1st Edition

Financialization and the Economy

Edited By Agata Gemzik-Salwach, Krzysztof Opolski Copyright 2017
    202 Pages 53 B/W Illustrations
    by Routledge

    212 Pages 53 B/W Illustrations
    by Routledge

    There can be no doubt that the influence of the financial sphere has intensified rapidly in recent years, but there is much debate about the effect of that influence. The aftermath of the Financial Crisis has led to numerous discussions of the phenomenon of so-called financialization: the increasing impact of financial institutions on the activity of all business entities; emerging threats related with dynamically developing financial markets and the growing importance of financial themes. In light of these issues, which appear in all economies and touch all entities and every area of economic activity, there is a need for a summary and evaluation of the role of financialization in the world today.

    This monograph presents the role of financialization in the modern world. It shows positive as well as negative effects of financialization on the stability of the whole economy, the functioning of different types of markets, activity of enterprises, state institutions and behaviours of households. Written by expert contributors, this book plays an important role in the debate concerning future directions of development of the financial sector and financial markets.

    Financialization and the Economy is of great importance to those who study political economy, macroeconomics and banking.


    Agata Gemzik- Salwach and Krzysztof Opolski

    Part I.

    Financialization: impact on the structure of economy and economic mechanisms

    Chapter 1. Financialization and economic and social performance

    Malcolm Sawyer

    Chapter 2. Developing and emerging countries as finance providers: foreign exchange reserves and direct investment to the European Union

    Jan Toporowski and Bruno Bonizzi

    Chapter 3. Does sustainable global prosperity require global financial governance?

    Gary A. Dymski

    Chapter 4. The macroeconomic determinants of financial literacy in the European Union (on the example of numeracy skills)

    Tomasz Potocki and Krzysztof Opolski

    Part II.

    Financialization: impact on financial institutions and financial markets

    Chapter 5. Bank failures and their implications for payment intermediation in conditions of financialization

    Anna Iwańczuk-Kaliska

    Chapter 6. The Franc Zone: Can the operations account mechanism survive the push for financial deepening?

    Christina Laskaridis

    Chapter 7. Alternative investment funds under new financial and legislative reality and Russian specific

    Oksana Martanus and Elena Merekina

    Chapter 8. Financial risk and financialisation

    Andrzej Szopa

    Part III.

    Financialization: impact on society, households and companies

    Chapter 9. Inequality in the twenty-first century – in need of a new theory?

    Hanna Szymborska

    Chapter 10. Financialization and going into debt of households in Poland

    Agata Gemzik-Salwach

    Chapter 11. Financial exclusion and rationality of financial behaviour in view of financialisation

    Marta Maciejasz-Świątkiewicz

    Chapter 12. The sources of corporate savings in the era of financialization

    Anna Białek-Jaworska


    Agata Gemzik-Salwach is the Deputy Dean of the Faculty of Administration and Social Sciences at the University of Information Technology and Management (UITM), for Economics, Finance and Accounting, Management Courses, Poland.

    Krzysztof Opolski is Professor of Economics and Head of the Department of Banking, Finance and Accountancy at the University of Warsaw, Poland.