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Financialisation: Structure, Extent, Consequences

  • Iancu, Aurel

    (National Institute of Economic Research of the Romanian Academy.)

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 analyzes 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 as endogenous factors, they all increase the fragility of the financial system.

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File URL: http://www.ipe.ro/rjef/rjef2_13/rjef2_2013p172-192.pdf
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Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): (2013)
Issue (Month): 2 (June)
Pages: 172-192

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Handle: RePEc:rjr:romjef:v::y:2013:i:2:p:172-192
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  1. Altunbas, Yener & Gambacorta, Leonardo & Marques-Ibanez, David, 2009. "Securitisation and the bank lending channel," European Economic Review, Elsevier, vol. 53(8), pages 996-1009, November.
  2. Triandafil, Cristina Maria, 2013. "Sustenabilitatea procesului de convergenta nominalala si reala în cadrul UE în contextul crizei financiare; implicatii asupra cadrului de reglementare prudentiala," Studii Economice 130909, National Institute of Economic Research.
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  9. Hans J. Blommestein & Ahmet Keskinler & Carrick Lucas, 2011. "Outlook for the Securitisation Market," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2011(1), pages 259-276.
  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.
  11. Costas Lapavitsas, 2009. "Financialisation, or the search for profits in the sphere of circulation," EKONOMIAZ, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 72(03), pages 98-119.
  12. 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.
  13. Thomas I. Palley, 2007. "Financialization: What It Is and Why It Matters," Economics Working Paper Archive wp_525, Levy Economics Institute.
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  15. Engelbert Stockhammer, 2010. "Financialization and the Global Economy," Working Papers wp240, Political Economy Research Institute, University of Massachusetts at Amherst.
  16. Ozgur Emre Ergungor, 2002. "Market- vs. bank-based financial systems: do investor rights really matter?," Working Paper 0101R, Federal Reserve Bank of Cleveland.
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  19. Dobrescu, Emilian, 2010. "Macromodel Simulations for the Romanian Economy," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 7-28, July.
  20. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973, April.
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