Financiarización y crisis económica¿puede pasar de nuevo?

  1. Jesús Ferreiro Aparicio 1
  2. Carmen Gómez Vega 1
  1. 1 Universidad del País Vasco (España)
Revista:
Ekonomiaz: Revista vasca de economía

ISSN: 0213-3865

Año de publicación: 2020

Título del ejemplar: Huella de la Gran Recesión en Euskadi. Impactos y retos principales de país

Número: 35

Páginas: 86-107

Tipo: Artículo

Otras publicaciones en: Ekonomiaz: Revista vasca de economía

Resumen

Many studies point out the central role played by the process of financialization in the burst of the Global Financial Crisis and the subsequent Great Recession. The negative consequences of an excessive size of finances suggest the need of a de-financialization process that reduced the size of the financial assets and liabilities. The study of the balance sheets of the European Union countries since the year 2007 shows, however, that this process has not taken place in most European countries, leading to the possibility of a new systemic financial crisis in the short or medium term.

Referencias bibliográficas

  • Alter, A.; Feng A.X.; Valckx, N. (2018): «Understanding the macro-financial effects of household debt: A global perspective», IMF Working Paper, WP/18/76.
  • Arcand, J.L.; Berkes, E.; Panniza, U. (2015): «Too much finance?», Journal of Economic Growth, 20, pp. 105-148.
  • Arestis, P. (2016): «Financial Liberalization, the Finance-Growth Nexus, Financial Crises and Policy Implications», en P. Arestis y M. Sawyer (eds.) Financial Liberalisation: Past, Present and Future, Basingstoke: Palgrave Macmillan.
  • Battiston, S.; Guerini, M.; Napoletano, M.; Stolbova, V. (2018): «Financialization in EU and its consequences», European Policy Brief ISIGrowth EU H-2020 Project (http://www.isigrowth.eu/wp-content/uploads/2018/04/ ISIG-PB-Short_FINAL.pdf).
  • Bouis, R.; Christensen, A.K.; Cournède, B. (2013): «Deleveraging: Challenges, progress and policies», OECD Economics Department Working Papers, No. 1077.
  • Brown, A.; Passarella, M.V.; Spencer, D. (2015): «The nature and variegation of financialisation: a cross-country comparison», FESSUD Working Paper Series, No. 127.
  • Brown, A.; Passarella, M.V.; Spencer, D. (2017): «The extent and variegation of financialisation in Europe: A preliminary analysis», Revista de Economía Mundial, 46, pp. 49- 50.
  • Carrasco, C.A.; Ferreiro, J.; Gálvez, C.; Gómez, C.; González, a. (2016): «The impact of the financial and economic crises on European Union member states», en Hein, E.,
  • Cournède, B.; Denk, O.; Hoeller, P. (2015): «Finance and inclusive growth», OECD Economic Policy Paper, No. 14.
  • Creel, J.; Hubert, P.; Labondance, F. (2014): «Financial stability and economic performance», FESSUD Working Paper Series, No. 35.
  • Creel, J.; Hubert, P.; Labondance, F. (2015): «Financial stability and economic performance in Europe», Economic Modelling, 48, pp. 25-40.
  • Dabla-Norris, E.; Srivisal, N. (2013): «Revisiting the link between finance and macroeconomic volatility», IMF Working Paper, WP/13/29.
  • Dezter, D. y Dodig, N. (ed.) Financialisation and the Financial and Economic Crises. Country Studies, Edward Elgar, Cheltenham, pp. 299-320.
  • Dünhaupt, P. (2017): «Determinants of labour’s income share in the era of financialisation», Cambridge Journal of Economics, 41(1), pp. 283-306.
  • Epstein, G.A. (ed.) (2005): Financialization in the World Economy, Cheltenham: Edward Elgar.
  • Ferreiro, J. (2016): «Macroeconomic and financial sector policies to better serve the economy and society», FESSUD Working Paper Series, No 165.
  • Ferreiro, J. (2018): «Macroeconomic lessons from the fi- nancialisation process», en Arestis, P. (ed.) Alternative Approaches in Macroeconomics. Essays in Honour of John McCombie, Palgrave Macmillan, Basingstoke, pp. 183-208.
  • Ferreiro, J.; Gálvez, C.; González, A. (2015): «Fiscal Policies in the European Union during the crisis», Panoeconomicus, 62(2), pp. 131-155.
  • Ferreiro, J.; Gálvez, C.; Gómez, C.; González, A. (2016): «Bank rescues and fiscal policy in the European Union during the Great Recession», Panoeconomicus, 63(2), pp. 211-230.
  • Ferreiro, J.; Gálvez, C.; Gómez, C.; González, A. (2017):«Economic Crisis and Convergence in the Eurozone Countries», Panoeconomicus, 64(2), pp. 223-244.
  • Ferreiro, J.; Gómez, C. (2016): «Financialisa- tion and the financial balance sheets of economic sectors in the Eurozone», en Arestis, P. y Sawyer M. (ed.) Financial Liberalisation. Past, Present and Future, Palgrave Macmillan, Basingstoke, pp. 87 131.
  • Fine, B. (2013): «Towards a material culture of financialisation», FESSUD Working Paper Series, No. 15.
  • Fondo Monetario Internacional (2018) «2018 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Spain», IMF Country Report No. 18/330 (noviembre 2018).
  • Hein, E. (2015a): «Causes and consequences of the financial crisis and the implications for a more resilient financial and economic system: Synthesis of FESSUD Work Package 3», FESSUD Working Paper Series, No. 128.
  • Hein, E. (2015b): «Finance-dominated capitalism and re-distribution of income: a Kaleckian perspective», Cambridge Journal of Economics, 39(3), pp. 907-934.
  • Hein, E.; Van Treeck, T. (2010): «’Financialisa- tion’ in post-Keynesian models of distribution and growth: a systematic review», en Setterfield, M. (ed.) Handbook of Alternative Theories of Economic Growth, Cheltenham: Edward Elgar, pp. 277-292.
  • Hein, E.; Dodig, N. (2014): «Financialisation, distribution, growth and crises. Long-run tendencies», FESSUD Working Paper Series, No. 23.
  • Lagoarde-Segot, T. (2017): «Financialization: Towards a new research agenda», International Review of Financial Analysis, 51, pp. 113-123.
  • Law, S.H.; Singh, N. (2014): «Does too much finance harm economic growth?», Journal of Banking & Finance, 41, pp. 36 44.
  • Loayza, N.; Ouazad, A.; Rancière, R. (2018): «Financial development, growth and crisis: is there a trade-off», NBER Working Paper Series, No. 24474.
  • Naceur, S.B.; Candelon, B.; Lajaunie, Q. (2019): «Taming financial development to reduce crises», IMF Working Paper, WP/19/94.
  • Saidi, H.; Rachdi, H.; Mgadmi, N. (2017): «Revisiting the role of governance and institutions in the impact of financial liberalization on economic growth using the PSTR model», Panoeconomicus, 64(3), pp. 31 -336
  • Sawyer, M. (2011): «Re-structuring the financial sector to reduce its burden on the economy», en P. Arestis, R. Sobreira y J.L. Oreiro (eds.) The Financial Crisis. Origins and Implications, Houndmills: Palgrave Macmillan, pp. 114-136.
  • Sawyer, M. (2015): «Financialisation, financial structures, economic performance and employment», FESSUD Working Paper Series, No. 93.
  • Sawyer, M. (2017): «Financialisation, Economy, Society and Sustainable Development: A Overview», FESSUD Working Paper Series, No. 206.
  • Stockhammer, E. (2011): «Neoliberalism, income distribution and the causes of the crisis», en P. Arestis, R. Sobreira y J.L. Oreiro (eds.) The Financial Crisis. Origins and Implications, Houndmills: Palgrave Macmillan, pp. 234-258.
  • Stockhammer, E. (2013): «Financialization, income distribution and the crisis», en S. Fadda y P. Tridico (eds.) Financial Crisis, Labour Markets and Institutions, 98-119. Londres: Routledge.
  • Tridico, P. (2017) Inequality in Financial Capitalism, Londres: Routledge.
  • Tyson, J.; Mckinley, t. (2014): «Financialization and the developing world: Mapping the issues», FESSUD Working Paper Series, No. 38.