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Financial Liberalisation
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The macroeconomic consequences of financialliberalisation is far from salutary. Critiquing thefinancial liberalisation thesis, we explore theexisting theoretical and empirical literature tounderstand the nuances of financial flows and theirimplications for the determination of macroeconomicaggregates. We provide an analytical explanation ofthe positivity of the rate of interest incapitalistic economies. In an economy where thetransformation to capitalism is incomplete, therelationship between agriculture and industryremains fundamental. The provision of credit isbound up with the distribution of income betweenclasses. Banks can play a role in the production ofcommodities by means of labour. The analyticalmodels are broadly corroborated by empiricalfindings. They provide rationale for oftenwitnessed structural credit constraint in manyemerging economies. Expectations and animal spiritsof firms matter for the utilisation of credit.The discussion provides a way forward forunderstanding the financially-layered modern economyand to formulate appropriate macroeconomic policy.
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