Financialization, dividends, and accumulation ...
Document type :
Article dans une revue scientifique
Permalink :
Title :
Financialization, dividends, and accumulation of capital
Author(s) :
Duwicquet, Vincent [Auteur]
Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 [CLERSÉ]
Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 [CLERSÉ]
Journal title :
Journal of Post Keynesian Economics
Pages :
1-44
Publisher :
Informa UK Limited
Publication date :
2020-01-27
English keyword(s) :
Income distribution
institutions
macroeconomic models
institutions
macroeconomic models
HAL domain(s) :
Sciences de l'Homme et Société/Economies et finances
English abstract : [en]
The article proposes a stock-flow consistent macroeconomic modeling of a financialized growth regime. The different effects of financialization are studied in open economies with interest rates, share prices, credit, capital ...
Show more >The article proposes a stock-flow consistent macroeconomic modeling of a financialized growth regime. The different effects of financialization are studied in open economies with interest rates, share prices, credit, capital accumulation, and income distribution. The structural characteristics of the financialized growth regime, such as financial accumulation, shareholder power, and international competition, remain heavy brakes on investment and employment. Using the model, we measure the consequences of dividend reduction. In a financialized growth regime, a reduction in dividends would allow a return to full employment throughout the eurozone. However, this policy would have to be accompanied by a reduction in firms’ financial accumulation and by a fiscal stimulus policy. In order to achieve a satisfactory social situation, a major institutional change appears essential.Show less >
Show more >The article proposes a stock-flow consistent macroeconomic modeling of a financialized growth regime. The different effects of financialization are studied in open economies with interest rates, share prices, credit, capital accumulation, and income distribution. The structural characteristics of the financialized growth regime, such as financial accumulation, shareholder power, and international competition, remain heavy brakes on investment and employment. Using the model, we measure the consequences of dividend reduction. In a financialized growth regime, a reduction in dividends would allow a return to full employment throughout the eurozone. However, this policy would have to be accompanied by a reduction in firms’ financial accumulation and by a fiscal stimulus policy. In order to achieve a satisfactory social situation, a major institutional change appears essential.Show less >
Language :
Anglais
Audience :
Non spécifiée
Administrative institution(s) :
Université de Lille
CNRS
Univ. Littoral Côte d’Opale
CNRS
Univ. Littoral Côte d’Opale
Collections :
Submission date :
2020-04-29T10:02:36Z
2020-04-29T10:58:04Z
2020-11-25T15:16:14Z
2020-04-29T10:58:04Z
2020-11-25T15:16:14Z
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