dollar Primacy and American Power: What's at Stake?’, Review of International Political Economy, 15, pp. 418–38. doi: 10.1080/09692290801928798
  • Kohler, M. (2010), Exchange Rates during Financial Crises. BIS quarterly Review, March 2010.
  • Krugman, P. (1998), ‘What Happened to Asia?’, Available from: www.mit.edu/Krugman [Online].
  • Langley, P. (2008), The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America: Saving and Borrowing in Anglo-America (Oxford: Oxford University Press).
  • Lapavitsas, C. (2006), ‘Relations of Power and Trust in Contemporary Finance’, Historical Materialism, 14, pp. 129–54. doi: 10.1163/156920606776690956
  • Lapavitsas, C. (2009a), ‘Financialisation embroils developing countries’, Papeles de Europa, 19.
  • Lapavitsas, C. (2009b), ‘Financialisation, or the Search for Profits in the Sphere of Circulation’, Research on Money and Finance Discussion Paper 10.
  • Lapavitsas, C. (2014), Profiting Without Producing: How Finance Exploits Us All (New York: Verso Books).
  • Lapavitsas, C. and Powell, J. (2013), ‘Financialisation Varied: A Comparative Analysis of Advanced Economies’, Cambridge Journal of Regions, Economy and Society, 6, pp. 369–79. doi: 10.1093/cjres/rst019
  • Lavinas, L. (2015), ‘A Financeirização da Política Social: o Caso brasileiro’, Politika, 2, pp. 34–51.
  • Lazonick, W. and O'Sullivan, M. (2000), ‘Maximizing Shareholder Value: A New Ideology for Corporate Governance’, Economy and Society, 29, pp. 13–35. doi: 10.1080/030851400360541
  • Levy-Orlik, N. (2012), ‘Effects of Financialization on the Structure of Production and Nonfinancial Private Enterprises: the Case of Mexico’, Journal of Post Keynesian Economics, 35, pp. 235–54. doi: 10.2753/PKE0160-3477350204
  • Lopreato, F.L. (2008), ‘Problemas de gestão da dívida pública brasileira’, Textos para Discussão Unicamp Campinas IE, 139.
  • Mackinnon, R. and Pill, H. (1998), ‘International Overborrowing: A Decomposition of Credit and Currency risks’, World Development, 26, pp. 1267–82. doi: 10.1016/S0305-750X(98)00045-X
  • Magdoff, H. and Sweezy, P. (1972), The Dynamics of U.S. Capitalism (New York: Monthly Review Press).
  • Magdoff, H. and Sweezy, P.M. (1987), ‘Capitalism and the Distribution of Income and Wealth’, Monthly Review, 39, pp. 1–16.
  • Marini, R.M. (1973), Dialectica de la Dependencia (Buenos Aires: Clacso).
  • Marx, K. (1967), Capital Unabridged, Volume 1, A Critical Analysis of Capitalist Production (New York: New York International Publishers).
  • Marx, K. (1972), Capital Vol 3 (London: Lawrence & Wishart).
  • Marx, K. (1976), Capital. Volume 1 (London: Penguin).
  • Mccauley, R. and Zukunft, J. (2008), ‘Asian Banks and the International Interbank Market’, BIS Quarterly Review, June 2008.
  • Mcnally, D. (2008), ‘From Financial Crisis to World Slump: Accumulation, Financialization, and the Global Slowdown’, Marx and the Financial Crisis of 2008, Online Source, Available from: http://marxandthefinancialcrisisof2008.blogspot.com/2008/12/david-mcnally-from-financial-crisis-to.html
  • Mcnamara, K.R. (2008), ‘A Rivalry in the Making? The Euro and International Monetary Power’, Review of International Political Economy, 15, pp. 439–59. doi: 10.1080/09692290801931347
  • Minh, L. (2012), ‘Review Essay: Special Drawing Rights, the Dollar, and the Institutionalist Approach to Reserve Currency Status’, Review of International Political Economy, 19, pp. 341–62. doi: 10.1080/09692290.2012.644509
  • Miranda, B.P.J.D., Crocco Afonso, M.A. and Teixeira Dos Santos, F.B. (2009), ‘Impactos da Financeirização sobre o Padrão de Financiamento e a Governança das Empresas Não-Financeiras Brasileiras de Capital Aberto: período de 1995-2008’, XVI Seminario sobre a Economia Mineira, 15–20 Setembro.
  • Montgomerie, J. (2008), ‘Bridging the Critical Divide: Global Finance, Financialisation and Contemporary Capitalism’, Contemporary Politics, 14, pp. 233–52. doi: 10.1080/13569770802396303
  • Montgomerie, J. (2009), ‘The Pursuit of (Past) Happiness? Middle-class Indebtedness and American Financialisation’, New Political Economy, 14, pp. 1–24. doi: 10.1080/13563460802671196
  • Oliveira de, F. and Novaes, W. (2007), ‘Demand for Foreign Exchange Derivatives in Brazil: Hedge or Speculation?’, Central Bank of Brazil Working Paper, 152.
  • Oliveira, G.C. and Carvalho, C.E. (2010), ‘Indexação Financeira e Comportamento Pró-cíclico da Dívida Mobiliária Federal Interna no Brasil’, Análise Econômica, 28.
  • Orhangazi, O. (2008), ‘Financialisation and Capital Accumulation in the non-Financial Corporate Sector: A Theoretical and Empirical Investigation on the US Economy: 1973-2003’, Cambridge Journal of Economics, 32, pp. 863–86. doi: 10.1093/cje/ben009
  • Otero-Iglesias, M. and Steinberg, F. (2013), ‘Is the Dollar Becoming a Negotiated Currency? Evidence from the Emerging markets’, New Political Economy, 18, pp. 309–36. doi: 10.1080/13563467.2012.685931
  • Painceira, J.P. (2010), ‘The Financial Crisis of 2007-09 and Emerging Countries: The Political Economy Analysis of Central Banks in the Brazilian and Korean Economies’, Competition and Change, 14, pp. 271–95. doi: 10.1179/102452910X12837703615418
  • Painceira, J.P. (2011), Central Banking in Middle Income Countries in the Course of Financialisation: A Study with Special Reference to Brazil and Korea, PhD dissertation, University of London.
  • Painceira, J.P. (2012a), ‘Financialisation, Reserve Accumulation, and Central Banking in Emerging Economies: Banks in Brazil and Korea’, Research on Money and Finance Discussion Papers, 38, Available from: http://www.researchonmoneyandfinance.org/index.php/publication/discussion-papers.
  • Painceira, J.P. (2012b), ‘Developing Countries in the Era of Financialisation: From Deficit Accumulation to Reserve Accumulation’, in C. Lapavitsas (ed), Financialisation in Crisis (Leiden: Brill), pp. 185–215.
  • Palma, G. (1978), ‘Dependency: A Formal Theory of Underdevelopment or a Methodology for the Analysis of Concrete Situations of Underdevelopment?’, World Development, 6, pp. 881–924. doi: 10.1016/0305-750X(78)90051-7
  • Palma, G. and Ocampo, J.A. (2008), ‘The Role of Preventive Capital Account Regulations’, in J.A. Ocampo and J.E. Stiglitz (eds), Capital Market Liberalization and Development (New York: Oxford University Press), pp. 170–204.
  • Panitch, L. and Gindin, S. (2012), The Making of Global Capitalism: The Political Economy of American Empire (New York: Verso).
  • Panitch, L. and Konings, M. (2009), American Empire and the Political Economy of Global Finance (Basingstoke: Palgrave Macmillan).
  • Pike, A. and Pollard, J. (2010), ‘Economic Geographies of Financialization’, Economic Geography, 86, pp. 29–51. doi: 10.1111/j.1944-8287.2009.01057.x
  • de Paula, L.F., Fritz, B. and Prates, D.M. (2017), ‘Keynes at the Periphery: Currency Hierarchy and Challenges for Economic Policy in Emerging Economies’, Journal of Post Keynesian Economics, 2017 May 23, pp. 1–20.
  • Powell, J. (2013), Subordinate Financialisation: A Study of Mexico and its Non-financial Corporations (London: SOAS, University of London).
  • Prachi, M., et al. (2014), ‘Impact of Fed Tapering Announcements on Emerging Markets’, IMF Working Paper, 109.
  • Pradella, L. (2013), ‘Imperialism and Capitalist Development in Marx's Capital’, Historical Materialism, 21, pp. 117–47. doi: 10.1163/1569206X-12341300
  • Prates, D. (2002), Crises Financeiras dos Paises” Emergentes": uma Interpretação Heterodoxa (Campinas: IE-Unicamp. Tese de Doutoramento).
  • Prates, D. and Cintra, M.A.M. (2007), ‘Keynes e a Hierarquia de Moedas: Possíveis Lições para o Brasil’, Texto para Discussão. IE/UNICAMP, 137.
  • Prates, D.M. and Andrade, R. (2013), ‘Exchange Rate Dynamics in a Peripheral Monetary Economy’, Journal of Post Keynesian Economics, 35, pp. 399–416. doi: 10.2753/PKE0160-3477350304
  • Prates, D.M. and Farhi, M. (2009), ‘A Crise Financeira Internacional, o Grau de Investimento e a Taxa de Câmbio do Real’, Texto para Discussão. IE/UNICAMP, 164.
  • Prebisch, R. (1949), El Desarollo Economico de America Latina y algunos de sus principales Problemas (Santiago de Chile: CEPAL).
  • Rethel, L. (2010), ‘Financialisation and the Malaysian Political economy’, Globalizations, 7, pp. 489–506. doi: 10.1080/14747731003798476
  • Rodrigues, J., Santos, A.C. and Teles, N. (2016), ‘Semi-peripheral Financialisation: The Case of PORTUGAL’, Review of International Political Economy, 23, pp. 480–510. doi: 10.1080/09692290.2016.1143381
  • Rude, C. (2009), ‘The Role of Financial Discipline in Imperial Strategy’, in L. Panitch and M. Konings (eds), American Empire and the Political Economy of Global Finance (Basingstoke: Palgrave Macmillan), pp. 198–222.
  • Sbicca, A., Floriani, V. and Juk, Y. (2012), ‘Expansão do Crédito no Brasil e a Vulnerabilidade do Consumidor’, Revista Economia & Tecnologia, 8, pp. 5–16. doi: 10.5380/ret.v8i4.30215
  • Seo, H.J., Kim, H.S. and Kim, Y.C. (2012), ‘Financialization and the Slowdown in Korean Firms’ R&D Investment∗’, Asian Economic Papers, 11, pp. 35–49. doi: 10.1162/ASEP_a_00160
  • Shin, H.S. (2016), Global Liquidity and Procyclicality. World Bank Conference, The state of Economics, the State of the World.
  • Sokol, M. (2016), ‘Financialisation, Financial Chains and Uneven Geographical Development: Towards a Research Agenda’, Research in International Business and Finance, forthcoming.
  • Stiglitz, J.E. (2004), ‘Capital-market Liberalization, Globalization, and the IMF’, Oxford Review of Economic Policy, 20, pp. 57–71. doi: 10.1093/oxrep/grh004
  • Stockhammer, E. (2004), ‘Financialisation and the Slowdown of Accumulation’, Cambridge Journal of Economics, 28, pp. 719–41. doi: 10.1093/cje/beh032
  • Stockhammer, E. (2010), ‘Financialization and the Global Economy’, Political Economy Research Institute Working Paper, 242.
  • Strange, S. (1971), Sterling and British Policy: A Political Study of an International Currency in Decline (London: Oxford University Press).
  • Tavares, M.D.C. (1985), ‘A Retomada da Hegemonia Norte-Americana’, Revista de Economia Política, 5, pp. 5–15.
  • Tavares, M.D.C. (1998), ‘A Retomada da Hegemonia Norte-Americana’, in M.D.C. Tavares and J.L. Fiori (eds), Poder e Dinheiro: uma Economia Política da Globalização (Petropolis: Editora Vozes), pp. 27–55.
  • Tavares, M.D.C. (2002), ‘Globalização e Estado Nacional’, in Clacso Consejo Latinoamericano E Ciencias Sociales (ed.), La Globalización económico-financiera: su Impacto en América Latina (Buenos Aires: CLACSO), pp. 28–38.
  • Tavares, M.D.C. and Fiori, J.L. (1998), Poder e Dinheiro: uma Economia Política da Globalização (Petropolis: Editoria Vozes).
  • Vasudevan, R. (2009), ‘Dollar Hegemony, Financialization, and the Credit Crisis’, Review of Radical Political Economics, 41, pp. 291–304. doi: 10.1177/0486613409335044
  • Vernengo, M. (2006), ‘Technology, Finance, and Dependency: Latin American Radical Political Economy in Retrospect’, Review of Radical Political Economics, 38, pp. 551–68. doi: 10.1177/0486613406293220
  • Yuk, P. (2012), The Rise of Emerging Markets EFTs, Online Source. Available from: http://blogs.ft.com/beyond-brics/2012/10/18/the-rise-and-rise-of-emerging-markets-etfs/#axzz2A7uCHlKR [downloaded 18th October 2012, Financial Times, 18th October 2012].

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.