Financialization and Government Borrowing Capacity in by I. Hardie

By I. Hardie

Hardie investigates the hyperlink among the financialization – outlined because the skill to exchange probability – and the ability of rising industry governments to borrow from inner most markets. He considers the govt. bond markets in Brazil, Lebanon and Turkey and includes interviews with 126 monetary marketplace actors.

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Example text

2. High exposure to the government, combined with the inability to limit that exposure through exit or hedging, would leave banks very heavily exposed to a government default. 12 This is compounded by the fact that banks, as in all countries, have exposure to their overall economy. 13 This results in a reduced attraction of investments outside the government bond market. In the least developed financial systems, banks may well be little more than institutions making leveraged investments in government securities.

High financialization Domestic individuals Moderate ownership. Low financialization Moderate ownership. Low financialization No ownership Domestic mutual funds No ownership Low ownership. Low financialization Low ownership. Low financialization Domestic pension funds No ownership No ownership No ownership Domestic hedge funds No ownership No ownership Low ownership. High financialization International indexbenchmarked No ownership High ownership. High financialization High ownership. High financialization International absolute return No ownership High ownership.

Defining financialization as the ability to trade risk can in addition be seen as highlighting the process that lies at the heart of the majority of the other market and societal changes discussed above in other uses of the term. 17 This is the process managers have increasingly exploited by aligning their compensation Introduction 21 with their company’s share price. The increasing role of the financial sector in developed world economies can be seen either as the increasing ability of that sector to manage that risk successfully, or simply to take on greater risk, with consequences that are now apparent (Crotty 2008).

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