Macroeconomic implications of financialisation

Cambridge Journal of Economics

Volumn 32, Issue 6, 2008, Pages 827-862

  Skott, Peter ^a   Ryoo, Soon ^a  

^a UNIVERSITY OF MASSACHUSETTS   (United States)

Author keywords

External finance; Financialisation; New issue; Retention rate; Stock flow consistency

Indexed keywords

CAPITAL FLOW; DEMAND ANALYSIS; FINANCE; HOUSEHOLD INCOME; LABOR MARKET; MACROECONOMICS;

EID: 55749087382     PISSN: 0309166X     EISSN: 14643545     Source Type: Journal    
DOI: 10.1093/cje/ben012     Document Type: Article

References (48)

1. Aglietta, M. and Breton, R. 2001. Financial systems, corporate control and capital accumulation, Economy and Society, vol. 30, no. 4, 433-66
2. Auerbach, P. 1988. in Competition, Oxford, Blackwell
3. Auerbach, P. and Skott, P. 1988. Concentration, competition and distribution, International Review of Applied Economics, vol. 2, 42-61
4. Auerbach, P. and Skott, P. 1992. Financial innovation and planning in a capitalist economy, Metroeconomica, vol. 43, 75-102
5. Blecker, R. 1999. Taming global finance, Washington, DCEconomic Policy Institute
6. Boyer, R. 2000. Is a finance-led growth regime a viable alternative to Fordism? A preliminary analysis, Economy and Society, vol. 29, no. 1, 111-45
7. Cosh, A., Hughes, A. and Singh, A. 1990. Analytical and policy issues in the UK economy, in Takeovers and Short-termism in the UK, London, Institute for Public Policy Research
8. Crotty, J. 2005. The neoliberal paradox: The impact of destructive product market competition and 'modern' financial markets on nonfinancial corporation performance in the neoliberal era, in Epstein, G. A. (ed.), Financialization and the World Economy, Northampton, MA, Elgar
9. Delli Gati, F. and Gallegati, M. 1990. Financial instability, income distribution and the stock market, Journal of Post Keynesian Economics, 356-74
10. Dos Santos, C. H. and Zezza, G. 2007. 'A Simplified, "Benchmark", Stock-Flow Consistent Post-Keynesian Growth Model', Working Paper no. 503, The Levy Institute
11. Duménil, G. and Lévy, D. 2001. Costs and benefits of neoliberalism: A class analysis, Review of International Political Economy, vol. 8, no. 4, 578-607
12. Dutt, A. K. 1984. Stagnation, income distribution and monopoly power, Cambridge Journal of Economics, vol. 8. no. 1, 25-40
13. Dutt, A. K. 1997. Equilibrium, path dependence and hysteresis in post-Keynesian models, in Arestis, P., Palma, G., and Sawyer, M. (eds), Capital Controversy, Post-Keynesian Economics and the History of Economic Thought: Essays in Honour of Geoff Harcourt, London, Routledge
14. Dutt, A. K. 2005. Consumption, debt and growth, in Setterfield, M. (ed.). Interactions in Analytical Political Economy, M.E. Sharpe
15. Eatwell, J. and Taylor, L. 2000. Global Finance at Risk, New York, The New Press
16. Eichner, A. 1976. The Megacorp and Oligopoly, Cambridge, Cambridge University Press
17. Epstein, G. A. 2005. Introduction, in Epstein, G. A. (ed.). Financialization and the World Economy, Northampton, MA, Elgar
18. Froud, J., Haslam, C., Johal, S. and Williams, K. 2000. Shareholder value and financialization: Consultancy promises, management moves, Economy and Society, vol. 29, no. 1, 80-110
19. Godley, W. and Lavoie, M. 2007. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth, Palgrave Macmillan
20. Hein, E. and van Treeck, T. 2007. 'Financialisation' in Kaleckian/ Post-Kaleckian Models of Distribution and Growth'. Working Paper 7/2007, Hans Boeckler Stiftung
21. Kaldor, N. 1966. Causes of the Slow Rate of Economic Growth in the United Kingdom, Cambridge, Cambridge University Press
22. Kurz, H. 1986. Normal positions and capital utilization, Political Economy, vol. 2. no. 1, 37-54
23. Lavoie, M. 1986/87. Systemic fragility: A simplified view, Journal of Post Keynesian Economics, vol. 9, no. 2, 258-66
24. Lavoie, M. 1995. The Kaleckian model of growth and distribution and its neo-Ricardian and neo-Marxian critiques, Cambridge Journal of Economics, vol. 19, 789-818
25. Lavoie, M. and Godley, W. 2001-2002. Kaleckian models of growth in a coherent stock-flow monetary framework: A Kaldorian view, Journal of Post Keynesian Economics, vol. 24, no. 2, 277-311
26. Lazonick, W. and O'Sullivan, M. 2000. Maximising shareholder value: A new ideology for corporate governance, Economy and Society, vol. 29, no. 1, 13-35
27. Levy, D., Bergen, M., Dutta, S. and Venable, R. 1997. The magnitude of menu costs: Direct evidence from large U.S. supermarket chains, Quarterly Journal of Economics, vol. 112, 791-825
28. Marglin, S. and Bhaduri, A. 1990. Profit squeeze and Keynesian theory, in Marglin, S. and Schor, J. (eds), The Golden Age of Capitalism - Reinterpreting the Postwar Experience, Oxford, Clarendon
29. Nakatani, T. and Skott, P. 2007. Japanese growth and stagnation, Structural Change and Economic Dynamics, vol. 18, no. 3, 306-32
30. Robinson, J. 1962. Essays in the Theory of Economic Growth, London and Basingstoke, Macmillan
31. Romer, D. 2001. Advanced Macroeconomics, McGrawHill
32. Rowthorn, B. 1981. Demand, real wages and economic growth, Thames Papers in Political Economy
33. Semmler, W. 1987. A macroeconomic limit cycle with financial perturbations, Journal of Economic Behavior and Organization, vol. 8, 469-95
34. Skott, P. 1981. On the 'Kaldorian Saving Function', Kyklos, vol. 34, 563-81
35. Skott, P. 1988. Finance, accumulation and the choice of technique, Cambridge Journal of Economics, vol. 12, 339-54
36. Skott, P. 1989A. Conflict and Effective Demand in Economic Growth, Cambridge, Cambridge University Press
37. Skott, P. 1989B. Effective demand, class struggle and cyclical growth, International Economic Review, vol. 30, 231-47
38. Skott, P. 1994. On the modelling of systemic financial fragility, in Dutt, A. K. (ed.). New Directions in Analytical Political Economy, Edward Elgar
39. Skott, P. 1997. Stagflationary consequences of 'prudent' monetary policy in a unionized economy, Oxford Economic Papers, vol. 49, 609-22
40. Skott, P. 1999. Wage formation and the (non-)existence of the NAIRU, Economic Issues, March, 77-92
41. Skott, P. 2005. Fairness as a source of hysteresis in employment and relative wages, Journal of Economic Behavior and Organization, vol. 57, 305-31
42. Skott, P. 2008. Investment functions, stability and the reserve army of labor. Mimeo.
43. Stockhammer, E. 2004. Financialisation and the slowdown of accumulation, Cambridge Journal of Economics, vol. 28, 719-41
44. Stockhammer, E. 2006. Shareholder value orientation and the investment-profit puzzle, Journal of Post Keynesian Economics, Winter vol. 28, no. 2, 193-215
45. Taylor, L. 2004. Reconstructuring Macroeconomics, Cambridge, MAHarvard University Press
46. Taylor, L. and O'Connell, S. A. 1985. A Minsky crisis, Quarterly Journal of Economics, vol. 100, no. 5, 871-85
47. Tobin, J. 1984. On the efficiency of the financial system, Lloyds Bank Review, No. 153, July, 1-15, reprinted, in Jackson, P. M. (ed.). 1987. Polices for Prosperity: Essays in a Keynesian Mode, Wheatsheaf Books
48. Wood, A. 1975. A Theory of Profit, Cambridge, Cambridge University Press