Abhängige Finanzialisierung und ungleiche Entwicklung: Zentrum und Peripherie im europäischen Integrationsprozess

Becker, Joachim; Jäger, Johannes; Weissenbacher, Rudy

doi:10.20446/jep-2414-3197-29-3-34

Cited by 8 publications

(4 citation statements)

References 3 publications

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“…Diese Abhängigkeit führte strukturell zu Zahlungsbilanzproblemen. Die abhängige Produktionsstruktur verknüpfte das Wirtschaftswachstum mit dem Zufluss von Geldkapital in Form von Fremdwährungen (Epstein, 2005;Nölke, 2009;Becker, 2010;Becker et al, 2013;Lapavitsas, 2013;Becker, 2014;Stockhammer, 2014;Akçay, 2018b;Yalman et al, 2019;Becker, 2020). Aus diesem Grund sprechen heterodoxen Ökonomen von "abhängiger Finanzialisierung", "untergeordneter Finanzialisierung" oder "peripherer oder semiperipherer Finanzialisierung", um sowohl die Besonderheiten der Finanzialisierung in (Semi-)peripherie wie auch die Gemeinsamkeiten derartiger Prozesse in sämtlichen Ländern zu analysieren (Akçay, 2018b, S. 618).…”

Section: Finanzialisierung In Der Türkei Und Transition To the Strong...unclassified

Die Aktuelle Wirtschaftskrise in Der Türkei: Ursachen, Wirkungen Und Folgen

AYDIN

2023

TOBIDER

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The growth model implemented in Turkey in the last 20 years is based on financialization and foreign capital inflows. According to this model, the expanding loan demand with foreign capital inflows was the main source of growth. However, in this process, increased consumption and investment expenditures caused the current account deficit and foreign debt to grow and the economy to become fragile. While both price stability and a successful growth performance were achieved in the period when capital inflows increased, the process was reversed with the interruption of capital inflows. In this new period, the exchange rate started to rise, all macroeconomic balances, especially price stability, deteriorated rapidly, and an unsustainable growth process began.

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Section: Finanzialisierung In Der Türkei Und Transition To the Strong...unclassified

Die Aktuelle Wirtschaftskrise in Der Türkei: Ursachen, Wirkungen Und Folgen

AYDIN

2023

TOBIDER

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“…I aim to support the idea that the unevenness of different forms of housing finance and financialisation is hierarchical and systematic in its nature. For this I mobilise the notion of dependent financialisation proposed by authors from the Vienna University's Institute for International Economy and Development (Becker-Jager-Weissenbacher 2013, see also Pósfai-Gál-Nagy 2018).…”

Section: Aalbers -The Variegated Financialisation Of Housingmentioning

confidence: 99%

“…Since external capital invested through the financial channel can also be rapidly withdrawn, the credit boom also made the periphery more vulnerable to crisis, with capital flows being very rapidly stopped when signs of crisis emerged in Europe (Vliegenthart 2010). The notion of dependent financialisation has also been developed, accounting for the fact that financialisation in CEE mainly happens through external relations of credit and debt (Becker -Jager -Weissenbacher 2013). Through this mechanism the capital surplus of the core fuels the financialisation of the periphery through real estate and consumption loans, also triggering the indebtedness of households (ibid, p.42; Pósfai et al 2018).…”

Section: External Dependencies On the European Peripherymentioning

confidence: 99%

Reproducing uneven development on the Hungarian housing market

Pósfai¹

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“…Reviewing one of the approaches (dependent financialisation) to international financialisation (Bonizzi 2013), Becker, Jäger, and Weissenbacher (2013) posit the core-periphery relationship in their framework of accumulation regimes. Rooting their argument partially in Dependency theory 29 , they argue that the strong extraversion leads economies to run high trade imports that can be temporally financed with capital inflows from the core.…”

Section: International Financialisation In Peripheral Countriesmentioning

confidence: 99%

Financialisation in south-eastern Europe

Zeitinger¹

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This dissertation analyses the degrees and trajectories of financialisation in the region of South-Eastern Europe. It modifies and applies an eclectic comparative framework for comparing the degrees of financialisation across time and space on different levels. The thesis finds that from the turn of the century until the Great Financial Crisis of 2008, most South-Eastern European countries have increased their degree of financialisation on the different levels, especially on the levels of household, international financialisation and partly the financial sector. Financialisation of non-financial companies is barely existing. After the financial crisis, financialisation is revealed to stagnate in the region. In a second step, the dissertation conducts three case studies on extreme cases: financial sector financialisation in Bulgaria, international financialisation in Serbia and non-financial company and household financialisation in Croatia. Their trajectories are exposed to be mainly driven by deregulation, changed practices by foreign banks, the privatisation of public goods and the liberation of capital controls. The dissertation serves to geographically enlarge the research of financialisation to a peripheral region of the Global North and to add to the discussion on comparative financialisation approaches.

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Abhängige Finanzialisierung und ungleiche Entwicklung: Zentrum und Peripherie im europäischen Integrationsprozess

Cited by 8 publications

References 3 publications

Die Aktuelle Wirtschaftskrise in Der Türkei: Ursachen, Wirkungen Und Folgen

Die Aktuelle Wirtschaftskrise in Der Türkei: Ursachen, Wirkungen Und Folgen

Reproducing uneven development on the Hungarian housing market

Financialisation in south-eastern Europe

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