Edited by Noemi Levy-Orlik, Senior Professor, Economic Faculty, Jorge Alonso Bustamante-Torres, Associate Professor, FES Acatlán, Universidad Nacional Autónoma de México, Mexico City, Mexico and Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy, Editor-in-Chief, Challenge, Founding Editor Emeritus, Review of Keynesian Economics and Director, Monetary Policy Institute

‘This volume provides a useful collection of chapters on the overseas financing of corporates in different Latin American countries that is responsible for both instability and stagnation in the real sectors of these economies. The book, with its rich research material, provides useful input for future research, by academics as well as policy makers.’

• Contents:Introduction: the issues at stake 1Noemi Levy-Orlik, Jorge Alonso Bustamante-Torres and Louis-Philippe RochonPART I POST CRISIS NEW CAPITAL MOVEMENT TREND1 Financial geography and the ‘social reality of finance’: aspatial or ‘realspace’ analyses of financial crises? 9Gary Dymski and Nicole Cerpa Vielma2 The transmission mechanism of financial crisis to developing countries:why the ‘global financial crisis’ wasn’t global 24Jan Toporowski3 Foreign direct investment, inequality, and macroeconomic stability onthe eve of the COVID-19 crisis 38Hanna Szymborska4 Pension funds and domestic debt markets in emerging economies 55Jennifer Churchill, Bruno Bonizzi and Annina Kaltenbrunner5 The distribution of dividends of multinational banks operating in LatinAmerica 72Mimoza Shabani6 The unique development of non-financial corporations in Latin America 89Noemi Levy-Orlik and Jorge Alonso Bustamante-TorresPART II NON-FINANCIAL CORPORATIONS AND ECONOMIC GROWTH7 Capital flows, the role of non-financial corporations and theirmacroeconomic implications: an analysis of the case of Chile 107Esteban Pérez-Caldentey and Nicole Favreau-Negront8 Foreign direct investment in the Mexican steel industry 120Samuel Ortiz-Velásquez9 Excess international liquidity and corporate financing in Mexico:reflections from USA monetary policy of quantitative easing 140Ximena Echenique-Romero10 Foreign direct investment in Latin America: effects on growth anddevelopment, 1996‒2017 158Marcelo Varela-Enríquez and Gustavo Adrián SalazarPART III CAPITAL MOVEMENT AND ECONOMIC PATTERNS11 Latin American international integration and global value chains: whatchanged after the 2008 global financial crisis 175Juan Pablo Painceira and Alexis Saludjian12 From “downpour of investments” to debt crisis: the case of Argentina2015‒2019 193Cecilia Allami, Pablo Bortz and Alan Cibils13 The hegemony of big corporations and the internationalization ofcapital: a stagnation model with restricted democracy 204Gonzalo Cómbita-Mora and Álvaro Martín Moreno-Rivas14 Extractive capitalism: transnational miners and Andean peasants in Peru 222Alejandro Garay-HuamánIndex

Edited by Noemi Levy-Orlik, Senior Professor, Economic Faculty, Jorge Alonso Bustamante-Torres, Associate Professor, FES Acatlán, Universidad Nacional Autónoma de México, Mexico City, Mexico and Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy, Editor-in-Chief, Challenge, Founding Editor Emeritus, Review of Keynesian Economics and Director, Monetary Policy Institute

‘This volume provides a useful collection of chapters on the overseas financing of corporates in different Latin American countries that is responsible for both instability and stagnation in the real sectors of these economies. The book, with its rich research material, provides useful input for future research, by academics as well as policy makers.’

• Contents:Introduction: the issues at stake 1Noemi Levy-Orlik, Jorge Alonso Bustamante-Torres and Louis-Philippe RochonPART I POST CRISIS NEW CAPITAL MOVEMENT TREND1 Financial geography and the ‘social reality of finance’: aspatial or ‘realspace’ analyses of financial crises? 9Gary Dymski and Nicole Cerpa Vielma2 The transmission mechanism of financial crisis to developing countries:why the ‘global financial crisis’ wasn’t global 24Jan Toporowski3 Foreign direct investment, inequality, and macroeconomic stability onthe eve of the COVID-19 crisis 38Hanna Szymborska4 Pension funds and domestic debt markets in emerging economies 55Jennifer Churchill, Bruno Bonizzi and Annina Kaltenbrunner5 The distribution of dividends of multinational banks operating in LatinAmerica 72Mimoza Shabani6 The unique development of non-financial corporations in Latin America 89Noemi Levy-Orlik and Jorge Alonso Bustamante-TorresPART II NON-FINANCIAL CORPORATIONS AND ECONOMIC GROWTH7 Capital flows, the role of non-financial corporations and theirmacroeconomic implications: an analysis of the case of Chile 107Esteban Pérez-Caldentey and Nicole Favreau-Negront8 Foreign direct investment in the Mexican steel industry 120Samuel Ortiz-Velásquez9 Excess international liquidity and corporate financing in Mexico:reflections from USA monetary policy of quantitative easing 140Ximena Echenique-Romero10 Foreign direct investment in Latin America: effects on growth anddevelopment, 1996‒2017 158Marcelo Varela-Enríquez and Gustavo Adrián SalazarPART III CAPITAL MOVEMENT AND ECONOMIC PATTERNS11 Latin American international integration and global value chains: whatchanged after the 2008 global financial crisis 175Juan Pablo Painceira and Alexis Saludjian12 From “downpour of investments” to debt crisis: the case of Argentina2015‒2019 193Cecilia Allami, Pablo Bortz and Alan Cibils13 The hegemony of big corporations and the internationalization ofcapital: a stagnation model with restricted democracy 204Gonzalo Cómbita-Mora and Álvaro Martín Moreno-Rivas14 Extractive capitalism: transnational miners and Andean peasants in Peru 222Alejandro Garay-HuamánIndex

Edited by Noemi Levy-Orlik, Senior Professor, Economic Faculty, Jorge Alonso Bustamante-Torres, Associate Professor, FES Acatlán, Universidad Nacional Autónoma de México, Mexico City, Mexico and Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy, Editor-in-Chief, Challenge, Founding Editor Emeritus, Review of Keynesian Economics and Director, Monetary Policy Institute

‘This volume provides a useful collection of chapters on the overseas financing of corporates in different Latin American countries that is responsible for both instability and stagnation in the real sectors of these economies. The book, with its rich research material, provides useful input for future research, by academics as well as policy makers.’

• Contents:Introduction: the issues at stake 1Noemi Levy-Orlik, Jorge Alonso Bustamante-Torres and Louis-Philippe RochonPART I POST CRISIS NEW CAPITAL MOVEMENT TREND1 Financial geography and the ‘social reality of finance’: aspatial or ‘realspace’ analyses of financial crises? 9Gary Dymski and Nicole Cerpa Vielma2 The transmission mechanism of financial crisis to developing countries:why the ‘global financial crisis’ wasn’t global 24Jan Toporowski3 Foreign direct investment, inequality, and macroeconomic stability onthe eve of the COVID-19 crisis 38Hanna Szymborska4 Pension funds and domestic debt markets in emerging economies 55Jennifer Churchill, Bruno Bonizzi and Annina Kaltenbrunner5 The distribution of dividends of multinational banks operating in LatinAmerica 72Mimoza Shabani6 The unique development of non-financial corporations in Latin America 89Noemi Levy-Orlik and Jorge Alonso Bustamante-TorresPART II NON-FINANCIAL CORPORATIONS AND ECONOMIC GROWTH7 Capital flows, the role of non-financial corporations and theirmacroeconomic implications: an analysis of the case of Chile 107Esteban Pérez-Caldentey and Nicole Favreau-Negront8 Foreign direct investment in the Mexican steel industry 120Samuel Ortiz-Velásquez9 Excess international liquidity and corporate financing in Mexico:reflections from USA monetary policy of quantitative easing 140Ximena Echenique-Romero10 Foreign direct investment in Latin America: effects on growth anddevelopment, 1996‒2017 158Marcelo Varela-Enríquez and Gustavo Adrián SalazarPART III CAPITAL MOVEMENT AND ECONOMIC PATTERNS11 Latin American international integration and global value chains: whatchanged after the 2008 global financial crisis 175Juan Pablo Painceira and Alexis Saludjian12 From “downpour of investments” to debt crisis: the case of Argentina2015‒2019 193Cecilia Allami, Pablo Bortz and Alan Cibils13 The hegemony of big corporations and the internationalization ofcapital: a stagnation model with restricted democracy 204Gonzalo Cómbita-Mora and Álvaro Martín Moreno-Rivas14 Extractive capitalism: transnational miners and Andean peasants in Peru 222Alejandro Garay-HuamánIndex