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From financial development to financialisation

In: Financialisation

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Abstract

The evolutionary process of the financial sector consists of three phases characterised by different impacts of the financial sector on the economy and society. The first phase is financial repression, which is characterised by the presence of severe restrictions on financial transactions in a highly regulated financial sector. Some degree of financial liberalisation and deregulation may be warranted to move to the second phase of financial development. If liberalisation and deregulation go too far towards financial laissez faire, an oversized financial sector enters phase 3, financialisation, in which excessive financial deepening becomes detrimental to economic activity and the society at large.

Suggested Citation

  • ., 2023. "From financial development to financialisation," Chapters, in: Financialisation, chapter 4, pages 72-98, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21727_4
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    Keywords

    Economics and Finance;

    Statistics

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