Financialisation vs. Development Finance: the Case of the Post-Crisis Argentine Banking System
The end of the Bretton Woods era and the emergence of neoliberal economics resulted in profound transformations in domestic economies and international economic relations. The keystone of these transformations was the liberalisation of domestic and international financial markets. Faulty theoretical...
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| Format: | Article |
| Language: | English |
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Association Recherche & Régulation
2013-05-01
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| Series: | Revue de la Régulation |
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| Online Access: | https://journals.openedition.org/regulation/10136 |
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| author | Alan Cibils Cecilia Allami |
| author_facet | Alan Cibils Cecilia Allami |
| author_sort | Alan Cibils |
| collection | DOAJ |
| description | The end of the Bretton Woods era and the emergence of neoliberal economics resulted in profound transformations in domestic economies and international economic relations. The keystone of these transformations was the liberalisation of domestic and international financial markets. Faulty theoretical foundations and the resulting catastrophic policy failures prompted a vast literature by critical economists on the international financial architecture and domestic financial structures best suited for economic development. In recent decades, debate has also centred on what has been labelled “financialisation”, i.e. the increasingly central role played by financial markets and transactions in economic activity. In this paper we try to ascertain whether Argentina experienced a process of financialisation between 1990 and 2009 and what impact, if any, it has had on Argentine banking. We conclude that there has been a strong process of financialisation in Argentina in the post 2001-2002 crisis period. We also explore in a preliminary fashion potential reasons behind Argentine post-crisis financialisation. The paper concludes by suggesting that it is time to consider alternative banking arrangements if development finance is to become a policy priority. |
| format | Article |
| id | doaj-art-78e4cc74eed3425e8be4b47a6354768b |
| institution | Kabale University |
| issn | 1957-7796 |
| language | English |
| publishDate | 2013-05-01 |
| publisher | Association Recherche & Régulation |
| record_format | Article |
| series | Revue de la Régulation |
| spelling | doaj-art-78e4cc74eed3425e8be4b47a6354768b2025-01-30T14:27:23ZengAssociation Recherche & RégulationRevue de la Régulation1957-77962013-05-011310.4000/regulation.10136Financialisation vs. Development Finance: the Case of the Post-Crisis Argentine Banking SystemAlan CibilsCecilia AllamiThe end of the Bretton Woods era and the emergence of neoliberal economics resulted in profound transformations in domestic economies and international economic relations. The keystone of these transformations was the liberalisation of domestic and international financial markets. Faulty theoretical foundations and the resulting catastrophic policy failures prompted a vast literature by critical economists on the international financial architecture and domestic financial structures best suited for economic development. In recent decades, debate has also centred on what has been labelled “financialisation”, i.e. the increasingly central role played by financial markets and transactions in economic activity. In this paper we try to ascertain whether Argentina experienced a process of financialisation between 1990 and 2009 and what impact, if any, it has had on Argentine banking. We conclude that there has been a strong process of financialisation in Argentina in the post 2001-2002 crisis period. We also explore in a preliminary fashion potential reasons behind Argentine post-crisis financialisation. The paper concludes by suggesting that it is time to consider alternative banking arrangements if development finance is to become a policy priority.https://journals.openedition.org/regulation/10136Argentinafinancialisationfinancial systemfinancial liberalisation |
| spellingShingle | Alan Cibils Cecilia Allami Financialisation vs. Development Finance: the Case of the Post-Crisis Argentine Banking System Revue de la Régulation Argentina financialisation financial system financial liberalisation |
| title | Financialisation vs. Development Finance: the Case of the Post-Crisis Argentine Banking System |
| title_full | Financialisation vs. Development Finance: the Case of the Post-Crisis Argentine Banking System |
| title_fullStr | Financialisation vs. Development Finance: the Case of the Post-Crisis Argentine Banking System |
| title_full_unstemmed | Financialisation vs. Development Finance: the Case of the Post-Crisis Argentine Banking System |
| title_short | Financialisation vs. Development Finance: the Case of the Post-Crisis Argentine Banking System |
| title_sort | financialisation vs development finance the case of the post crisis argentine banking system |
| topic | Argentina financialisation financial system financial liberalisation |
| url | https://journals.openedition.org/regulation/10136 |
| work_keys_str_mv | AT alancibils financialisationvsdevelopmentfinancethecaseofthepostcrisisargentinebankingsystem AT ceciliaallami financialisationvsdevelopmentfinancethecaseofthepostcrisisargentinebankingsystem |