Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/290103 
Year of Publication: 
2024
Citation: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 21 [Issue:] 1 [Year:] 2024 [Pages:] 17-41
Publisher: 
Edward Elgar Publishing, Cheltenham
Abstract: 
We contribute to the recent debate in post-Keynesian economics (PKE), comparative political economy (CPE) and international political economy (IPE) on growth regimes. The paper presents an analysis of changes in demand and growth regimes in the BRICs countries, Brazil, Russia, India, and China, after the Global Financial Crisis and the Great Recession of 2007-2009. It discusses and applies two approaches: a first one based on national income and financial accounting decomposition and a second one based on the Sraffian Supermultiplier (SSM) growth model, distinguishing the dynamics of autonomous expenditure growth from those of the induced components of aggregate demand. It is argued that the SSM approach provides the bridge between the traditional approach based on national income and financial accounting decomposition and the analysis of growth drivers, both in PKE as well as in CPE and IPE. This is illustrated by pointing out some changes in the underlying political economy and economic policy growth drivers in each of the countries.
Subjects: 
demand and growth regimes
growth decomposition
autonomous demand-led growth
JEL: 
E02
E11
E12
P16
P51
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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