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, Massimo Cingolani Search for other works by this author on: Oxford Academic Jan Toporowski Address for correspondence: Jan Toporowski, Economics Department, SOAS University of London, Thornhaugh Street, London WC1H 0XG, UK; email: jt29@soas.ac.uk Search for other works by this author on: Oxford Academic
https://orcid.org/0000-0002-1830-610X Cambridge Journal of Economics, beae011, https://doi.org/10.1093/cje/beae011
Published:
30 March 2024
Article history
Received:
31 August 2020
Revision received:
29 June 2023
Published:
30 March 2024
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Massimo Cingolani, Jan Toporowski, A proper financialisation? New financing mechanisms for developing countries, Cambridge Journal of Economics, 2024;, beae011, https://doi.org/10.1093/cje/beae011
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Abstract
The common view of critics of international finance is that unregulated capital movements destabilise developing countries. At the same time, financial innovations such as foreign exchange swaps are considered to be ‘shadow banking’ and a part of that destabilising international financial environment. The alternative is a reliance on finance in domestic currency. Here there is a problem that finance is poorly developed in many developing countries. This paper outlines an international financing mechanism, based on foreign exchange swaps, that provides for sustainable foreign finance of lending in domestic currencies in developing countries. Section 2 contains a literature review. Section 3 considers the conditions for stable financing of economic activity. Section 4 outlines a swap-based lending facility that can assist domestic financial development and discusses it form the microeconomic viewpoint. Section 5 looks at some of the macro-implications of such a facility. A final section concludes.
© The Author(s) 2024. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.
This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model (https://academic.oup.com/pages/standard-publication-reuse-rights)
JEL
F35 - Foreign Aid O16 - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance O23 - Fiscal and Monetary Policy in Development
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