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Financialisation, financial crises and changes in the financial sector: a summary of EU’s FESSUD project

International Social Science Journal (Chinese Edition)

No.1, 2021

 

Financialisation, financial crises and changes in the financial sector: a  summary of EU’s FESSUD project 

(Abstract)

 

JIA Ruixia

 

Financialisation, Economy, Society and Sustainable Development (FESSUD) is a multidisciplinary research project which aims to forge alliances and concerted efforts across social sciences to learn lessons from the 2008 global financial crisis and understand how finance can better serve economic, social and environmental needs. It brings together expertise from many leading universities to look afresh at how financial system affects the world around us. The project examines the definitions of financialisation and analyses the characteristics of the present era of financialisation. On the basis of revisiting theories of money and finance in economics, it makes effort to understand financial crises in general and the 2008 crisis in particular to explain their genesis and consequences. To investigate into the influences of financialisation on financial systems of countries, the project examines the systems in many countries and produces a lot of reports on individual countries’ systems. Moreover, it conducts deep research on changes of their financial sectors. Regulation, de-regulation and financial liberalisation also constitute important themes within the project, with focus on the experiences of de-regulation and financial liberalisation in the era of financialisation and their relations with financial crises.