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Abstract
The process of economic financialization is defined as a stage of the capitalist system in which the profits obtained through financial channels acquire a growing importance, regarding to those related to production and distribution. The effects of this process are not limited to the financial sector, they also impact the productive one, at a macro and micro-economic level.In this sense, the Mexican Financial System (SFM) has gone through reforms arising from the adoption of a neoliberal growth model; according to which that financial liberalization contributes to the strengthening of both the financial and productive sector, creating a positive relationship among them.
With the objective of evaluating, if this has materialized in the case of the Mexican economy,in this work is carried out; on one hand, a descriptive statistical analysis on the evolution of the financing granted to the productive sector; and on the other hand, an econometric analysis through a panel data model, relating to the plant investment; to identify the effects of such process, in the levels of productive reinvestment. That is, through the analysis of the two main links between the sectors involved, the implied risks of the process of financialization are showed, for a developing economy as the Mexican.
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References
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- Arrighi, G. (1999) El largo siglo XX: dinero y poder en los orÃgenes de nuestra época. México. UNAM. Ediciones Akal.
- Banco de México (severalyears) EstadÃsticas. Indicadores económicos, available inhttp:// www.banxico.org.mx/portal_disf/wwwProyectoInternetCaptacion_BM.jsp
- Banerbeck, T. & Tarp, F. (2003) Financial Liberalization, Financial Development and Economic Growth in LDCs.Journal of International Development, 15.pp 189-209, https://doi.org/10.1002/jid.971 DOI: https://doi.org/10.1002/jid.971
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- Duménil, G. & Lévy, D. (2004) Capital Resurgent. Roots of the Neoliberal Revolution. Massachusetts. USA. Harvard University Press.
- Eatwell, J.& Taylor, L. (2000) Global Finance at Risk. Cambridge. Polity Press.
- Economatica (several years) Statistics, available inhttps://economatica.com
- Epstein, G. (2005) Financialization and the World Economy. London. UK. Ed. Edward Elgar Publishing.
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- Kregel, J. (2009) ¿Cuál serÃa la estrategia alternativa al financiamiento del desarrollo en América Latina?â€, in Girón, A. & Correa, E. (coords.)AsimetrÃas e Incertidumbre. México. Ed. Plaza y Valdés.
- Krippner, G. (2005) The Financialization of the American Economy. Socio-Economic Review, 3, 2. Oxford University Press.pp 173-208, https://doi.org/10.1093/SER/mwi008 DOI: https://doi.org/10.1093/SER/mwi008
- Lapavitsas, C. (2007) Financialised Capitalism: Expansion and Crisis. Madrid. España. Ed. Maia.
- Lazonick, W. & O'Sullivan, M. (2000) Maximising shareholder value: a new ideology for corporate governance.Economic and Society, 29, 1.pp 13-35, https://doi.org/10.1080/030851400360541 DOI: https://doi.org/10.1080/030851400360541
- MartiÌnez, A. (2007) EconomÃa polÃtica mundial. Las fuerzas estructurantes. Barcelona. España. Ed. Ariel.
- McKinnon, R. (1973) Money and Capital in Economic Development. Washington. EUA. Brookings Institution Press.
- Orhangazi, O. (2008) Financialization and the US Economy. Massachusetts. EUA. Edward Elgar Publishing., https://doi.org/10.4337/9781848440166 DOI: https://doi.org/10.4337/9781848440166
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- Ponssard, J. (2002) Monteé en pissance des fondsd´investissement. Quelsenjeux pour les entreprises?ParÃs, France.
- Prebisch, R. (1962) The Economic Development of Latin America and its principal problems. Economic Bulletin for Latin America. VII, 1. Santiago, Chile. UNECLA.pp 1-23
- Reinet, E. (2004) How rich nations got rich: Essays in the History of Economic Policy. Oslo. Norway.
- Ryoo, S. &Skott, P. (2008) Financialization in Kaleckian economies with and without labor constraints. Massachusetts. EUA. DOI: https://doi.org/10.4337/ejeep.2008.02.13
- Shaw, E. (1973) Financial Deepening in Economic Development. New York, EUA. Oxford University Press.
- Stockhammer, E. (2004) Financialization and the Slowdown of Accumulation. Journal of Economics No. 28. Cambridge. EUA. pp 719-741, https://doi.org/10.1093/cje/beh032 DOI: https://doi.org/10.1093/cje/beh032
- Stockhammer, E. (2009)The finance-dominated growth regime, distribution, and the present crisis. WorkingPaper Series, 127. Vienna. University of Economics. pp 58-81
- Sweezy P. (1994) The triumph of financial capital. Monthly Review, 46, 2.pp 1-11, https://doi.org/10.14452/MR-046-02-1994-06_1 DOI: https://doi.org/10.14452/MR-046-02-1994-06_1
- Williamson, J. &Mahar, M. (1998). A Survey of Financial Liberalization. Princeton Essays in International Finance, 21.pp 1-65
- Xu, Z. (2000) Financial Development, investement and economic growth. Economic Inquiry, 38, 2.pp 331-344, https://doi.org/10.1111/j.1465-7295.2000.tb00021.x DOI: https://doi.org/10.1111/j.1465-7295.2000.tb00021.x
References
Aglietta, M. (2000) Shareholder Value and Corporate Governance: Some Tricky Questions.Economy and Society, 29.ParÃs, Francia.pp. 146-159, https://doi.org/10.1080/030851400360596 DOI: https://doi.org/10.1080/030851400360596
Aglietta&Breton, R. (2001) Financial systems, corporate control and capital accumulation.Economy and Society, 30.ParÃs, Francia. pp. 433-466, https://doi.org/10.1080/03085140120089054 DOI: https://doi.org/10.1080/03085140120089054
Arrighi, G. (1999) El largo siglo XX: dinero y poder en los orÃgenes de nuestra época. México. UNAM. Ediciones Akal.
Banco de México (severalyears) EstadÃsticas. Indicadores económicos, available inhttp:// www.banxico.org.mx/portal_disf/wwwProyectoInternetCaptacion_BM.jsp
Banerbeck, T. & Tarp, F. (2003) Financial Liberalization, Financial Development and Economic Growth in LDCs.Journal of International Development, 15.pp 189-209, https://doi.org/10.1002/jid.971 DOI: https://doi.org/10.1002/jid.971
Caprio, G; Honohan, P;& Stiglitz, J. (2001) Financial Liberalization. How Far? How Fast?New York. USA., https://doi.org/10.1017/CBO9780511625886 DOI: https://doi.org/10.1017/CBO9780511625886
Crotty, J. (2003) The Neoliberal Paradox: The Impact of Destructive Product Market, Competition and Impatient Finance on Nonfinancial Corporations in the Neoliberal Era.Review of Radical Political Economics, 35. 3. London. UK. Pp 271-279, https://doi.org/10.1177/0486613403255533 DOI: https://doi.org/10.1177/0486613403255533
Duménil, G. & Lévy, D. (2004) Capital Resurgent. Roots of the Neoliberal Revolution. Massachusetts. USA. Harvard University Press.
Eatwell, J.& Taylor, L. (2000) Global Finance at Risk. Cambridge. Polity Press.
Economatica (several years) Statistics, available inhttps://economatica.com
Epstein, G. (2005) Financialization and the World Economy. London. UK. Ed. Edward Elgar Publishing.
Foster, J. (2007) Financialization of Capitalism. Monthly Review,No. 11.New York. USA. DOI: https://doi.org/10.14452/MR-058-11-2007-04_1
Keynes, J. (2012) La teorÃa general de la ocupación, el interés y el dineroâ€. México. Ed. FCE (original publication 1936).
Kregel, J. (2009) ¿Cuál serÃa la estrategia alternativa al financiamiento del desarrollo en América Latina?â€, in Girón, A. & Correa, E. (coords.)AsimetrÃas e Incertidumbre. México. Ed. Plaza y Valdés.
Krippner, G. (2005) The Financialization of the American Economy. Socio-Economic Review, 3, 2. Oxford University Press.pp 173-208, https://doi.org/10.1093/SER/mwi008 DOI: https://doi.org/10.1093/SER/mwi008
Lapavitsas, C. (2007) Financialised Capitalism: Expansion and Crisis. Madrid. España. Ed. Maia.
Lazonick, W. & O'Sullivan, M. (2000) Maximising shareholder value: a new ideology for corporate governance.Economic and Society, 29, 1.pp 13-35, https://doi.org/10.1080/030851400360541 DOI: https://doi.org/10.1080/030851400360541
MartiÌnez, A. (2007) EconomÃa polÃtica mundial. Las fuerzas estructurantes. Barcelona. España. Ed. Ariel.
McKinnon, R. (1973) Money and Capital in Economic Development. Washington. EUA. Brookings Institution Press.
Orhangazi, O. (2008) Financialization and the US Economy. Massachusetts. EUA. Edward Elgar Publishing., https://doi.org/10.4337/9781848440166 DOI: https://doi.org/10.4337/9781848440166
Palley, T. (2008)Financialization: What it is and Why it Matters. Working Paper No. 525. New York. USA. The Levy Economics Institute.
Ponssard, J. (2002) Monteé en pissance des fondsd´investissement. Quelsenjeux pour les entreprises?ParÃs, France.
Prebisch, R. (1962) The Economic Development of Latin America and its principal problems. Economic Bulletin for Latin America. VII, 1. Santiago, Chile. UNECLA.pp 1-23
Reinet, E. (2004) How rich nations got rich: Essays in the History of Economic Policy. Oslo. Norway.
Ryoo, S. &Skott, P. (2008) Financialization in Kaleckian economies with and without labor constraints. Massachusetts. EUA. DOI: https://doi.org/10.4337/ejeep.2008.02.13
Shaw, E. (1973) Financial Deepening in Economic Development. New York, EUA. Oxford University Press.
Stockhammer, E. (2004) Financialization and the Slowdown of Accumulation. Journal of Economics No. 28. Cambridge. EUA. pp 719-741, https://doi.org/10.1093/cje/beh032 DOI: https://doi.org/10.1093/cje/beh032
Stockhammer, E. (2009)The finance-dominated growth regime, distribution, and the present crisis. WorkingPaper Series, 127. Vienna. University of Economics. pp 58-81
Sweezy P. (1994) The triumph of financial capital. Monthly Review, 46, 2.pp 1-11, https://doi.org/10.14452/MR-046-02-1994-06_1 DOI: https://doi.org/10.14452/MR-046-02-1994-06_1
Williamson, J. &Mahar, M. (1998). A Survey of Financial Liberalization. Princeton Essays in International Finance, 21.pp 1-65
Xu, Z. (2000) Financial Development, investement and economic growth. Economic Inquiry, 38, 2.pp 331-344, https://doi.org/10.1111/j.1465-7295.2000.tb00021.x DOI: https://doi.org/10.1111/j.1465-7295.2000.tb00021.x