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Extending Financialisation and Increasing Fragility of the Financial System

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  • IANCU, Aurel

    (National Institute of Economic Research, Romanian Academy)

Abstract

Financialisation is a complex and dynamic process of enlarging the monetary and financial relations in economy and society. This paper deals with the analysis of the financial market structure such as: the role and magnitude of financial sectors, the dynamics of the banking sector versus the stock market and the rising role of the shadow banking sector. Also it explains and analyses the ways and modalities to develop financialisation by growing the public and private indebtedness, extension of the securitisation process and using the financial derivatives on a large scale. Considered endogenous factors, they all increase the fragility of the financial system.

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Bibliographic Info

Paper provided by National Institute of Economic Research in its series Working Papers of National Institute of Economic Research with number 130307.

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Length: 47 pages
Date of creation: Mar 2013
Date of revision:
Handle: RePEc:ror:wpince:130307

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Related research

Keywords: financialisation; financial sector; stock market; shadow banking; indebtedness; financial innovation; securitisation; financial derivatives;

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  1. Engelbert Stockhammer, 2010. "Financialization and the Global Economy," Working Papers wp240, Political Economy Research Institute, University of Massachusetts at Amherst.
  2. Andreas Lehnert & Wayne Passmore & Shane M. Sherlund, 2005. "GSEs, mortgage rates, and secondary market activities," Finance and Economics Discussion Series 2005-07, Board of Governors of the Federal Reserve System (U.S.).
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  9. Bryan J. Noeth & Rajdeep Sengupta, 2012. "A look at credit default swaps and their impact on the European debt crisis," The Regional Economist, Federal Reserve Bank of St. Louis, issue Apr.
  10. Andreas Jobst, 2005. "The regulatory treatment of asset securitisation: The Basel Securitisation Framework explained," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 13(1), pages 15-42, February.
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  12. Demirguc-Kunt, Asli & Levine, Ross, 1999. "Bank-based and market-based financial systems - cross-country comparisons," Policy Research Working Paper Series 2143, The World Bank.
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  14. Ingo Fender & Janet Mitchell, 2009. "The future of securitisation: how to align incentives," BIS Quarterly Review, Bank for International Settlements, September.
  15. Till van Treeck, 2008. "The political economy debate on ‘financialisation’ – a macroeconomic perspective," IMK Working Paper 01-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  16. Calmfors, Lars, 2010. "Fiscal Policy Coordination in Europe," Seminar Papers 765, Stockholm University, Institute for International Economic Studies.
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