Monetary adjustment and inflation of financial claims in the UK after 1980

Lepper, John; Shabani, Mimoza; Toporowski, Jan; Tyson, Judith

doi:10.4337/9781785362385.00008

Cited by 4 publications

(2 citation statements)

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“…alternative interpretations of current stagnation tendencies, see Fazzari (2015, 2016), Hein (2016), Palley (2016) and van Treeck (2015). 21 For more country-specific information on the causes of and the responses towards the crisis, see Evans (2016) on the US, Lepper et al (2016) on the UK, Febrero and Bermejo (2013), Ferreiro et al (2016) and Ferreiro and Gomez (2015) on Spain, Detzer and Hein (2016) and Hein and Detzer (2015) on Germany, Stenfors (2016) on Sweden, and Cournilleau and Creel (2016) on France, for example. Spain has been a different case.…”

Section: Figurementioning

confidence: 99%

Inequality and Growth: Marxian and Post-Keynesian/Kaleckian Perspectives on Distribution and Growth Regimes Before and After the Great Recession

Hein

2018

Inequality

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Section: Figurementioning

confidence: 99%

Inequality and Growth: Marxian and Post-Keynesian/Kaleckian Perspectives on Distribution and Growth Regimes Before and After the Great Recession

Hein

2018

Inequality

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“…For a broader assessment of financialisation and the financial and economic crisis in the UK, seeLepper et al (2016), for example.Financialisation and Distribution Before and After the Crisis...…”

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Economic Policies since the Global Financial Crisis

Arestis¹,

Sawyer²

2017

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In this contribution, we analyse the effects of financialisation on income distribution, before and after the Great Financial Crisis and the Great Recession. The analysis is based on a Kaleckian theory of income distribution adapted to the conditions of financialisation. Financialisation may affect aggregate wage or gross profit shares of the economy as a whole through three channels: first, the sectoral composition of the economy; second, the financial overhead costs and profit claims of the rentiers; and, third, the bargaining power of workers and trade unions. We examine empirical indicators for each of these channels for six OECD (Organisation for Economic Co-operation and Development) economies, both before

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Financialisation and tendencies towards stagnation: the role of macroeconomic regime changes in the course of and after the financial and economic crisis 2007–09

Hein

2019

Cambridge Journal of Economics

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This paper argues that the re-emergence of stagnation tendencies in modern capitalism can be related to financialisation and its macroeconomic failures leading to the recent crises, and in particular to the macroeconomic responses towards the crisis and the respective regime shifts in mature capitalist economies. The focus of the paper is on the latter, and it examines the regime changes for six mature capitalist economies, the two liberal Anglo-Saxon economies of the USA and the UK, a representative country from the Nordic welfare states, Sweden, the three important Eurozone countries France, Germany and Spain, as well as the core Eurozone (EA-12) as a whole. The concept of macroeconomic regimes under the conditions of financialisation is recapitulated, applied to the period before the crisis, and finally the regime changes during and after the crisis are examined. It is shown that a dominant tendency towards export-led mercantilism, in particular in the Eurozone and its main member countries, imposes an aggregation problem on the global economy and thus contributes to stagnation and rising global macroeconomic risks. Finally, short- and long-run alternative policies to deal with these problems are suggested.

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Monetary adjustment and inflation of financial claims in the UK after 1980

Cited by 4 publications

References 0 publications

Inequality and Growth: Marxian and Post-Keynesian/Kaleckian Perspectives on Distribution and Growth Regimes Before and After the Great Recession

Inequality and Growth: Marxian and Post-Keynesian/Kaleckian Perspectives on Distribution and Growth Regimes Before and After the Great Recession

Economic Policies since the Global Financial Crisis

Financialisation and tendencies towards stagnation: the role of macroeconomic regime changes in the course of and after the financial and economic crisis 2007–09

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