From post-socialist transition to the COVID-19 crisis: cycles, drivers, and perspectives of subordinate financialization in Latvia

In recent years, there has been a growing interest in the specific features of financialization in peripheral and semi-peripheral contexts. To date, the majority of this research, however, consists of broad studies covering a number of countries, leaving a gap in the analysis of case studies, especially from east-central Europe. Therefore, the present article attempts to address this gap through an in-depth analysis of Latvia. The research shows that subordinate financialization is a changing and heterogeneous phenomenon that goes through uneven cycles of advance and retreat, which can lead to divergent dynamics between and within economies.