Financialization, distribution, and macroeconomic regimes before and after the crisis: a post-Keynesian view on Denmark, Estonia, and Latvia

Dünhaupt, Petra; Hein, Eckhard

doi:10.1080/01629778.2019.1680403

Cited by 14 publications

(9 citation statements)

References 47 publications

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“…During the last decades, we have witnessed an increased role of financial activity leading to transformations of economies and societies. According to Hein (2019), "Since the early 1980s, financialization has become an increasingly prominent feature in developed capitalist countries, with different timing, speed, and intensities in different countries" [1]. Financial openness has resulted in fundamental changes in the economic performance of the majority of economies globally, but it mostly tends to transform advanced economies [2,3].…”

Section: Financial Development Inequality and Growth: A Theoretical P...mentioning

confidence: 99%

“…Financial development may disproportionately benefit the wealthy, who already have higher access to financial systems, leading to increased inequality and the perpetuation of disparities in economic opportunities [7]. As it has been argued, financialization affects income distribution mainly in favor of profits and high wages, leading to falling wage shares and increasing wage inequality [1]. According to the International Labor Organization (ILO), although without econometric evidence, financial globalization has contributed to the decline of wage shares [8].…”

Section: Financial Development Inequality and Growth: A Theoretical P...mentioning

confidence: 99%

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The dual impact of financial development: growth and inequality in the Eurozone countries

Kyriakopoulos,

Kosteletou

2024

Economic Recessions - Navigating Economies in a Volatile World and the Path for Economic Resilience and Development [Working Ti

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Financial development and deregulation have historically driven economic growth but have also exacerbated inequality. The relaxation of financial regulations preceding the 2008–2009 crisis is a prime example of this phenomenon. While initially promoting growth, it exacerbated both labor and profit inequalities. The crisis laid bare vulnerabilities in the financial systems of Eurozone EZ countries, resulting in economic recession and worsening inequality domestically and internationally. This chapter first reviews the theoretical underpinnings of the impact of financialization on growth and inequality, followed by an examination of the components of inequality, including factor, labor, profit, and unemployment indices. Central to our discussion is the imperative of reducing inequality, considered fundamental for fostering growth, welfare, and social cohesion. The empirical investigation is conducted to assess the determinants of total inequality before and after the 2008–2009 financial crisis, with EZ countries categorized into three groups: Northern EZ countries, Southern EZ countries, and Newcomers. Conclusions and policy implications underscore the necessity of regulating the financial system to prevent crises, maintaining low unemployment rates, and ensuring equitable increases in income for both skilled and unskilled workers as for capital owners.

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Section: Financial Development Inequality and Growth: A Theoretical P...mentioning

confidence: 99%

Section: Financial Development Inequality and Growth: A Theoretical P...mentioning

confidence: 99%

The dual impact of financial development: growth and inequality in the Eurozone countries

Kyriakopoulos,

Kosteletou

2024

Economic Recessions - Navigating Economies in a Volatile World and the Path for Economic Resilience and Development [Working Ti

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“…The national income is one of the three indicators to calculate the impact of an FTA on a country from their activity in international trade (Lloyd & Maclaren, 2004). Meanwhile, one of the components of the national income in the Keynesian model four sectors is the contribution of exports (Dünhaupt & Hein, 2019;Stockhammer & Kohler, 2022).…”

Section: Introductionmentioning

confidence: 99%

ASEAN-FTA Impact on Rubber and Crude Palm Oil Export: An Empirical Evidence from IMT Countries

Isnurhadi

Bashir

Suhel

2023

integr. j. of. bus. and. econ.

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This study applies the gravity model to explore whether the establishment and the agreement of the ASEAN Free Trade Area (AFTA) have an impact on the export increase of rubber and crude palm oil commodity trade for the case ASEAN member countries namely, Indonesia-Malaysia-Thailand (IMT). The study uses time-series data, first for Indonesia using the period of 1996-2017 with trading partners as much as 21 countries for crude palm oil (CPO) commodity and 22 countries for rubber commodity. Secondly, the CPO export model for Malaysia using data during 1997-2017 with 23 trading partners countries. Thirdly, export rubber model for Thailand using a period of 1999-2017 with 16 trading partners countries. The estimate the Indonesian and Thailand export model for rubber commodity, and second, the same model also is estimated export CPO for the Indonesian and Malaysian. Generally, we found that the regression results it appears ASEAN member countries have not been fully benefited from the enactment of the AFTA, especially on the export of Indonesia's main commodities such as rubber and crude palm oil which destined for trading partners countries. As for the export of Thailand rubber and Malaysian crude palm oil, both countries are still relatively slightly better because the AFTA agreement has fully benefited. During the study period, the results of this study indicated that these three countries trade both commodities more intensely to the non-ASEAN countries

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“…Tercero, la liberación financiera consistió en abrir la frontera a nuevos capitales bajo la premisa de que las empresas o los agentes nacionales no contaban con suficientes ahorros para incentivar la inversión en países en vías de desarrollo (Dunhaupt y Hein, 2019). Desde un punto de vista teórico, la financiarización ofrece un marco de análisis para entender este proceso (Mateo, 2015).…”

Section: Introductionunclassified

Un análisis del financiamiento de la banca comercial en México 1994-2022

Vega Miranda

2023

CIMBAGE

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Después de casi de treinta años, se ha observado una creciente apertura comercial y financiera, así como una importante reducción de la participación del Estado en la economía mexicana, cambios que de origen se establecieron como reformas estructurales de primera generación y con el gobierno de 2012 se dio continuidad a esos cambios con las reformas de segunda generación (reglamentaciones legales). En la narrativa original, estos macro cambios traerían consigo altas tasas de crecimiento económico pues el crédito fluiría a sectores que lo necesitaran para incentivar actividades productivas que el gobierno mexicano no había podido ayudar. Sin embargo, esto no ha sucedido. En ese sentido, el objetivo de la investigación es conocer el papel de la banca comercial por medio del estudio de la distribución del financiamiento que otorga a dos actores económicos (hogares y empresas) en México en el periodo 1994-2022. De tal forma, el texto se desarrolla describiendo, de manera general, el contexto en el que se dieron los cambios estructurales en la economía mexicana en dicho periodo de análisis, enfatizando lo relacionado con la liberación financiera. En segundo lugar, se caracterizó el aumento de las finanzas en las economías como procesos de financiarización y se concluye con el contraste de la dinámica de los créditos (consumo y al sector industrial) en la economía mexicana con la revisión de la literatura especializada sobre financiarización. Con base en los resultados alcanzados, se proponen una serie de acciones y líneas de investigación para seguir estudiando el tema.

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Financialization, distribution, and macroeconomic regimes before and after the crisis: a post-Keynesian view on Denmark, Estonia, and Latvia

Cited by 14 publications

References 47 publications

The dual impact of financial development: growth and inequality in the Eurozone countries

The dual impact of financial development: growth and inequality in the Eurozone countries

ASEAN-FTA Impact on Rubber and Crude Palm Oil Export: An Empirical Evidence from IMT Countries

Un análisis del financiamiento de la banca comercial en México 1994-2022

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