Financialisation Working Group

About

In a renowned quote financialisation is defined as:

“the increasing importance of financial markets, financial motives, financial institutions, and financial elites in the operation of the economy and its governing institutions, both at the national and international levels.”

(Epstein et al, 2005)

While research on financialisation generally points to the importance of finance in explaining economic, political and social processes, the nature, empirical manifestations and the impacts of financialisation are subject to intense debate.

Our aim is to promote financialisation as a topic of academic inquiry within political economy in line with IIPPE objectives. For that purpose, the IIPPE financialisation working group is an interdisciplinary discussion platform for researchers who focus on:

  • Theoretical aspects of financialisation. How should we conceptualise the nature of financialisation? How to locate it analytically within theories of money and finance, as well as the broader political economy and society?
  • Financialisation as an empirical observation. What are they key empirical manifestations of financialisation? How do the recent observations within the financial markets, such as the growth of financial sector, the sophistication of financial assets and activities, increasing importance of stock markets and shareholders, asset price bubbles, help us understand the phenomenon?
  • The impacts of financialisation. What are the impacts of these developments on distribution, growth, social reproduction and political economy relations?
  • Policy implications and responses. What policies are conducive to financialisation? To the extent that financialisation may create negative impacts on economy and society, what economic and social policy responses can be used to counter them?

As a working group, we aim to provide a network for discussion, through the IIPPE conference and other activities, such as discussion groups and public events, for those working in broadly defined political economy on these subjects.

To join the IIPPE Financialisation Working  Group, email one of the coordinators or sign up to our Google group.

Working group coordinators

Working Paper Series

The IIPPE Financialization Group is pleased to announce its Working Paper Series on political economy and heterodox research in finance. This working paper series aims at offering PhD students and young researchers the possibility to have their papers reviewed by two academics who are working in their field of research. Submission of Work on all aspects of heterodoxy and finance is encouraged, with a special but not exclusive focus on developing and emerging countries. Upon submission, the paper will be assessed by two referees, one senior and one junior academic, according to the topic of research at hand. If the paper is accepted, it will be – after necessary revisions – published as IIPPE Financialization working paper series. This process should give young researchers the chance to get feedback on their work in addition to their supervisor’s and make their work available to a broader audience. Confirmed senior academics currently include, among others: Ben Fine, Victoria Chick, Alfredo Saad Filho and Jan Toporowski. This broad range of people should allow an efficient matching of the paper and the expertise of the selected referee.

Working Paper No.1 The financial crisis of 2007-9 and emerging countries: the political economy analysis of central banks in the Brazilian and Korean economies Juan Pablo Painceira

Working Paper No.2 Credit Expansion and Currency Substitution Interaction: A Built-in De-stabilizer?’ Ferda Donmez

Working Paper No.3 Can “Double Movement” Explain Globalization and Its Crisis? Gokcer Ozgur and Huseyin Ozel

Working Paper No.4 Transformation of the Turkish Banking Sector within the Financialisation Process of Turkish Economy Nuray Ergunes

Working Paper No.5 Fictitious Capital Speculation and Financialisation: Critical Moments of Instability, Crisis and Intervention in the Turkish Experience Ali Riza Gungen

Working Paper No.6 The Crisis in Mainstream Economics G. C. Harcourt

Working Paper No.7 Marx’s Grundrisse And The Monetary Business Cycle Jan Toporowski

Working Paper No.8 Financial crisis: The myth of free market ideology and current regulatory reforms Avgitidou Athina. This working paper has been removed because it has been put forward for publication in the International Journal of Management Concepts and Philosophy

Working Paper No.9 How Fit For Development Is The European Investment Bank? Development Economics Discourse Analysis Ivan Lesay

Working Paper No.10 The Challenges of EMU Integration Under the Global Economic Crisis: The Case of Bulgaria Christina Sakali

Working Paper No.11 International Financing for Development and the Need for a World Tax and Financial Organization Jorge Garcia-Arias

Working Paper No. 12 Financialization and Transformation of the East Asian Economies Ji-Yong Lee