Introduction

One of the most profound transformations of the global economy in the 21st century has been the rise of emerging markets. Whereas developing and emerging economies (DEEs) accounted for only 37 per cent of global gross domestic product (GDP) in 1990, their share rose to 59 per cent by 2024 (). As a recent International Monetary Fund (IMF) report put it, emerging markets – especially from Asia as well as the BRICS – are increasingly ‘trading places’ with Western high-income economies since they have become drivers of global growth and are evermore integrated with global trade and production (IMF, 2024aIMF, 2024b: ). Global patterns of trade, consumption, production, and innovation are no longer solely defined by the West as emerging markets occupy ever more important roles within the global economy. However, in this context emerging markets have increasingly financialized (Chapter 4Bonizzi, 2013).On the one hand, financial markets, actors, and industries have become much more prominent and central for the functioning of emerging market economies at the domestic level (1 Hardie, 2012; ). On the other hand, emerging markets are increasingly integrated into global financial circuits and thus subject and more vulnerable to global market conditions and sentiment (Karwowski, 2020Bortz and Kaltenbrunner, 2018; ). Despite their growing economic importance, emerging markets are situated within a global financial system that was created by – and is continuously dominated by – Western, Naqvi, 2019aglobal financial institutions.