Financialization and state capitalism in Hungary after the Global Financial Crisis

2021 ◽  
pp. 102452942110032
Author(s):  
David Karas
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Active Role ◽  
The State ◽  
State Capitalism ◽  
Political Risks ◽  
Role Of The State ◽  
Advanced Economies ◽  
The Global Financial Crisis

Whereas the active role of the state in steering financialization is consensual in advanced economies, the financialization of emerging market economies is usually examined through the prism of dependency: this downplays the domestic political functions of financialization and the agency of the state. With the consolidation of state capitalist regimes in the semi-periphery after the Global Financial Crisis, different interpretations emerged – some linking state capitalism with de-financialization, others with coercive projects deepening it. Preferring a more granular and multi-dimensional approach, I analyse how different facets of financialization might represent political risks or opportunities for state capitalist projects: Based on the Hungarian example, I first explain how the constitution of a ‘financial vertical’ after 2010 inaugurated a new mode of statecraft. Second, I show how the financial vertical enabled rentier bargains between state and society after 2015 by deepening the financialization of social policy and housing in response to a looming crisis of competitiveness.

scholarly journals Change in the ownership policy paradigm in Poland: State control vs. privatisation

2017 ◽  
Vol 67 (1) ◽  
pp. 1-20 ◽  
Author(s):  
Piotr Kozarzewski ◽  
Maciej Bałtowski
Keyword(s):  
Global Financial Crisis ◽  
Active Role ◽  
Rent Seeking ◽  
The State ◽  
Endogenous Factors ◽  
Role Of The State ◽  
Polish Government ◽  
The Global Financial Crisis ◽  
The Impact

The paper presents an analysis of the shift in the ownership policy of the Polish government in office since 2015 towards a more active role of the state and a more reluctant attitude towards privatisation. This shift reflects a general change in the paradigm of the role of the state towards the concept of the state as a strong market player, which includes the strengthening of its ownership functions. Among others, it has led to stalling the privatisation process and concentrating only on its fiscal goals. Possible factors causing this statist shift are divided into two dichotomic groups: the government’s good faith vs. the impact of rent-seeking interest groups and endogenous vs. exogenous factors. Our main conclusion is that despite similarities with the trends observed in some other countries, endogenous factors such as increasing capture of the state by rent-seeking groups, and not the exogenous ones, including the global financial crisis, contributed most to the growing statist trends in the Polish state’s ownership policy.

scholarly journals THE ANTI-CRISIS ROLE OF THE STATE (BASED ON THE EXPERIENCE OF THE GLOBAL FINANCIAL AND THE CORONOMIC CRISIS)

2020 ◽  
pp. 35-41
Author(s):  
ELGUJA MEKVABISHVILI
Keyword(s):  
Value Chain ◽  
Global Financial Crisis ◽  
Active Role ◽  
The United States ◽  
The State ◽  
Bridge Management ◽  
Leading Role ◽  
Role Of The State ◽  
The Global Financial Crisis

A system that is a mixed economy has established in modern post-industrial countries and the participation of the state in it is very important. The active role of the state is especially evident in extreme situations, as evidenced by the experience of the most acute of the 21st century - the global financial crisis and the coronary crisis caused by the Covid-19 pandemic. Against the background of the implemented and ongoing changes in the economies of world and nation states in economic theory today we see the revival of the Keynesian doctrine. This doctrine withdrew the United States of America, as well as other countries, out of the worst crisis of the 20th century, out of the so-called „The Great Depression“ and it has been a major factor in the unprecedented economic success of these countries during four decades. A comparative analysis of the global financial and economic crises shows that the state not only plays a leading role in the process of rescuing economies from the crisis, but also its participation in post-crisis development, which implies the so-called Performing the function of «bridge management». Based on the experience of the coronary crisis, in order to ensure the stability and development of the Georgian economy, we consider it necessary: • Based on finding and using local resources, the state should implement economic policies aimed at accelerating the development of the real sector of the economy, diversifying the internal food market, reducing the negative foreign trade balance of agri-food products. This does not mean prioritizing import-substituting production, but focusing on the development of local production of products whose resources currently exist in our country; • The state must create strategic reserves of food, medical supplies and basic necessities, which are vital in a rapidly changing global environment full of uncertainty and risk; • Attitudes towards the tourism sector need to be changed substantially. After the end of the pandemic, the world will return to normal life and the number of tourists entering Georgia will increase again. However, given the lessons of the pandemic, we must bear in mind that it is necessary to: a) move to an intensive model of tourism; B) Organic inclusion of tourism in the local value chain; C) Pay more attention to the development of local tourism.

scholarly journals Coronavirus crisis and its effects on the economy

2020 ◽  
Vol 4 (2) ◽  
pp. 13-17 ◽  
Author(s):  
Oleg V. Buklemishev
Keyword(s):  
Financial Crisis ◽  
Cultural Change ◽  
Global Financial Crisis ◽  
Trade Flows ◽  
The State ◽  
Relative Prices ◽  
Transmission Channels ◽  
Role Of The State ◽  
The Global Financial Crisis

Unlike the global financial crisis of 2007-2009, the current economic turmoil turns to be more severe and lasting being aggravated by the epidemiological uncertainties. This fact is mainly due to the specifics of the crisis in terms of its main transmission channels (via demand, supply, finance and expectations) and its likely consequences, including technological shift, varying the direction and volume of trade flows, adjustments of structural proportions and relative prices and most of all – socio-cultural change bringing about the increased role of the state and de-globalization deepening. These post-crisis effects and the uncertain prospects of recovery are considered in the article.

Conclusions

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Advanced Economies ◽  
The Global Financial Crisis ◽  
Zero Bound

The preceding chapters have examined the deepened integration of emerging and developing economies (EDEs) into the international financial system in the new millennium and their changing vulnerabilities to external financial shocks. They have discussed the role that policies in advanced economies played in this process, including those that culminated in the global financial crisis and the unconventional monetary policy of zero-bound interest rates and quantitative easing adopted in response to the crisis, as well as policies in EDEs themselves....

Foucault against the Foucauldians? On the problem of the neoliberal state

Thesis Eleven ◽  
2021 ◽  
pp. 072551362110533
Author(s):  
Henry Maher
Keyword(s):  
Financial Crisis ◽  
Financial Markets ◽  
Global Financial Crisis ◽  
The State ◽  
Original Text ◽  
Relevant Today ◽  
The Global Financial Crisis

The survival of neoliberal forms of governance after their apparent repudiation during the Global Financial Crisis is a problem that continues to generate significant scholarly controversy. One of the most influential accounts of the survival of neoliberalism in the crisis draws on Michel Foucault’s The Birth of Biopolitics to claim that states intervening to support financial markets during the crisis was simply the neoliberal system working as expected. Returning to Foucault’s original text, I argue this account constitutes a systematic misreading because it treats Foucault as having developed an instrumentalist theory of the neoliberal state, a possibility Foucault explicitly rejected. I suggest that the reasons that led Foucault to reject an instrumentalist theory of the state remain just as relevant today, and accordingly argue for a return to Foucault’s methodological decision to treat neoliberalism not as a theory of state but as a discourse which constructs a novel bio-political governmentality.

Restructuring Measurements Impact on Bank Risk After the Global Financial Crisis — Empirical Evidence from Vietnam

2021 ◽  
pp. 2150019
Author(s):  
Tu T. T. Tran ◽  
Yen Thi Nguyen
Keyword(s):  
Financial Crisis ◽  
Commercial Banks ◽  
Global Financial Crisis ◽  
Banking System ◽  
The State ◽  
Bank Risk ◽  
The Government ◽  
The Global Financial Crisis ◽  
Bank System ◽  
The Impact

Project 254 signed in November 2011 which is relating to “Restructuring the system of credit institutions in the period of 2011–2015” has been considered as a milestone in marking the Vietnamese government to prevent the influence of the financial crisis of 2008. This paper identifies hypotheses evaluating the impact of restructuring measurements on the risk of the Vietnamese’s commercial banks in 10 years, starting from 2008. Using the OLS regression method for analysis by running Eviews and ANOVA test in SPSS with a unique database of 216 observations of 31 commercial banks in Vietnam, it was found that: (i) The bail-out activities of the State Bank of Vietnam in 2015 does not influence on bank risk, (ii) The mergers and acquisitions (M&A) do not support the bank to reduce risk, it increases the risk for acquiring banks, (iii) The global crisis 2008 exerts dire consequence on the bank system in Vietnam, (iv) There is the difference of risk among the groups of the bank experiencing a different number of years of operation. Basing on this result, the paper also makes recommendations to the Government, The State Bank of Vietnam and the commercial banks for effective risk management toward the development of the Vietnamese banking system.

Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations

Policy Papers ◽  
2009 ◽  
Vol 09 ◽  
Author(s):  
Keyword(s):  
Developing Countries ◽  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Low Income Countries ◽  
Guidance Note ◽  
Special Drawing ◽  
The Global Financial Crisis ◽  
Special Drawing Rights

Against the backdrop of the global financial crisis, the IMF has decided to implement a US$250 billion general allocation of special drawing rights (SDRs). In addition, the Fourth Amendment of the Fund’s Articles of Agreement has recently become effective, and will make available to SDR Department participants a special allocation of up to an additional SDR 21.5 billion (US$33 billion). Nearly US$115 billion of these combined allocations will go to emerging market and developing countries, including about US$20 billion to low-income countries (LICs), thereby providing an important boost to the reserves of countries with the greatest needs.

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