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Financiarización subordinada en América Latina: dolarización, endeudamiento externo e internacionalización de la riqueza

Author

Listed:
  • Malic, Estanislao

    (Universidad Nacional de Quilmes)

  • Santarcángelo, Juan

    (Universidad Nacional de Quilmes, Conicet)

Abstract

Financialization refers to the process by which financial markets, actors, instruments, and institutions gain importance in the functioning of economies and where the surplus generated is directed towards financial accumulation, which displaces productive accumulation (Epstein, 2005). However, this process is heterogeneous among regions and countries, and occurs in the periphery in the form of “subordinate financialization”, since the dynamics of global accumulation condition its asymmetric and dependent insertion. This paper aims to examine a set of central aspects of the process of subordinate financialization of Latin American countries, which is manifested in the loss of sovereign monetary spaces, and which are linked to the process of dollarization of banking systems, the degree of indebtedness, and the internationalization of wealth.

Suggested Citation

  • Malic, Estanislao & Santarcángelo, Juan, 2022. "Financiarización subordinada en América Latina: dolarización, endeudamiento externo e internacionalización de la riqueza," El Trimestre Económico, Fondo de Cultura Económica, vol. 89(356), pages 1033-1065, octubre-d.
    • Handle: RePEc:elt:journl:v:89:y:2022:i:356:p:1033-1065
    DOI: https://doi.org/10.20430/ete.v89i356.1588
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    Keywords

    Subordinated financialization; Latin America; dollarization; indebtedness; internationalization of wealth.;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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