Financial capital continues to dominate Western economic organisations, despite major financial and economic crises. While these have not affected Latin American countries in the same way, other economic problems emerged after the reversion of loose monetary policies that debilitated the export-led growth model. This book discusses the issue of the financialised globalisation model in Latin America, looking at the region’s relationship with the international market.

This edited collection is divided into three main sections. The first section discusses regional trends highlighting issues of trade and payments in financialised economies, the impact on deindustrialisation, its effect on inequality, external capital movements and monetary policies. The second section analyses the failure of comparative advantages of the export-led model in Colombia, Argentina and Mexico. Finally, the last section deals with the growth of financial balance sheets in small and developing economies such as Chile; how growth, investment and big corporation evolution were affected in Brazil and Mexico; and the effects of foreign exchange activity in Mexico. Through these discussions, this book aims to deepen the understanding of the crisis of financialisation and the export-led model, raising the question of whether it is possible for this model to continue or if it requires major readjustments to unfold economic growth.

This book provides a distinctive analysis of the financialisation mechanisms in developing countries in order to emphasise affinities and differences between the countries of the region in productive and financial terms. It will be of great interest to economic and social science scholars and students, to journalists specialising on economic and development issues, and, more importantly, to policy makers.

chapter |9 pages


Edited ByNoemi Levy, Jorge Bustamante

part I|2 pages

Regional trends

chapter 1|12 pages

Multilateralism and regional trade and payments 1

ByJan Toporowski

chapter 3|17 pages

Limits and perspectives of export-led growth model and foreign direct investment in Latin America and Mexico

Edited ByGuadalupe Huerta Moreno, Luis Kato

chapter 5|14 pages

Financialisation and economic inequality in Latin America

ByHanna Szymborska

part II|2 pages

The failure of comparative advantages

chapter 7|17 pages

Structural change in Colombia

From import substitution to export-led growth illusion
Edited ByDiego Guevara, Gonzalo Cómbita, Camilo Guevara

chapter 8|19 pages

Financialisation of commodities, reserve accumulation and debt in Argentina

Edited ByAlan Cibils, Cecilia Allami

chapter 9|19 pages

A sectoral analysis of Mexico’s external economic opening (1982–2016)

Edited ByAbelardo Mariña, Sergio Cámara

chapter 10|18 pages

The natural resource curse and financial development of Mexico 1

Edited ByAlicia Puyana Mutis, Katya Pérez Guzmán

part III|2 pages

The growth of financial balance sheets

chapter 11|22 pages

Financialisation in a small, open developing economy

The case of Chile 1
Edited ByNoemi Levy, Esteban Pérez Caldentey, Nicole Favreau Negront

chapter 12|19 pages

Financialisation, growth and investment in Brazil

Edited ByLuiz Fernando de Paula, Tiago R. Meyer

chapter 14|15 pages

Financial capital flows and FOREX activities in Mexico

Finance or speculation?
ByNoemi Levy

chapter 15|15 pages

Exchange rate policy restrictions on a high-volatility environment

The Mexican currency
Edited ByNora Ampudia Márquez, Luis Raúl Rodríguez Reyes