Recent research has focused on the impacts of financialization on periphery countries, the different forms it takes and the channels through which it works. This chapter sets out to provide a comprehensive picture of the range of views in the literature rather than attempting to provide definitive answers. In the second section we present the variety of definitions of financialization used in the global North to describe the ascendance of finance capital. In the third section we consider the different forms that financialization has taken in the global South. We focus specifically on two aspects of financialization that have had a broad impact on the periphery: the accumulation of international reserves by central banks which has occurred since the crises of the 1990s, and the financialization of commodity markets, the main exports of many periphery countries. The chapter concludes with some preliminary reflections on the impact of financialization on the prospects for development in the periphery.