Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/104541
Authors: 
Detzer, Daniel
Hein, Eckhard
Year of Publication: 
2014
Series/Report no.: 
Working Paper, Institute for International Political Economy Berlin 44/2014
Abstract: 
This study on Germany examines the long-run changes between the financial and the non-financial sectors of the economy, and in particular the effects of these changes on the macroeconomic developments that have led or contributed to the financial crisis starting in 2007 and the Great Recession in 2008/09. The first part provides some descriptive statistics on real GDP growth, on the growth contributions of the main demand aggregates, and the financial balances of the macroeconomic sectors since the early 1980s, and it classifies the German type of development as 'export-led mercantilist'. The second part examines the effects of an increasing dominance of finance since the early/mid 1990s on income distribution, investment in capital stock, consumption and the current account in more detail. The third part links the longrun developments with the financial and economic crisis and examines the causes of the quick recovery in Germany.
Subjects: 
current account imbalances
distribution of income
finance-dominated capitalism
financialisation
financial and economic crisis
Germany
Kaleckian distribution theory
trade balance
JEL: 
D31
D33
D43
E25
E61
E63
E64
E65
F40
F43
Document Type: 
Working Paper

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