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The Rise of Rentier Capitalism and the Financialization of Real Sectors in Developing Countries

Author

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  • Firat Demir

    (Department of Economics, University of Oklahoma; e-mail: fdemir@ou.edu)

Abstract

Using microlevel company panel data, the article analyzes the impacts of financial liberalization on real investment behavior under capital market imperfections, volatile macroprices, and changing country risk levels. The findings suggest that financial liberalization in developing countries has become instrumental in channeling real sector savings to speculative short-term investments instead of long-term investment projects and hence altering the pattern of capital accumulation in the real sectors of the economy.

Suggested Citation

  • Firat Demir, 2007. "The Rise of Rentier Capitalism and the Financialization of Real Sectors in Developing Countries," Review of Radical Political Economics, Union for Radical Political Economics, vol. 39(3), pages 351-359, September.
    • Handle: RePEc:sae:reorpe:v:39:y:2007:i:3:p:351-359
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