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The financialisation of the Romanian Economy: from central bank-led to dependent financialization

Author

Listed:
  • Daniela Gabor

    (Pour la Solidarite Belgium and University of the West of England Bristol)

Abstract

This study argues that financializations is not a phenomenon exclusively associated with complex innovation in highly developed financial markets. Financialization also affects countries with 'shallow' financial markets but with a significant presence of transnational financial actors that become a powerful economic and political force able to navigate and shape uneven regulatory and institutional terrains in order to sustain new modes of profit generation. The study distinguishes two stages in financialization of the Romanian economy. The first, central-bank dominated stage saw the systemic transformation of firm-bank-state relations that resulted in the creation of impatient banking and the forestalling of industrial policy options. The second, dependent financialization, is in turn characterised by new modes of profit generation for transnational financial actors, interconnectedness and fragility as the main mechanism of incorporation in European financial structures.

Suggested Citation

  • Daniela Gabor, 2013. "The financialisation of the Romanian Economy: from central bank-led to dependent financialization," FESSUD studies fstudy05, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    • Handle: RePEc:fes:fstudy:fstudy05
    as

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    File URL: http://fessud.eu/wp-content/uploads/2012/08/Romania-Studies.pdf
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    Citations

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    Cited by:

    1. Annina Kaltenbrunner & Juan Pablo Painceira, 2016. "International and Domestic Financialisation in Middle Income Countries; The Brazilian Experience," Working papers wpaper146, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    2. Costas Lapavitsas & Aylin Soydan, 2020. "Financialisation in developing countries: Approaches, concepts, and metrics," Working Papers 240, Department of Economics, SOAS University of London, UK.

    More about this item

    Keywords

    impatient banking; financialization; carry-trades; sterilizations; macroeconomic policies; pension funds; dependency; financial globalization.;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • P45 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - International Linkages

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