(De)Financialization and crisis in Eastern Europe

Gabor, D. (2010) (De)Financialization and crisis in Eastern Europe. Competition and Change, 14 (3-4). pp. 248-270. ISSN 1024-5294

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Publisher's URL: http://dx.doi.org/10.1179/102452910X12837703615373

Abstract

This paper investigates how financialization pressures in Eastern Europe shaped vulnerabilities to the 2007 global deleveraging and to what extent policy responses to crisis have sought to reinforce or delink from financialization. It explores the technical devices underpinning financialization, linked to the dominance of carry-trade strategies in foreign-owned banks and non-resident investors, validated by a set of central bank practices that changed the relationship between wholesale money markets and currency markets. Three distinct periods in the timeline of crisis show that central bank interventions were crucial in resuscitating financialization and that attempts to re-embed finance cannot be successful if public debt dynamics are neglected.

Item Type:	Article
Uncontrolled Keywords:	Eastern Europe, financial crisis, financialization, central bank liquidity management, quantitative easing
Faculty/Department:	Faculty of Business and Law > Department of Business Management ~Pre-2010 Faculty Structure > Bristol Business School ~Pre-2012 Faculty Structure > Faculty of Business and Law > Department of Business and Management ~Pre-2012 Faculty Structure > Faculty of Business and Law > Centre for Global Finance
ID Code:	12548
Deposited By:	Dr D. Gabor
Deposited On:	21 Dec 2010 11:13
Last Modified:	22 Nov 2012 15:44