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Triptych of liberalization, globalization and financialization : implications for economic growth, development and stability in developing and emerging economies

Abstract : The objective of this thesis is to study the triptych of liberalization, globalization and financialization of modern capitalism which has not only came up with distressing consequences for developing and emerging economies during 1990s, but also devastating crisis for developed economies during 2000s - economies with ‘apparently' well-developed financial systems. In this aim, multi-pronged body of theoretical and empirical research has been identified, synthesized and analyzed to present a unique debate focusing on unstable and factitious nature of neo-liberal and finance-led capitalism, developed during last four decades. This dissertation has particular implications for economic growth and development as well as for financial stability in developing and emerging economies which also adopted this modern capitalism. In this aim, this thesis has been divided into four chapters. First chapter is dealing with the relationship between finance and growth. In this regard, evolution of key ideas, theories and empirical research is presented to reach at the concept of financial repression and its implications for developing and emerging economies. Second chapter has analyzed the propositions for financial liberalization with particular emphasis on Washington Consensus and financial globalization as well as the opposition against financial liberalization with particular emphasis on critique by new structuralists and Institutionalists. Third chapter is closely focused on the implications of series of crises and instability in liberalized and open financial markets of emerging economies of Asia and Latin America during late 1990s. Final chapter is using the incidence of current crisis in developed economies to explore the weak foundations of global financial structure and its implications for neoliberal form of finance-led capitalism which demands more consistent financial framework.
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Saadia Irshad. Triptych of liberalization, globalization and financialization : implications for economic growth, development and stability in developing and emerging economies. Economics and Finance. Université de Grenoble, 2013. English. ⟨NNT : 2013GRENE006⟩. ⟨tel-00971812⟩

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