ABSTRACT
This chapter examines the major aspects or drivers of financialisation on emerging countries' economies which are related to the international sphere or international integration, in particular to the integration to the international financial system. It is discussed that the strategy of foreign reserves accumulation adopted by emerging economies after the financial crises of the late 1990s was a response to speculative and unstable capital flows. The chapter analyses the international aspects of financialisation, which are directly related to the subordinated position of emerging economies in the international financial system. Therefore, considering the central role of world money in the international financial system and to capital flows, further analytical requirements are necessary to understand emerging countries crises in the late 1990s and the shift towards reserve accumulation.
