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Berlin Institute for International Political Economy (IPE), Hochschule für Wirtschaft und Recht Berlin >
IPE Working Papers, Institute for International Political Economy, HWR Berlin >
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http://hdl.handle.net/10419/59302
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| Title: | | Finance-dominated capitalism, re-distribution, household debt and financial fragility in a Kaleckian distribution and growth model  |
| Authors: | | Hein, Eckhard |
| Issue Date: | | 2011 |
| Series/Report no.: | | Working Paper, Institute for International Political Economy Berlin 11/2011 |
| Abstract: | | In a Kaleckian distribution and growth model with workers' debt we examine the short- and long-run effects of three stylized facts of 'finance-dominated capitalism': a fall in animal spirits of the firm sector with respect to real investment in capital stock, re-distribution of income at the expense of the wage share, and increasing lending of rentiers to workers for consumption purposes. In particular, we specify the conditions for long-run stability of the workers' debt-capital ratio. We thus identify the threshold for this ratio to turn unstable causing increasing financial fragility and finally financial crisis due to systemic stock-flow or stock-stock dynamics. |
| Subjects: | | Finance-dominated capitalism distribution household debt financial fragility growth Kaleckian model |
| JEL: | | E12 E21 E22 E25 O41 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IPE Working Papers, Institute for International Political Economy, HWR Berlin
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