Special Focus:
Globalisation, Institutional Transformation and Equity
Volume 34, Issue 2
The most profound transformation of policy strategies in recent decades has been the widespread movement toward financial and other forms of liberalization. A good deal of the literature has focused on issues surrounding the crises that have frequently ensued and the extent to which the efficiency of intermediation has been improved. Little analytical work has been on the issue of the relationship between financial development, institutional transformation and its effect on equity. The papers in this CJE symposium analyse a variety of salient issues including the rights of shareholders, minorities access to finance for mortgages and their relationship to changes underlying the sub-prime mortgage crisis, the expansion of foreign ownership of banking on small and medium size enterprises access to finance, the impact of financialization among lead firms in global value chains on the income of suppliers in developing countries and the consequences of capital account liberalization on poverty. This symposium attempts to evaluate these relationships. The approach in all papers is heavily informed by an institutional approach to understanding the relationship between finance and equity.
There is a common theme underlying these papers. This is that they explore financial globalisation and its impact from a heterodox perspective in some detail and in distinct areas. This theme is explored fully in a substantial introduction. The rest of the papers discuss the effects of financial globalisation, which are analysed with respect to global value chains and to sub-prime mortgages respectively in two of the papers. A third examines the impact of foreign ownership of banks (itself an aspect of financial globalisation) on developing countries. A fourth paper examines the effects of financial globalisation in the form of free capital flows on poverty in developing countries. The fifth paper challenges the orthodox analyses on the effects of law on financial development and how the latter affects developing countries.
Read the table of contents.
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The following articles from this symposium issue are available FREE online:
The introductory article:
Financial globalisation and crisis, institutional transformation and equity
by Philip Arestis and Ajit Singh
and
Financialisation and the dynamics of offshoring in the USA
by William Milberg and Deborah Winkler