For a political economy of financialization: theory and evidence

Abstract The end of the Bretton Woods agreement led not only to changes in the international economic relations, but also in the very way in which capitalism functions. The liberalization of capital flows and deregulation and integration of financial markets under US leadership gave rise to a new systemic pattern of wealth, financialization, in which operations with financial assets received increased importance in the management of wealth by households and enterprises, and not only by banks and the other financial market institutions. Unlike most recent interpretations of this phenomenon, this one does not indicate a tendency of the system towards stagnation, but rather an increase in the instability that characterizes it, reinforcing the moments of expansion, contraction, as well as leading to crises. In fact, with the generalization and the dominance of finance, borrowing and spending decisions by enterprises and households are now increasingly responsible for current and expected fluctuations in the stock of wealth, which in turn are responsive to current and expected fluctuations in the prices of financial assets. This implies a transformation in the relationship between the state and the market, with central banks and national treasures becoming hostage to the need to prevent private losses and the perverse effects they may exercise over output, income and employment levels of the economy.

摘要
布雷顿森林协定（Bretton Woods Agreement）的终结，不仅重塑了国际经济关系格局，更从根本上改变了资本主义的运行模式。在美国主导下，资本流动自由化、金融市场去监管与一体化进程催生了一种全新的系统性财富积累模式——金融化（financialization）：在此模式中，金融资产交易在家庭与企业的财富管理中占据了愈发重要的地位，而非仅局限于银行及其他金融市场机构。与该现象的多数近期学术阐释不同，本研究并未认为该体系呈现滞胀趋势，而是指出其内在不稳定性有所抬升，这一特征强化了经济扩张与收缩的周期波动，并最终催生各类危机。事实上，随着金融的全面普及与主导地位的确立，企业与家庭的借贷与消费决策正日益成为财富存量当期与预期波动的核心驱动因素；而财富存量的波动又反过来对金融资产价格的当期与预期波动做出响应。这意味着国家与市场的关系发生了深刻变革，中央银行与各国财政部愈发被迫满足两大迫切需求：防范私人部门损失，以及抵消这些损失可能对经济产出、收入与就业水平产生的负面扭曲效应。