Discussion Paper Series 2017 #02: “Premature financialization: a conceptual exploration”

Abstract

This paper reviews some of the recent writing on financialization and its effects in developing countries. Acknowledging the positive role of finance in development, it argues that beyond a certain point of ‘financial deepening’ there are negative consequences. Financialization affects the economy, and also the state. In developing countries financialization does not necessarily follow a long period of industrialization, but may happen simultaneously with it, and indeed may be linked to ‘premature de-industrialization.’ From this perspective, namely of timing, it may also be meaningful to talk of ‘premature financialization.’

 

Author

  • Hugh Whittaker, Nissan Institute of Japanese Studies, University of Oxford

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