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http://hdl.handle.net/10419/59302
  

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dc.contributor.authorHein, Eckharden_US
dc.date.accessioned2012-06-22en_US
dc.date.accessioned2012-06-22T11:33:34Z-
dc.date.available2012-06-22T11:33:34Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/59302-
dc.description.abstractIn 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.en_US
dc.language.isoengen_US
dc.publisherInst. for International Political Economy Berlinen_US
dc.relation.ispartofseriesWorking Paper, Institute for International Political Economy Berlin 11/2011en_US
dc.subject.jelE12en_US
dc.subject.jelE21en_US
dc.subject.jelE22en_US
dc.subject.jelE25en_US
dc.subject.jelO41en_US
dc.subject.ddc330en_US
dc.subject.keywordFinance-dominated capitalismen_US
dc.subject.keyworddistributionen_US
dc.subject.keywordhousehold debten_US
dc.subject.keywordfinancial fragilityen_US
dc.subject.keywordgrowthen_US
dc.subject.keywordKaleckian modelen_US
dc.titleFinance-dominated capitalism, re-distribution, household debt and financial fragility in a Kaleckian distribution and growth modelen_US
dc.typeWorking Paperen_US
dc.identifier.ppn718106059en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:ipewps:112011-
Appears in Collections:IPE Working Papers, Institute for International Political Economy, HWR Berlin

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