Understanding the financialisation of capitalist advanced economies: a theoretical proposal encompassing the microeconomic, mesoeconomic and macroeconomic levels

Financialisation has drawn attention from different scholars but lacks a consensus definition. Some authors identify financialisation simply with the growth of financial sector operations, but this view overlooks periods characterised by the decline in financial variable ones. This article proposes a framework that can integrate such views, conducting the analysis on three levels: microeconomic, mesoeconomic and macroeconomic. At the microeconomic level, financialisation is described as a new phase of capitalism, in which agents’ behaviours and institutions are mainly driven by financial factors. As a result, phenomena such as indebtedness, asset accumulation or speculative dynamics would be more likely to emerge at the mesoeconomic level. Finally, at the macroeconomic level, these phenomena can act as growth drivers by influencing demand components. We conclude by highlighting the potential of this framework for analysing financialisation phases and their economic impacts.