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Autoren: 
Fisher, Eloy
López Bernardo, Javier
Datum: 
2014
Reihe/Nr.: 
Working Paper 801
Zusammenfassung: 
This paper describes the political economy of shadow banking and how it relates to the dramatic institutional changes experienced by global capitalism over past 100 years. We suggest that the dynamics of shadow banking rest on the distributive tension between workers and firms. Politics wedge the operation of the shadow financial system as government policy internalizes, guides, and participates in dealings mediated by financial intermediaries. We propose a broad theoretical overview to formalize a stock-flow consistent (SFC) political economy model of shadow banking (stylized around the operation of money market mutual funds, or MMMFs). Preliminary simulations suggest that distributive dynamics indeed drive and provide a nest for the dynamics of shadow banking.
Schlagwörter: 
Political Cycles
Debt and Public Finance
Shadow Banking
Political Economy of Finance
Kaleckian Macrodynamics
Stock-Flow Consistent (SFC) Modeling
Political Macroeconomic Models
JEL: 
E12
E62
E63
H5
H6
P16
Dokumentart: 
Working Paper

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