Subordinate financialisation in Argentina and Brazil. Different patterns of dependence

Autores
Bona, Leandro Marcelo; Wainer, Andres Gaston
Año de publicación
2025
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
This article contributes to the literature on dependency theory and subordinate financialisation in peripheral economies by examining the cases of Argentina and Brazil. Building upon the subordinate financialisation framework (Kaltenbrunner, Alami) and dependency theory (Marini), we analyse these nations' distinct experiences of international subordinate financialisation. Drawing on original evidence from constructed datasets of national and international accounts, we demonstrate that Brazil exhibits conventional drivers of subordinate financialisation—including household indebtedness, financialisation of non-financial corporations, and a developed banking system reliant on high interest rates to attract foreign capital. Conversely, Argentina manifests financial subordination through structural foreign currency illiquidity (at both national and internationallevels), dollarisation of savings, cyclical external indebtedness shaping real business cycles, and persistent capital flight.
Fil: Bona, Leandro Marcelo. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Facultad Latinoamericana de Ciencias Sociales. Sede Académica Argentina Buenos Aires. Área de Economía y Tecnología; Argentina
Fil: Wainer, Andres Gaston. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Facultad Latinoamericana de Ciencias Sociales. Sede Académica Argentina Buenos Aires. Área de Economía y Tecnología; Argentina
Materia
SUBORDINATE FINANCIALISATION
DEPENDENCY
ARGENTINA
BRAZIL
SOVEREIGN DEBT
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
Repositorio
CONICET Digital (CONICET)
Institución
Consejo Nacional de Investigaciones Científicas y Técnicas
OAI Identificador
oai:ri.conicet.gov.ar:11336/280302
Acceder
id CONICETDig_f5511e7b191885dda6be4d6044831d77
oai_identifier_str oai:ri.conicet.gov.ar:11336/280302
network_acronym_str CONICETDig
repository_id_str 3498
network_name_str CONICET Digital (CONICET)
spelling Subordinate financialisation in Argentina and Brazil. Different patterns of dependenceBona, Leandro MarceloWainer, Andres GastonSUBORDINATE FINANCIALISATIONDEPENDENCYARGENTINABRAZILSOVEREIGN DEBThttps://purl.org/becyt/ford/5.2https://purl.org/becyt/ford/5https://purl.org/becyt/ford/5.4https://purl.org/becyt/ford/5This article contributes to the literature on dependency theory and subordinate financialisation in peripheral economies by examining the cases of Argentina and Brazil. Building upon the subordinate financialisation framework (Kaltenbrunner, Alami) and dependency theory (Marini), we analyse these nations' distinct experiences of international subordinate financialisation. Drawing on original evidence from constructed datasets of national and international accounts, we demonstrate that Brazil exhibits conventional drivers of subordinate financialisation—including household indebtedness, financialisation of non-financial corporations, and a developed banking system reliant on high interest rates to attract foreign capital. Conversely, Argentina manifests financial subordination through structural foreign currency illiquidity (at both national and internationallevels), dollarisation of savings, cyclical external indebtedness shaping real business cycles, and persistent capital flight.Fil: Bona, Leandro Marcelo. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Facultad Latinoamericana de Ciencias Sociales. Sede Académica Argentina Buenos Aires. Área de Economía y Tecnología; ArgentinaFil: Wainer, Andres Gaston. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Facultad Latinoamericana de Ciencias Sociales. Sede Académica Argentina Buenos Aires. Área de Economía y Tecnología; ArgentinaUniversity of Warwick2025-12info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfapplication/pdfapplication/pdfhttp://hdl.handle.net/11336/280302Bona, Leandro Marcelo; Wainer, Andres Gaston; Subordinate financialisation in Argentina and Brazil. Different patterns of dependence; University of Warwick; Alternautas; 12; 2; 12-2025; 91-1242057-4924CONICET DigitalCONICETenginfo:eu-repo/semantics/altIdentifier/url/https://journals.warwick.ac.uk/index.php/alternautas/article/view/1728info:eu-repo/semantics/altIdentifier/doi/10.31273/kz937g98info:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/2.5/ar/reponame:CONICET Digital (CONICET)instname:Consejo Nacional de Investigaciones Científicas y Técnicas2026-02-26T10:28:56Zoai:ri.conicet.gov.ar:11336/280302instacron:CONICETInstitucionalhttp://ri.conicet.gov.ar/Organismo científico-tecnológicoNo correspondehttp://ri.conicet.gov.ar/oai/requestdasensio@conicet.gov.ar; lcarlino@conicet.gov.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:34982026-02-26 10:28:56.496CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicasfalse
dc.title.none.fl_str_mv Subordinate financialisation in Argentina and Brazil. Different patterns of dependence
title Subordinate financialisation in Argentina and Brazil. Different patterns of dependence
spellingShingle Subordinate financialisation in Argentina and Brazil. Different patterns of dependence
Bona, Leandro Marcelo
SUBORDINATE FINANCIALISATION
DEPENDENCY
ARGENTINA
BRAZIL
SOVEREIGN DEBT
title_short Subordinate financialisation in Argentina and Brazil. Different patterns of dependence
title_full Subordinate financialisation in Argentina and Brazil. Different patterns of dependence
title_fullStr Subordinate financialisation in Argentina and Brazil. Different patterns of dependence
title_full_unstemmed Subordinate financialisation in Argentina and Brazil. Different patterns of dependence
title_sort Subordinate financialisation in Argentina and Brazil. Different patterns of dependence
dc.creator.none.fl_str_mv Bona, Leandro Marcelo
Wainer, Andres Gaston
author Bona, Leandro Marcelo
author_facet Bona, Leandro Marcelo
Wainer, Andres Gaston
author_role author
author2 Wainer, Andres Gaston
author2_role author
dc.subject.none.fl_str_mv SUBORDINATE FINANCIALISATION
DEPENDENCY
ARGENTINA
BRAZIL
SOVEREIGN DEBT
topic SUBORDINATE FINANCIALISATION
DEPENDENCY
ARGENTINA
BRAZIL
SOVEREIGN DEBT
purl_subject.fl_str_mv https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
https://purl.org/becyt/ford/5.4
https://purl.org/becyt/ford/5
dc.description.none.fl_txt_mv This article contributes to the literature on dependency theory and subordinate financialisation in peripheral economies by examining the cases of Argentina and Brazil. Building upon the subordinate financialisation framework (Kaltenbrunner, Alami) and dependency theory (Marini), we analyse these nations' distinct experiences of international subordinate financialisation. Drawing on original evidence from constructed datasets of national and international accounts, we demonstrate that Brazil exhibits conventional drivers of subordinate financialisation—including household indebtedness, financialisation of non-financial corporations, and a developed banking system reliant on high interest rates to attract foreign capital. Conversely, Argentina manifests financial subordination through structural foreign currency illiquidity (at both national and internationallevels), dollarisation of savings, cyclical external indebtedness shaping real business cycles, and persistent capital flight.
Fil: Bona, Leandro Marcelo. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Facultad Latinoamericana de Ciencias Sociales. Sede Académica Argentina Buenos Aires. Área de Economía y Tecnología; Argentina
Fil: Wainer, Andres Gaston. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Facultad Latinoamericana de Ciencias Sociales. Sede Académica Argentina Buenos Aires. Área de Economía y Tecnología; Argentina
description This article contributes to the literature on dependency theory and subordinate financialisation in peripheral economies by examining the cases of Argentina and Brazil. Building upon the subordinate financialisation framework (Kaltenbrunner, Alami) and dependency theory (Marini), we analyse these nations' distinct experiences of international subordinate financialisation. Drawing on original evidence from constructed datasets of national and international accounts, we demonstrate that Brazil exhibits conventional drivers of subordinate financialisation—including household indebtedness, financialisation of non-financial corporations, and a developed banking system reliant on high interest rates to attract foreign capital. Conversely, Argentina manifests financial subordination through structural foreign currency illiquidity (at both national and internationallevels), dollarisation of savings, cyclical external indebtedness shaping real business cycles, and persistent capital flight.
publishDate 2025
dc.date.none.fl_str_mv 2025-12
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/11336/280302
Bona, Leandro Marcelo; Wainer, Andres Gaston; Subordinate financialisation in Argentina and Brazil. Different patterns of dependence; University of Warwick; Alternautas; 12; 2; 12-2025; 91-124
2057-4924
CONICET Digital
CONICET
url http://hdl.handle.net/11336/280302
identifier_str_mv Bona, Leandro Marcelo; Wainer, Andres Gaston; Subordinate financialisation in Argentina and Brazil. Different patterns of dependence; University of Warwick; Alternautas; 12; 2; 12-2025; 91-124
2057-4924
CONICET Digital
CONICET
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/https://journals.warwick.ac.uk/index.php/alternautas/article/view/1728
info:eu-repo/semantics/altIdentifier/doi/10.31273/kz937g98
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.format.none.fl_str_mv application/pdf
application/pdf
application/pdf
dc.publisher.none.fl_str_mv University of Warwick
publisher.none.fl_str_mv University of Warwick
dc.source.none.fl_str_mv reponame:CONICET Digital (CONICET)
instname:Consejo Nacional de Investigaciones Científicas y Técnicas
reponame_str CONICET Digital (CONICET)
collection CONICET Digital (CONICET)
instname_str Consejo Nacional de Investigaciones Científicas y Técnicas
repository.name.fl_str_mv CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicas
repository.mail.fl_str_mv dasensio@conicet.gov.ar; lcarlino@conicet.gov.ar
_version_ 1858305961408593920
score 12.665996

Publicaciones similares