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Daniel Detzer 《Journal of post Keynesian economics》2018,41(2):284-315
In the era of financialization, increasing income inequality could be observed in most developed and many developing countries. Despite similar developments in inequality, the growth performance and drivers for growth differed markedly among countries, allowing clusters of different growth regimes to be identified. Among them are 2 extreme types: the debt-led private-demand boom and the export-led mercantilist economies. Whereas the former rely mainly on credit-financed household consumption in order to compensate for the potential lack of demand (associated with the depressing effect of financialisation), the latter rely on net exports as the main driver of aggregate demand. Using a stock-flow consistent model it will be demonstrated how increasing inequality, depending on a countries institutional structure and regulatory framework, affects growth differently, explaining the occurrence of both regime types. 相似文献
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This article briefly describes the evolution of the recent economic crisis based on different theories toward my own interpretation of it. The deregulation wave of the last decades has created new profit opportunities in various contexts — from labor flexibility to privatization and from financialization to globalization — so promoting a renewed process of capitalist accumulation after the stagflation of the 1970s. This has taken place at the cost of a wide-ranging increase in inequality and instability, thus bringing a cascade of crises, including the latest one of 2008. 相似文献
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Richard V. Adkisson 《Journal of economic issues》2013,47(4):1084-1089
This article argues that the business enterprise has evolved through successive stable organizational structures which correspond with instability for those falling outside its aegis. This is shown in the institutional and historical context of both managerial capitalism in the mid-twentieth century as well as the era of financialization that followed. Hence, the framework developed herein elaborates on the ceremonial characteristics of the business enterprise under money manager capitalism, and constitutes a contribution toward an updated going concern theory of the business enterprise. 相似文献
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The Globalization and Europeanization of Mortgage Markets 总被引:1,自引:0,他引:1
MANUEL B. AALBERS 《International journal of urban and regional research》2009,33(2):389-410
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本文通过构建多层因子交互效应面板模型,利用沪深两市非金融上市公司数据,综合分析企业微观个体逐利和避险动机以及宏观经济政策不确定性对实体企业金融化的边际驱动效应,并对不同经营状况和不同规模企业进行异质性分析.研究结果表明:对于经营状态较差的企业,其金融化的关键驱动因素是风险规避;经营状态一般的非制造企业则是逐利和避险的双重驱动结果;而经营状态较好的企业主要受到宏观经济政策不确定性因素的影响.从规模来看,小型非国有和大型非制造业企业金融化的关键动机是风险规避,规模一般的非国有企业体现出逐利和避险的双重效应.通过模型估算的宏观影响因子,其总体趋势与宏观经济政策不确定性较为吻合.总的来说,宏观经济政策不确定性和企业固定资产投资风险的增加,主导了实体企业的金融化. 相似文献
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This article analyzes the relationship between “financialization” and the performance of credit institutions in Mexico over the period 1999–2013. On average, foreign banks have higher cost-to-income ratio and return on assets than domestically owned banks. Non-interest income to gross revenue positively contributes to foreign bank profits, which highlights income other than conventional banking transactions. When considering references in the literature to non-interest income as a proxy for financialization, our results imply that domestic banks are more dependent on traditional lending, such as interest-earning assets, whereas foreign banks seem to engage in greater diversification to support profitability. Overall, the banking system reveals tendencies (“financialization”) that can possibly work against credit facilitation in Mexico. 相似文献
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ABSTRACTIn recent years, China’s financial sector has gradually been alienated from the real sector, allowing financial innovation and regulatory arbitrage add their own value to finance. High interest rates in the financial industry have led to changes in the real sector, revealing a trend toward “financialization” and “quasi-financialization”; a typical example of this includes nonfinancial enterprises’ shadow banking activities. In this article, we use annual data from 2004 to 2015 of A share listed companies on the Shanghai and Shenzhen Stock Exchanges, to examine the influence of nonfinancial enterprises’ shadow banking activities on business performance. The results show that, overall, enterprises’ shadow banking activity improve operating performance. In addition, from the perspective of earning structure, nonfinancial enterprises’ shadow banking business increases financial benefits, but has a significantly negative effect on operating income. Further tests show that enterprises engaged in shadow banking activities will impact operating income through the two intermediary variables of investment scale and investment efficiency. However, the negative effect of investment in crowding out operating income is greater than that of the efficiency-improving effect on operating income. This article provides policy guidance in terms of recognizing diverse aspects of shadow banking system that divorce the real economy from the financial economy. 相似文献