Abstract Financialisation research has originally focussed on the US experience, but the concept is now increasingly applied to emerging economies (EMEs). There is a rich literature stressing peculiarities of individual country experiences, but little systematic comparison across EMEs. This paper fills this gap, providing an overview of the debate and identifying six financialisation interpretations for EMEs. These different interpretations stress (1) financial deregulation, (2) foreign financial inflows, (3) asset price volatility, (4) the shift from bank-based to market-based finance, (5) business debt, and (6) household indebtedness. We construct and compare measures of the six financialisation interpretations across a sample of 17 EMEs from Latin America, emerging Europe, Africa and Asia, contrasting them with the US and UK, two financialised economies. We find considerable variation in financialisation experiences of EMEs. Asset price volatility is found across the continents. Asia has been more exposed to capital inflows, stock markets have gained importance and private sector debt has risen. In emerging Europe financial deregulation has been more pronounced with lower levels but strong increases in household debt. The picture is similar in South Africa, the African EME in the sample, where household debt is comparatively high. Financialisation in Latin America is weaker according to our measures.

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新兴经济体的金融化：系统概述和与盎格鲁撒克逊经济体的比较

摘要金融化研究最初集中于美国的经验，但是现在这一概念越来越多地应用于新兴经济体（EME）。有丰富的文献强调各个国家的经验的特殊性，但很少有跨EME的系统比较。本文填补了这一空白，概述了辩论并确定了EME的六种金融化解释。这些不同的解释强调（1）金融管制放松，（2）外国金融流入，（3）资产价格波动，（4）从银行融资向市场融资的转变，（5）商业债务和（6）家庭债务。我们在来自拉丁美洲，新兴欧洲，非洲和亚洲的17个新兴市场经济体样本中，构建并比较了六种金融化解释的度量，并与美国和英国进行了对比，两个金融化的经济体。我们发现新兴市场经济体的金融化经验差异很大。在各大洲发现资产价格波动。亚洲更加容易受到资本流入的冲击，股票市场变得越来越重要，私人部门的债务也有所增加。在新兴欧洲​​，金融管制放松的程度较低，但家庭债务却大幅增加。南非的情况与此类似，样本中的非洲新兴市场经济体的家庭债务相对较高。根据我们的措施，拉丁美洲的金融化程度较弱。在新兴欧洲​​，金融管制放松的程度较低，但家庭债务却大幅增加。南非的情况与此类似，样本中的非洲新兴市场经济体的家庭债务相对较高。根据我们的措施，拉丁美洲的金融化程度较弱。在新兴欧洲​​，金融管制放松的程度较低，但家庭债务却大幅增加。南非的情况与此类似，样本中的非洲新兴市场经济体的家庭债务相对较高。根据我们的措施，拉丁美洲的金融化程度较弱。