Finance in the Developing World: Debt, credit and financialization in the Global South (2235.YR.014773.1)

General information

Type:	OPT	Curs:	3	Period:	S semester
ECTS Credits:	3 ECTS

Teaching Staff:

Group	Teacher	Department	Language
Year 3	Fulya Apaydin vom Hau	Dirección General y Estrategia	ENG

There are no prerequisites for taking this course

Introductory level economics knowledge is desired but not required

Please see the assessment criteria.

This course explores the evolution financialization in the Global South in comparative perspective. The first half of the course draws the theoretical frame, paying special attention to the history of money and the evolution of financial markets. The second half of the course focuses on contemporary case studies with greater emphasis on institutions, crisis, political consequences and the more recent experiences of developing countries.

By the end of this course, students should:
- understand the conceptual tools used by experts and scholars of financialization
- acquire the necessary vocabulary to develop their own argument and/or criticize existing approaches
- generate new hypotheses for further research and inquiry
- develop their written and oral skills when interacting with a more specialized audience

1. Syllabus Week 1 What is money? Graeber, David (2011). 8. Credit vs. Bullion and the Cycles of History. in Debt: the first 5000 years, Melvillehouse, NY. Desan, C. (2017). 6. The Constitutional Approach to Money. In Money Talks (pp. 109-130). Princeton University Press. Week 2 What is finance? What is financialization? Krippner, G. R. (2005). The financialization of the American economy. Socio-economic review, 3(2), 173-208. Van der Zwan, N. (2014). Making sense of financialization. Socio-economic review, 12(1), 99-129. Week 3 Is financialization a singular phenomenon? Karwowski, E. (2020). Economic development and variegated financialization in emerging economies. In The Routledge International Handbook of Financialization (pp. 162-176). Routledge. Petry, J. (2020). Financialization with Chinese characteristics? Exchanges, control and capital markets in authoritarian capitalism. Economy and Society, 49(2), 213-238. Bonizzi, B. (2013). Financialization in developing and emerging countries: a survey. International journal of political economy, 42(4), 83-107. Week 4 Finance, economic growth and development Tomaskovic-Devey, D., Lin, K. H., & Meyers, N. (2015). Did financialization reduce economic growth?. Socio-Economic Review, 13(3), 525-548. Levy-Orlik, N. (2013). Financialization and economic growth in developing countries: The case of the Mexican economy. International Journal of Political Economy, 42(4), 108-127. Bortz, P. G., & Kaltenbrunner, A. (2018). The international dimension of financialization in developing and emerging economies. Development and Change, 49(2), 375-393. Week 5 Institutions of financialization Walter, T., & Wansleben, L. (2020). How central bankers learned to love financialization: The Fed, the Bank, and the enlisting of unfettered markets in the conduct of monetary policy. Socio-Economic Review, 18(3), 625-653. Lavoie, Marc. "Financialization, neo-liberalism, and securitization." Journal of Post Keynesian Economics 35, no. 2 (2012): 215-233. Bernards, N. (2019). The poverty of fintech? Psychometrics, credit infrastructures, and the limits of financialization. Review of international political economy, 26(5), 815-838. Week 6 Financialization and the 2008 crisis Aalbers, M. B. (2008). The financialization of home and the mortgage market crisis. Competition & change, 12(2), 148-166. Gemici, K. (2016). Beyond the Minsky and Polanyi Moments: Social Origins of the Foreclosure Crisis. Politics & Society, 44(1), 15-43. Week 7 The political consequences of financialization Chwieroth, J. M., & Walter, A. (2017). Banking crises and politics: a long-run perspective. International Affairs, 93(5), 1107-1129. Pacewicz, J. (2013). Tax increment financing, economic development professionals and the financialization of urban politics. Socio-Economic Review, 11(3), 413-440. Week 8 Digital currencies and future of finance Chandrasekhar, C. P., & Ghosh, J. (2018). The financialization of finance? Demonetization and the dubious push to cashlessness in India. Development and change, 49(2), 420-436. Boamah, E. F., & Murshid, N. S. (2019). ¿Techno-market fix¿? Decoding wealth through mobile money in the global South. Geoforum, 106, 253-262. Week 9 Student Presentations Week 10 Student Presentations

Attendance and participation: 10%
All students are required to attend all of the lectures and participate in class discussions.

Midterm exam: 30%
There will be one midterm exam in take-home format. The questions will be distributed after the 5th meeting.

In-class presentation: 20%
During the last two sessions, the students will do a presentation. The details of this assignment will be announced in Week 6.

Final exam: 40%
There will be a final exam based on all the material we have covered during the semester.

ASSESSMENT BREAKDOWN

Please see the weekly reading list.

Group	Teacher	Department
Year 3	Fulya Apaydin vom Hau	Dirección General y Estrategia