The hegemony of financial capital in the world economy
1973-2023
DOI:
https://doi.org/10.46661/rec.10709Keywords:
systemic risks, financial capital, credit bubbles, regulationAbstract
The analysis puts at the center the radical uncertainty that affects both investments that seek benefits in the production of goods and services and investments that seek benefits in the management of financial instruments. In both worlds, risks, especially systemic risks, have materialized through deep crises, generally preceded by credit bubbles fueled by large international banks. Given this, financial regulation and supervision have proven incapable of containing systemic crises. In the analyzed period there have been profound technological and financial innovations that have a broad relationship with systemic risks.
Downloads
References
Alonso, Nuria (2009), Rating y spread de la deuda soberana, Un análisis aplicado a Latinoamérica, Instituto de Estudios Fiscales
Baaquie, Belal (2007), Quantum Finance, Cambridge University Press
Bandt, Olivier y Hartmann, Philipp (2000), "Systemic Risk: A Survey", WP nº 35, European Central Bank
Basel Committee on Banking Supervision (2023), The Basel Framework, Bank for International Settlements
Bernanke, Ben S. (2004), "The Great Moderation", Federal Reserve Board. https://doi.org/10.17016/FEDS.2004.16
Bolton, Patrick, Despres, Morgan, Pereira da Silva, Luiz Awazu, Samama, Frederic y Svartzman, Romain (2020), The green swan, Banque de France
Caprio Gerard y Klingebiel, Daniela (1996), Dealing with Bank Insolvencies Cross Country Experience, The World Bank
Chavagneux, Christian y Palan, Ronen (2014), Los paraísos fiscales, El Viejo Topo
Comín, Francisco y Díaz, Daniel (2001), "Auge y decadencia de la empresa pública en Europa", Cuadernos de Información Económica, nº 182, mayo/junio
Diebold, Francis, Doherty, Neil y Herring, Richard (2010), The Known, the Unknown, and the Unknowable in Financial Risk Management, Princeton University Press. https://doi.org/10.1515/9781400835287
Duffie, Darrell (2001), Dynamic Asst Pricing Theory, Princeton University Press
Fisher, Mark (2016), Realismo capitalista, Caja Negra
Gerstle, Gary (2023), Auge y caída del orden neoliberal, Península
Giraud, Pierr-Noël (2001), Le Commerce des promesses, Editions du Seuil
Gracia, Manuel y Rísquez, Mario (2022), "Cadenas globales. ¿Hacia una desglobalización parcial?", Gaceta Sindical: Reflexión y debate, nº 239, pg. 234
Hall, Peter (1993), El gobierno de la economía, Ministerio de Trabajo y Seguridad Social, España
Hausman, Ricardo y Rojas-Suárez, Liliana (1997), Las crisis bancarias en América Latina, FCE
Laeven, Luc y Valencia, Fabian (2018), "Systemic Banking Crises Revisited", WP/18/206, International Monetary Fund. https://doi.org/10.5089/9781484376379.001
Lucas, Robert y Sargent, Thomas (1983), La macroeconomía después de Keynes, Cuadernos económicos de ICE, Nº 24, pgs. 7-30
McCauley, Robert y McGuire, Patrick (2021), Seven decades of international banking, Quarterly Review, September, BIS
McNeil, Alexander, Frey, Rüdiger y Embrechts, Paul (2015), Quantitative Risk Management, Princeton University Press
Panitch, Leo y Gindin, Sam (2015), La construcción del capitalismo global, Akal
Papeles de relaciones ecosociales y cambio global (2009), Las crisis, FUHEM
Piketty, Thomas (2015), El capital en el siglo XXI, Fondo de Cultura Económica
Pinto, Jerald, Henry, Elaine, Robinson, Thomas y Stowe, John (2015), Equity Asset Valuation, Wiley
Rajan, Raghuram (2011), Grietas del Sistema, Ediciones Deusto
Resti, Andrea y Sironi, Andrea (2007), Risk Management and Shareholders' Value in Banking, John Wiley & Sons
Ruiz, Juan Rafael, Stupariu, Patricia y Vilariño, Ángel (2016), "The crisis of Spanish savings banks", Cambridge journal of economics, nº 6, 1455-1477. https://doi.org/10.1093/cje/bev078
Sargent, Thomas (1987), Dynamic Macroeconomic Theory, Harvard University Press
Sheng, Andrew (1995), Bank Restructuring, The World Bank. https://doi.org/10.1596/0-8213-3519-7
Stock, James y Watson, Mark (2002), "Has the business cycle changed and why?", NBER Macroeconomics Annual. https://doi.org/10.3386/w9127
Vilariño, Ángel (2000), Turbulencias financieras y riesgos de mercado, Prentice-Hall
Vilariño, Ángel (2011), "Derivados", Revista de Economía Crítica, nº 11, pgs. 93-130
Vilariño, Ángel (2013), "Los mercados financieros son eficientes...para algunos", Revista de Economía Crítica, nº 16, pgs. 4-17
Vilariño, Ángel (2016), Riesgos de mercado, Garceta
Vilariño, Ángel (2024), "Sobre la crisis de Silicon Valley Bank: errores de gestión y las debilidades de la regulación y supervisión de los bancos comerciales", Papeles de Europa. https://doi.org/10.5209/pade.92560
Vilariño, Ángel, Pérez, Jorge y García, Fernando (2008), Derivados, Prentice Hall
Willke, Helmut, Becker, Eva y Rostásy, Carla (2013), Systemic Risk, Campus Verlag
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Revista de Economía Crítica
This work is licensed under a Creative Commons Attribution 4.0 International License.
This licence allows third parties to share (copy and redistribute the material in any medium or format) and adapt (remix, transform and create from the material for any purpose, including commercial purposes), provided that authorship and first publication in this journal (The Journal, DOI of the work) is acknowledged, a link to the licence is provided, and it is stated whether changes have been made to the work.
