This paper provides an overview of some of the long-run changes in the relationship between the financial and non-financial aggregate sectors of the South African economy. In particular the paper considers the impact of financialisation on capital investment, consumption, inequality and the...

This paper surveys some of the important literatures on financial, economic and social systems with an eye towards explaining the tendencies towards ‘financialisation’. We focus on important strands of this literature: the French Regulation School, the US-based Social Structures of...

The paper sets out different perspectives on the bank-based vs market-based typology of financial systems. It presents a general critique of the typology, paying particular attention to the ways in which the typology reflects a loanable funds approach, ignoring the roles of banks in the credit...

This paper analyses financial crises from a theoretical point of view. For this it reviews what different schools of economic thought have to say about financial crises. It examines first the approaches that regard financial crises as a disturbing factor of a generally stable real economy...

This paper explores the role of housing in households’ increasing financial activities. First, I build on quantitative work on the growth of housing related debt across Europe carried out under WP5 by presenting data on rates of homeownership, levels and types of mortgage debt, and house...

The financial system is a private-public partnership coming from government ceding the right to produce means of payment with the related permission on leveraged lending services, against the acceptance of rules designed to ensure stability for both individual institutions and the financial...

The paper is focused on the role of finance in the context of the implementation of industrial along the lines of industrial strategy. It argues that there is not a shortage of savings for the funding of investment, and that attention should focus on the direction of savings in ways compatible...

The purpose of this report is to analyse the impact of the financial sector on the real sector of the economy in the selected old (France, Germany, Italy, Sweden, the United Kingdom) and new (the Czech Republic, Hungary, Poland) EU member states. The specific objectives are: 1. Analysis of the...

Over time the financial sector has gained greater relevance in the economy, a phenomenon that some call financialisation. Contrary to the mainstream view, financialisation literature emphasises that risk management by financial corporations will not be socially efficient in a context of...

This paper examines capital adequacy regulation in Germany. After a general overview of financial regulation in Germany, the paper focuses on the most important development in the area of capital adequacy regulation from the 1930s up to the financial crisis. Two main trends are identified: a...