Expiré : 2019/02/08 – 8 février – Deuxième séance du séminaire des doctorants Joël Rabinovich (CEPN – U.P13)

La deuxième séance du séminaire doctorants CEPN de l’année 2019 se déroulera le vendredi 8 février de 12h30 à 13h30 en K301 (UFR SEG, campus de Villetaneuse).

Joël Rabinovich fera une présentation intitulée «Cash holdings and the financialisation of Latin American non-financial corporations».

Abstract – During the 2000s, Latin American economies went through a period of accelerated economic growth and buoyant financial markets, in the midst of the upward phase of the commodities prices and foreign capital inflows cycle. In spite of this favorable context, according to the literature (Cepal, 2014, IMF, 2015), non-financial corporations` (NFCs) investment performance fell behind expectations. Moreover, this disappointing behavior seems to linger on today.

Meanwhile, Latin American NFCs steadily increased their ratio of cash and equivalents to total assets mirroring a similar performance by advanced economies` corporates over the last 30 years. The financialisation literature has linked the increase in financial assets held by NFCs to the quest for financial profits (Crotty, 2005; Krippner, 2011; Orhangazi, 2008; Stockhammer, 2004). 

Although substantial media and academic attention has been devoted to growing cash holdings in developed countries, the recent increase by Latin American firms has been mostly overlooked by scholars. In this context, we aim to measure and explain the evolution of the financialisation of NFCs from Latin America during the last twenty years, seeking to highlight its connections to NFCs subdued investment performance. Among the broad array of definitions, we focus in the narrower notion of financialisation as the acquisition by NFCs of financial assets from which they derive a growing proportion of income. We intend to use firm-level financial data from a sample of 3000 listed firms from the six largest Latin American economies: Argentina, Brasil, Chile, Mexico, Peru and Colombia.

We first test whether financial profitability effectively causes the acquisition of financial assets by Latin American NFCs, as a number of scholars within the financialisation literature posit. Second, we discuss whether financialisation comes as a result of additional forces particularly shaping capital accumulation conditions in Latin America. These include factors such as the world economy business cycle, external vulnerability, and relative prices volatility. By considering these forces as potential sources of financialisation, we build on the Latin American Structuralist tradition. In particular, its emphasis in the external dynamics of the business cycle in Latin America, and its dependence on developed economies business cycle (Abeles and Valdecantos, 2016, Prebisch, 1946).

Vous pouvez retrouver le programme prévisionnel du 2nd semestre et le mode d’emploi du séminaire ici.

Des sandwichs, salades, fruits et bouteilles d’eau seront à votre disposition.

En espérant vous voir nombreux.ses,

L’équipe organisatrice du séminaire des doctorants CEPN