A financializáció szerepe a globális pénzügyi válság kialakulásában
The Role of Financialization in the Formation of Global Financial Crisis

Summary/Abstract: The article deals with a new model of market economy created in the past three decades, arising because of financial liberalization and deregulation and meant as the control of economic processes based on fi nancial basis. Financialization represents a substantial move from direct investments to production capacities towards open fi nancial markets. Critics of this process see as a main problem that fi nancial economy becomes independent from production fi nancialization creates an artificial financial economy. After fi nancial liberalization and deregulation fi nance and speculation became more closely intertwined than ever. Leveraged fi nancial speculation becomes very risky and limitless because fi nancial leverage of institutions and the debt of fi nancial investors increased out of proportion. As a result of all these factors financial institutions become extremely fragile. Analyzing cause and effect the author discusses the role of weak regulation, the political economy implications of fi nancialization and its role in the rise of fi nancial crisis. Final conclusions are not optimistic. According to the author’s opinion the leading role of fi nancialization in the fi nancial system became one of the most important infl uencing factors of the fi nancial crisis and as such there is a pronounced possibility of the initiation of similar crises, as the superfi cial treatment of the crisis did not eliminate its fundamental causes.

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