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Autor:innen: 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
IMK Working Paper No. 21/2008
Verlag: 
Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK), Düsseldorf
Zusammenfassung: 
Into an analytical stock-flow consistent Post-Kaleckian distribution and growth model the following transmission channels of 'financialisaton' are integrated. 1. 'Financialisation' is assumed to affect distribution between firms and rentiers in the short run, and distribution between capital and labour through a dividend-elastic mark-up in firms' price setting in the medium run. 2. Firms' investment is affected through a 'management's preference channel' and an 'internal means of finance channel'. 3. Consumption is influenced via distribution of dividends in the short run and via a reduction in the labour income share in the medium run. In the model the total effect of 'financialisation' is derived, the development of firms' outside finance-capital ratio is endogenised, and the medium-run stability and viability of the financial structure and of capital accumulation is checked.
Schlagwörter: 
'Financialisation'
distribution
growth
instability
Post-Kaleckian model
JEL: 
E12
E21
E22
E25
E44
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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