Financialization, dividends, and accumulation ...
Type de document :
Article dans une revue scientifique
URL permanente :
Titre :
Financialization, dividends, and accumulation of capital
Auteur(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]
Titre de la revue :
Journal of Post Keynesian Economics
Pagination :
1-44
Éditeur :
Informa UK Limited
Date de publication :
2020-01-27
Mot(s)-clé(s) en anglais :
Income distribution
institutions
macroeconomic models
institutions
macroeconomic models
Discipline(s) HAL :
Sciences de l'Homme et Société/Economies et finances
Résumé en anglais : [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 ...
Lire la suite >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.Lire moins >
Lire la suite >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.Lire moins >
Langue :
Anglais
Audience :
Non spécifiée
Établissement(s) :
Université de Lille
CNRS
Univ. Littoral Côte d’Opale
CNRS
Univ. Littoral Côte d’Opale
Collections :
Date de dépôt :
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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