In this article, the authors study the consequences of financial crises in Argentina, Brazil, South Korea, Malaysia, Mexico, Thailand, and Turkey and present an attempt to identify winners and losers during and after the crises. Through empirical analysis, the authors find that financial crises...

Introduction -- Stylized facts -- Historical context -- Perspectives on financialization -- Financial markets and NFCs : a theoretical discussion -- Financialization and investment : aggregate analysis -- Financialization and investment : firm-level analysis -- Conclusion