Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/266472 
Authors: 
Year of Publication: 
2022
Series/Report no.: 
Working Paper No. 193/2022
Publisher: 
Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE), Berlin
Abstract: 
In this contribution, we review the research on the variety of macroeconomic demand and growth regimes in finance-dominated capitalism, on the regime shifts in the course of and after the 2007-09 crises, the drivers of these shifts and on the emerging stagnation tendencies. Results of this research are integrated into a stylised Kaleckian distribution and growth model, which allows to derive the pre-crisis regimes and the following regime shifts. By means of endogenising productivity growth into that model, we also show that post-crises stagnation tendencies and falling potential growth can be explained by those financialisation features generating low capital stock growth, i.e. depressed animal spirits of management of nonfinancial corporations, high propensities to save out of the different types of income after the crises, low government expenditure and deficit rates, in particular in the export-led mercantilist countries, and high profit shares. The latter has an independent depressing effect on innovation activities of firms and on productivity growth, too, which is also negatively affected by falling government expenditures on R&D and education.
Subjects: 
Financialisation
macroeconomic regimes
regime shifts
stagnation
Kaleckian model
JEL: 
E02
E60
E61
F62
G38
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.