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Value extraction, crowding out, and instability of the financial sector on Colombian productive development

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  • Gonzalo Combita Mora

Abstract

This research aims to illustrate how, under the scenario of global financialization,Colombia’s productive model changed and now is led by finance which extracted value,creating instability, and provoking a crowding out effect on real sector embodied here bythe manufacture share of GDP. The above became evident in the 1990s thanks to freemarketreforms implemented. The research uses heterodox theory to empirically verify thehypotheses by creating variables representing the proposed phenomena and exposing themthrough descriptive analysis and a VARX model. JEL Classification: B26; D46; E12; F65; O14.

Suggested Citation

  • Gonzalo Combita Mora, 2024. "Value extraction, crowding out, and instability of the financial sector on Colombian productive development," Brazilian Journal of Political Economy, Center of Political Economy, vol. 44(1), pages 168-188.
    • Handle: RePEc:ekm:repojs:v:44:y:2024:i:1:p:168-188:id:2448
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2448/2381
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    More about this item

    Keywords

    Financial instability; value extraction; crowding out; financialization; developing economics;
    All these keywords.

    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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