An international multi-sectoral approach to financialisation

IF 2 2区 经济学 Q2 ECONOMICS Cambridge Journal of Economics Pub Date : 2022-07-28 DOI:10.1093/cje/beac025
Matías Torchinsky Landau
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引用次数: 1

Abstract

Many studies attempted to measure the degree of financialisation of an economy, generally on a country-by-country basis, given the heterogeneity of indicators and data availability. In this paper, a simple but common measure of financialisation of non-financial corporations (NFCs) is developed, namely, the participation of services provided by the financial sector (both directly and indirectly) on their value-added creation process, inspired by the methodology developed by Dávila-Fernández and Punzo (2020). To do this, we use the inter-country input-output (ICIO) matrices built by the OECD, which allow us to understand the role played by the financial sector (local or foreign) in the ‘value-added production function’ of NFCs from 45 industries, in 67 countries for the period 1995–2018. We find three main stylised facts. First, the financial sector plays a relevant role in the value-added creation process of NFCs, and its importance has increased during the last years, although there is high diversity among countries. Second, this process has been heterogeneous when different productive sectors are considered. Primary industries evidenced a low degree of financialisation, while manufacturing and the service sector generally presented a higher reliance on finance. Third, between 1995 and the global financial crisis, NFCs increased their dependence on foreign financial value-added, followed by a partial reversion of this process. Moreover, the origin of these exports of financial services changed: while some traditional financial hubs such as the UK, Switzerland and Japan decreased their importance as providers of financial value-added to NFCs, China, Russia and India became important global players.
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国际上多部门的金融化方法
鉴于指标和数据的异质性,许多研究试图衡量一个经济体的金融化程度,通常是在逐个国家的基础上。在本文中,受Dávila Fernández和Punzo(2020)开发的方法的启发,开发了一种简单但常见的非金融公司融资措施,即金融部门提供的服务(直接和间接)参与其增值创造过程。为此,我们使用了经合组织建立的国家间投入产出矩阵,该矩阵使我们能够了解1995-2018年期间,67个国家45个行业的金融部门(本地或外国)在国家金融中心的“增值生产功能”中所扮演的角色。我们发现了三个主要的风格化事实。首先,金融部门在国家金融中心的增值创造过程中发挥着相关作用,尽管各国之间存在高度多样性,但其重要性在过去几年中有所增加。其次,当考虑不同的生产部门时,这一过程是异质的。第一产业的金融化程度较低,而制造业和服务业对金融的依赖程度普遍较高。第三,在1995年至全球金融危机期间,国家金融中心增加了对外国金融增值的依赖,随后这一过程出现了部分逆转。此外,这些金融服务出口的来源发生了变化:尽管英国、瑞士和日本等一些传统金融中心作为国家金融中心金融增值提供者的重要性有所下降,但中国、俄罗斯和印度成为了重要的全球参与者。
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来源期刊
CiteScore
4.30
自引率
5.00%
发文量
54
期刊介绍: The Cambridge Journal of Economics, founded in 1977 in the traditions of Marx, Keynes, Kalecki, Joan Robinson and Kaldor, provides a forum for theoretical, applied, policy and methodological research into social and economic issues. Its focus includes: •the organisation of social production and the distribution of its product •the causes and consequences of gender, ethnic, class and national inequities •inflation and unemployment •the changing forms and boundaries of markets and planning •uneven development and world market instability •globalisation and international integration.
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