A (Post-) Keynesian perspective on "financialisation"

No 01-2009, IMK Studies from IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute

Abstract: Post-Keynesian demand driven distribution and growth models, based on the notion of distribution conflict between different groups, have been critical regarding the macroeconomic effects of 'financialisation'. In the present paper, firstly, we attempt to identify theoretically and empirically the main channels of influence of 'financialisation' on investment, saving and distribution in order to obtain a precise macroeconomic meaning of 'financialisation' in a distribution and growth context. Secondly, we analyse the effects of 'financialisation' in a simple stock-flow consistent Post-Keynesian/Post-Kaleckian distribution and growth model and we show that with 'normal' parameter constellations 'financialisation' generates systemic instability.

Pages: 59 pages
Date: 2009
New Economics Papers: this item is included in nep-fdg
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