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AbstractThis paper reviews some of the recent writing on financialization and its effects in developing countries. Acknowledging the positive role of finance in development, it argues that beyond a certain point of ‘financial deepening’ there are negative consequences. Financialization affects the economy, and also the state. In developing countries financialization does not necessarily follow a long period of industrialization, but may happen simultaneously with it, and indeed may be linked to ‘premature de-industrialization.’ From this perspective, namely of timing, it may also be meaningful to talk of ‘premature financialization.’&#160;Author Hugh Whittaker, Nissan Institute of Japanese Studies, University of OxfordDownload the full paperSee the other Discussion papers