Financialised internationalisation and structural hierarchies

Dr Annina Kaltenbrunner of the Economics Division, University of Leeds Business School, will be presenting as part of the Sociology and Social Policy (SSP) lunchtime seminar series.


This paper conducts an extensive mixed-method study of exchange rate determination in the Brazilian foreign exchange market.

It combines semi-structured interviews with foreign exchange market participants in Brazil and London and advanced time-series econometrics. In line with PKtheory and critical realist ontology, the interviews uncover the context-specific expectations and underlying processes and structures that condition exchange rate dynamics in Brazil and emerging economies more generally.

The results point to important structural changes in Brazil’s financial integration in the form of currency internationalisation and financialisation. Moreover, they show that this internationalisation has been mediated through a structured and hierarchic international monetary system which fundamentally distinguishes exchange rate drivers in emerging economies from those in developed ones.

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Location details

Social Sciences Building
University of Leeds

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