Kaltenbrunner, A orcid.org/0000-0003-3519-5197 and Painceira, JP (2018) Subordinated Financial Integration and Financialisation in Emerging Capitalist Economies: The Brazilian Experience. New Political Economy, 23 (3). pp. 290-313. ISSN 1356-3467
Abstract
This paper analyses the recent changes in financial practices and relations in emerging capitalist economies (ECEs) using the example of Brazil. It argues that in ECEs these financial transformations, akin to the financialisation phenomena observed in Core Capitalist Economies (CCEs), are fundamentally shaped by their subordinated integration into a financialised and structured world economy. To analyse this subordinated financialisation, the paper draws on the framework of international currency hierarchies. It shows by means of two specific processes how the existence of a hierarchic international monetary system has changed the financial behaviour of domestic economic agents, and with it the structure of the financial system. The first process highlights the phenomenon of reserve accumulation and the changing behaviour of domestic banks. The second points to ECEs’ sustained external vulnerability and its impact on the operations of Brazilian non-financial corporations. The paper also shows that not only were these financial transformations shaped by ECEs’ subordinated financial integration, but also that it was these financialisation tendencies themselves which contributed to cementing existing hierarchies and further deepened existing asymmetries between ECEs and CCEs.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2017 Informa UK Limited, trading as Taylor & Francis Group. This is an Accepted Manuscript of an article published by Taylor & Francis in New Political Economy on 13 July 2017, available online: http://www.tandfonline.com/10.1080/13563467.2017.1349089. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Financialisation, financial integration, emerging capitalist economies, Brazil, reserve accumulation, external vulnerability |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 22 Jun 2017 11:04 |
Last Modified: | 13 Jan 2019 01:39 |
Status: | Published |
Publisher: | Taylor & Francis |
Identification Number: | 10.1080/13563467.2017.1349089 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:117976 |