Finance’s New Avatar
The transformation of finance in recent decades has involved new property rights creating novel financial assets and transnational financial relations. Ascendant financialization, associated with financial globalization, has facilitated the capture of financial rents from changes in the prices of securities, held directly or indirectly, and often financed through repo markets. Commercial banks increasingly serve securities and derivative markets, as shadow banking has grown in significance, accelerating financial wealth concentration.
KeywordsFinancialization Financial globalization Shadow banking Financing for development Securitization Development banking
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