Dimensions and Determinants of Financialisation: Comparing OECD Countries since 1997

Karwowski, Ewa; Shabani, Mimoza; Stockhammer, Engelbert

doi:10.1080/13563467.2019.1664446

Cited by 37 publications

(48 citation statements)

References 86 publications

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“…Karwowski et al. (2020, Table 2) used OECD data to compare household debt across a sample of 17 advanced economies during the 10 years up to 2007, before the effect of the recession that began in that year. They report that mean household debt varied from 46% of mean household disposable income (in Greece) to 253% (in Denmark).…”

Section: The Definition and Scale Of Debt In Modern Societiesmentioning

confidence: 99%

Debt and Overindebtedness: Psychological Evidence and its Policy Implications

Lea

2020

Social Issues Policy Review

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This paper reviews psychological studies of real-life use of credit, debt, and overindebtedness, with the aim of making policy recommendations that could reduce the damage done by debt to both individuals and society. The overall level of debt in society is heavily influenced by the level of economic inequality and social insecurity, and no psychological factor can prevent debt if excessive socioeconomic disadvantage is not addressed. Within that constraint, psychological precursors to debt problems, psychological impacts of debt, and psychological strategies to help people get out of debt can be identified. Research results in these areas are used to formulate a series of recommendations that could help mitigate debt problems.

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Section: The Definition and Scale Of Debt In Modern Societiesmentioning

confidence: 99%

Debt and Overindebtedness: Psychological Evidence and its Policy Implications

Lea

2020

Social Issues Policy Review

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“…The last decades were a period of a substantial increase in household debt worldwide (Barba and Pivetti 2009;Karwowski et al 2019). Household indebtedness ratios have been trending up since 2000 in nearly all OECD countries.…”

Section: Introductionmentioning

confidence: 99%

Over-indebted Households in Poland: Classification Tree Analysis

Wałęga

2020

Soc Indic Res

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Increasing a personal debt burden implies greater financial vulnerability and threats for macroeconomic stability. It also generates a risk of the households over-indebtedness. The assessment of over-indebtedness is conducted with the use of various objective and subjective measures based on the micro-level data. The aim of the study is to investigate over-indebted households in Poland using a unique dataset obtained from the CATI survey. We discuss and compare the usefulness of various over-indebtedness measures across different socio-economic characteristics. Due to the differences in over-indebtedness across single measures, we perform a more complex assessment using a mix of indicators. As an alternative to other commonly criticised over-indebtedness measures, we apply the “below the poverty line” (BPL) measure. In order to obtain the profile of over-indebted households, we use classification and regression tree analysis as an alternative to logit or probit models. We find that DSTI (“debt service to income”) ratio underestimates the extent of over-indebtedness in vulnerable groups of households in comparison with the BPL. We highlight the necessity to use different measures depending on the adopted definition of over-indebtedness. A psychological burden of debts is particularly strong among older and poorly educated respondents. We also find that the age structure of over-indebted households in Poland differs from this structure in countries with a broader access to consumer credits. Our results can be used to enrich the methods of assessing the household over-indebtedness.

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“…But recent empirical findings suggest a more complex and dynamic picture – one patterned by finance and corporate expansion (Karwowski et al., 2019; Milberg and Winkler, 2013; Vachon et al., 2016). Trade has not had uniform impacts on unions.…”

Section: Union Decline: Structural Explanationsmentioning

confidence: 99%

“…The critical literature underscores the many negative impacts of finance on firms and long-term economic growth – above all how finance has now become intimately entwined with everyday economic activity and led to the redirection of profits to financial owners and markets – a dynamic often referred to as ‘rentierism’. In pursuing how this new financial rentierism has emerged, scholars have examined how non-financial corporations have turned away from serving all of their stakeholders – whether workers, shareholders or management – and instead focus only on serving top management and financial returns (Batt and Appelbaum, 2014; Hein, 2015; Karwowski et al., 2019). Another line of argument has explored how finance has provided corporations with new opportunities to expand their regional and global supply chains, with firms using finance to build economies of scale through monopolies, and subsequently taking advantage of their immense market power to force lower and more competitive cost structures on suppliers at home and abroad, subsequently returning profits to shareholders (Coe and Wai-Chung Yeung, 2015; Durand, 2017; Milberg and Winkler, 2013).…”

Section: Financialization Labour Markets and Labour Relationsmentioning

confidence: 99%

“…Second, given finance’s crucial role in the reconfiguration of Western countries political economy and labour relations, it is surprising how very little has been said on how such developments to finance and big business may – or may not – be occurring in different sectors of the economy. A blind spot of our understanding is how finance and corporate operations have been restructured in different sectoral and national settings (Epstein, 2015; Karwowski et al., 2019). This paper aims to contribute to these gaps in the literature.…”

Section: Introductionmentioning

confidence: 99%

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Financialization and union decline in Canada: The influence on sectors and core industries

Dupuis

Peters

Scrimger³

2020

Competition & Change

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This article explores the long-run relationship between financialization and union density in Canada’s non-financial sector. Drawing on critical political economy literatures, we argue that the shareholder business model, the growing use of financial assets and leading global industries have led to a restructuring of labour markets and unionized workforces. Evidence from panel data analysis suggests that the negative relationship between financialization and union density holds when controlling for economic context and sectoral characteristics. We conclude that the sectoral impacts of financialization on union density – especially in highly financialized sectors such as manufacturing, extractive resources, transport and warehousing – are critical to understanding union decline and recent changes to employment relations.

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Dimensions and Determinants of Financialisation: Comparing OECD Countries since 1997

Cited by 37 publications

References 86 publications

Debt and Overindebtedness: Psychological Evidence and its Policy Implications

Debt and Overindebtedness: Psychological Evidence and its Policy Implications

Over-indebted Households in Poland: Classification Tree Analysis

Financialization and union decline in Canada: The influence on sectors and core industries

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