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International Financialization and the Systemic Approach to International Financing for Development
Author(s) -
GarciaArias Jorge
Publication year - 2015
Publication title -
global policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.602
H-Index - 33
eISSN - 1758-5899
pISSN - 1758-5880
DOI - 10.1111/1758-5899.12143
Subject(s) - financialization , element (criminal law) , economics , context (archaeology) , liberalization , developing country , dimension (graph theory) , finance , business , market economy , economic growth , political science , paleontology , mathematics , pure mathematics , law , biology
This article is divided into three parts. The first section analyzes some narratives of international financialization and shows how the most relevant element of this process from the developing world's perspective (i.e. international financial liberalization) has generated significant costs for all of these economies. The second section analyzes why the element that would theoretically provide the most important advantage in terms of international financialization for the developing world (i.e. the establishment of a substantial, stable and predictable system of financing for development) has not been put into practice. Finally, the article analyzes the connection between the two issues (international financialization and international financing for development) in the context of a center–periphery financialization model, and establishes the need for its wholesale reform. This article goes on to propose the modification of some of the central elements of the international financialization process in the dimension most closely linked to development, and the adoption of a systemic approach to international financing for development (SAIFfD).