IDEAS home Printed from
   My bibliography  Save this article

The Road to Financialization in Central and Eastern Europe: The Early Policies and Politics of Stabilizing Transition


  • Daniela Veronica Gabor


Narratives of macroeconomic stabilization played an important part in the financialization of the formerly planned economies. The excess demand narrative, one of the least contested ‘problems’ of post-socialist transformation, shaped central banks' liquidity policies and thus translated the priorities of financialized capitalism into policy goals and practices. The paper challenges the boundaries of the debates on post-socialist economic developments, contextualizes the representation of the stabilization ‘problem’ in those debates and reinterprets them from the standpoint of financialization. If the excess demand narrative is treated as a contested account of the stabilization ‘imperative’, its role as catalyst for the financialization of the banking sector and the shift to impatient finance becomes apparent. An alternative approach to stabilization is further outlined, drawing on institutionalist conceptualizations of the role of money in capitalist production.

Suggested Citation

  • Daniela Veronica Gabor, 2012. "The Road to Financialization in Central and Eastern Europe: The Early Policies and Politics of Stabilizing Transition," Review of Political Economy, Taylor & Francis Journals, vol. 24(2), pages 227-249, April.
  • Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:227-249
    DOI: 10.1080/09538259.2012.664333

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Karwowski, Ewa & Stockhammer, Engelbert, 2016. "Financialisation in Emerging Economies: A Systematic Overview and Comparison with Anglo-Saxon Economies," Economics Discussion Papers 2016-11, School of Economics, Kingston University London.
    2. Karwowski, Ewa, 2017. "Corporate financialisation in South Africa: From investment strike to housing bubble," Economics Discussion Papers 2017-7, School of Economics, Kingston University London.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:227-249. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Longhurst). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.