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1、PRELIMINARYDRAFTPLEASEDONOTQUOTEWITHOUTPERMISSIONCOMMENTSWELCOMEDFinancializationintheAmericas:EvidenceandConsequencesFernandoI.LeivaDepartmentofLatinAmerican,CaribbeanandUSLatinoStudiesUniversityatAlbanyfleiva@albany.eduStanleyMalinowitzDepartamentodeEconomíaUniversidadNacionaldeCo
2、lombiasmalinowitz@yahoo.comPaperpreparedforthe2007MeetingoftheLatinAmericanStudiesAssociation,MontrealPanelECO043Liberalization:Externalandinternalconstraints1FinancializationintheAmericas:EvidenceandConsequencesFernandoLeivaandStanleyMalinowitzIntroductionInrecentyearstherehasbeena
3、nemergingliteratureonthetopicoffinancializationinEnglishfromapoliticaleconomyperspective.MostofthesewritingsfocusontheUnitedStatesoronthedevelopedcountriesofNorthAmerica,WesternEurope,andAustralia,andsometimesthemoredevelopedeconomiesofAsia.Simultaneouslytherehasbeenanemerginglitera
4、tureinSpanishonfinancializationinLatinAmerica.MostofwhatispublishedinEnglishonLatinAmericaisfocusedonfinancialliberalizationoronfinancialcrisesinspecificcountries(Argentina,Brazil,Mexico),whichareimportantaspectsoffinancialization,butdoesnotcoverthebroadertopicwithallitsramification
5、s.Inparticular,workonLatinAmerica,asontheUnitedStatesandotherregions,hasexaminedtheimplicationsoffinancializationfornon-financialfirmsandproductiveinvestment,fordistributionandtheconditionsoflabor,andforeconomicandsocialpolicy.Thelackofcross-fertilizationbetweenthetwoliteraturesisno
6、table.Rarelyifeverdoarticlesandbooksfromonesideappearintranslation(Frenchauthorsaretranslatedintobothlanguages,althoughrarelythesameworks),anditisraretofindauthorsofeithersetcitedinthearticlesoftheother.MeasurementsoffinancializationhavebeencarriedoutfortheUSandOECDcountries,butnotf
7、orLatinAmericaneconomies.ThepurposeofthispaperistoexplorewhetherexistingmeasurementsoffinancializationfortheUSandOECDcountriescanbereplicatedforthecaseofLatinAmerica.IAfterdiscussingthebasicdefinitionoffinancializationanditsimplications,weproceedtoreviewthreeapproachestomeasuringfin
8、ancializationforthe
