Patterns of Financialisation in Southeast European and Visegrád Countries
Forms of Financialisation
Financialisation has been a key feature of the pre-crisis growth models in East and Southeast Europe. However, the forms and the role of financialisation within the respective growth models have not been uniform. The differences implied different degrees of vulnerability in the present global crisis. This article compares financialisation processes in two different sub-regions: on the one side a set of Southeast European countries (Bosnia and Herzegovina, Croatia, Montenegro and Serbia) and on the other the Visegrád countries (Czech Republic, Slovakia, Hungary, Poland) and Slovenia. This comparison is interesting because the growth model of the latter group of countries has rested on both financialisation and export industrialisation whereas financialisation was the main pre-crisis driver of growth in Southeast European countries. In addition, informal euroisation has been a key feature of financialisation in most successor states of Yugoslavia whereas it has not played a very prominent role in the Visegrád countries (with the exception of Hungary) and Slovenia. The article starts with an outline of forms of financialisation. Within the analytical framework, the forms of financialisation, the ensuing vulnerabilities to crisis and anti-crisis policies are scrutinised from a comparative perspective.
Financialisation can take many forms. One basic distinction concerns financialisation based on “fictitious capital” (Marx 1979: 482 ff., 510), i.e. shares, securities etc., and financialisation based on interest-bearing capital (Table 1, Becker et al. 2010, Becker 2014: 184 ff.). In the former case, financial investors seek for increasing prices of financial assets and strive for...
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