Engelbert Stockhammer
Biographic Data
| ID | 279099 |
|---|---|
| NAME | Engelbert Stockhammer |
| GIVEN NAMES | Engelbert |
| FAMILY NAME | Stockhammer |
| SIGNATURE | STOCKHAMMER E |
| AFFILIATIONS | King's College London |
| ORCID | 0000-0002-5329-3535 |
| VERIFIED | Yes |
| TOTAL WORKS | 33 |
| TOTAL CITATIONS | 160 |
| AUTHOR COUNT | 33 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 2004 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 6 |
What goes up, must come down: Speculation-encouraging institutions and house price cycles across countries
Since the Global Financial Crisis, there is a growing literature on the Comparative Political Economy (CPE) of housing, but it has not systematically incorporated boom-bust cycles in house prices. This matters as cycles in house prices are large relative to their trend and the intensity of house price cycles differs across countries. Bringing Minskyan and behavioural theories of endogenous financial cycles to CPE, this article argues that the int…
Between Academia and Economic Policy: The Rise and Decline of Post-Keynesian Economics in Austria
This paper charts the rise and decline of post-Keynesian economics (PKE) in Austria. Keynesianism arrives in Austria via economic policy debates in social democratic circles where it is used to develop a policy strategy later known as Austro-Keynesianism. PKE gets a foothold at the Wirtschaftsforschungsinstitut (WIFO), Austria’s foremost applied economics research institute, and the Chamber of Labour, before establishing itself at the University …
Hilferding, Woytinsky and the Fiscal Orthodoxy of Interwar Social Democracy
In 1931, when the Great Depression hit Germany, German social democrats discussed a proposal for a proto-Keynesian public-debt financed employment programme. This was the so-called WTB plan drafted by Wladimir Woytinsky. But under the leadership of Rudolf Hilferding, the SPD rejected the proposal. This paper introduces Woytinsky and the WTB plan. It documents how Hilferding’s endorsement of the gold standard and fiscal austerity can be traced to …
Bringing Household Finance Back In: House Prices and the Missing Macroeconomics of Comparative Political Economy
This article makes a key contribution to the comparative political economy literature by accounting for the macroeconomic role of household finance. Based on post-Keynesian theories of finance and the financialization literature, we place house prices and mortgage credit squarely at the center of the macroeconomy, as speculative house price cycles can facilitate homeowner consumption via the use of equity release mortgages. Through an econometric…
A tale of housing cycles and fiscal policy, not competitiveness. Growth drivers in Southern Europe
Southern European countries are widely considered a distinct type of capitalism, but they have experienced a varied growth performance, both over time and across countries. This paper investigates the growth drivers in southern Europe since the mid-1990s. We consider a broad set of potential growth drivers derived from the literature on Mediterranean capitalism and Comparative Political Economy more broadly. On the demand side, these include the …
Macroeconomic ingredients for a growth model analysis for peripheral economies: A post-Keynesian-structuralist approach
The growth models approach (GMA) has become increasingly prominent in Comparative Political Economy over the last years. While it has originally been developed for advanced economies, there is a growing number of applications for developing countries. This raises the question of how readily transferable the GMA concepts are to the peripheral capitalist experience. This paper explores the analytical building blocks for an extension of the GMA to d…
Post-Keynesian Macroeconomic Foundations for Comparative Political Economy
The global financial crisis and ensuing weak growth have increased interest in macroeconomic issues within comparative political economy (CPE). CPE, particularly the dominant Varieties of Capitalism approach, has based its analyses on mainstream economics, which limits analysis of the relation between distribution and growth and neglects the role finance plays in modern economies. It overstates the stability of the capitalist growth process and u…
Growing differently? Financial cycles, austerity, and competitiveness in growth models since the Global Financial Crisis
The paper contributes to the recent growth models debate through a cross-country analysis of growth drivers before and after the 2008 Global Financial Crisis (GFC). It argues that the widely used dichotomy of export-led versus (debt-financed) consumption-led growth has lost its usefulness since the GFC. Specifically, identifying growth models through growth contributions can give misleading results when the drivers of economic growth change. The …
Wages, Income Distribution and Economic Growth: Long-Run Perspectives in Scandinavia, 1900–2010
This article views analysis of the influence of capital–labour income distribution on economic growth from a historical perspective, using data from 1900 onwards. We study the three Scandinavian countries of Sweden, Denmark and Norway, where conventional accounts of the postwar growth miracles in these small, open economies have emphasized the role of wage restraint, favouring profits and investment over consumption. Instead, we show that the 195…
Dimensions and Determinants of Financialisation: Comparing OECD Countries since 1997
The financialisation literature has grown over the past decades. Despite a generally accepted definition, financialisation has been used to describe different phenomena. We distinguish between financialisation of non-financial companies, households and the financial sector and use activity and vulnerability measures. We identify seven financialisation hypotheses in the literature and empirically investigate them in a cross-country analysis for 17…
Building blocks for the macroeconomics and political economy of housing
Housing played an essential part in the global financial crisis 2007–2008 and the Euro crisis. Large parts of bank lending continue to go to mortgages. Housing wealth is the largest part of wealth for most households and is, at the same time, more dispersed than other forms of wealth. House prices exhibit pronounced fluctuations that are closely linked to credit growth. Housing thus plays a crucial role in the macroeconomy, which has become even …
Directed Technological Change in a Post-Keynesian Ecological Macromodel
This paper presents a post-Keynesian ecological macromodel, which is stock-flow consistent, and incorporates directed technological change. Private and public R&D spending across three competing, yet complementary inputs – Labor, Capital, and Resources – follow a portfolio allocation decision, where inputs with relatively higher growth in costs, see higher R&D investment and productivity gains. Two policy experiments are reported; a market-based …
Verteilungseffekte von Finanzialisierung
Finanzialisierung wird oft mit steigender Einkommensungleichheit assoziiert. Der Artikel beschreibt die wesentlichen Aspekte von Finanzialisierung im Außen‐, Finanz‐, Firmen- und Haushaltssektor und identifiziert mehrere Hypothesen, wie Finanzialisierung die funktionale Einkommensverteilung beeinflussen kann. Wir diskutieren verbesserte Exit-Optionen von Firmen, steigende finanzielle Kosten für Unternehmen, wachsenden Wettbewerb auf Kapitalmärkte…
Determinants of the Wage Share: A Panel Analysis of Advanced and Developing Economies
Wage shares have declined substantially in all OECD countries and most developing economies since 1980. This study uses a new ILO/IILS dataset on adjusted wage shares for a panel of up to 43 developing and 28 advanced economies (1970–2007) to explain changes in wage shares and assess the relative contributions of technological change, financialization, globalization and welfare state retrenchment. We find strong negative effects of financializati…
Financialisation in emerging economies: A systematic overview and comparison with Anglo-Saxon economies
Financialisation research has originally focussed on the US experience, but the concept is now increasingly applied to emerging economies (EMEs). There is a rich literature stressing peculiarities of individual country experiences, but little systematic comparison across EMEs. This paper fills this gap, providing an overview of the debate and identifying six financialisation interpretations for EMEs. These different interpretations stress (1) fin…
Income Inequality and Wealth Concentration in the Recent Crisis
This article shows that the increase of income inequality and global wealth concentration was an important driver for the financial and Eurozone crisis. The high levels of income inequality resulted in balance of payment imbalances and growing debt levels. Rising wealth concentration contributed to the crisis because the increasing asset demand from the rich played a key role in the growth of the structured credit market and enabled poor and midd…
Branko Milanovic's Long Waves in Income Distribution and Growth
Retracted: How does financialization affect functional income distribution? A theoretical clarification and empirical assessment
It is frequently asserted that financialization has contributed to the decline in the wage share. This article provides a theoretical clarification and a systematic empirical investigation. We identify four arguments for why financialization would affect the wage share: (a) a Political Economy approach focusing on the exit options of firms; (b) a mark-up pricing approach stressing the role of financial overhead costs for firms; (c) increased comp…
Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective
The paper offers an account of the Euro crisis based on post-Keynesian monetary theory and its typology of demand regimes. Neoliberalism has transformed social and financial relations in Europe but it has not given rise to a sustained profit-led growth process. Instead, growth has relied either on financial bubbles and rising household debt (?debt-driven growth?) or on net exports (?export-driven growth?). In Europe the financial crisis has been …
A Post-Keynesian Response to Piketty's ‘Fundamental Contradiction of Capitalism’
In Capital in the Twenty-First Century, Thomas Piketty presents a rich set of data that deals with income and wealth distribution, output-wealth dynamics and rates of return. He also proposes some ‘laws of capitalism’. At the core of his argument lies the ‘fundamental inequality of capitalism’, an empirical regularity stating that the rate of return on wealth is greater than the growth rate of the economy. This simple construct allows him to conc…
European growth models and working class restructuring: An International post-Keynesian Political Economy perspective
This paper builds on post-Keynesian macroeconomics, the French Regulation Theory and a Neo-Gramscian International Political Economy approach to class analysis to propose an International post-Keynesian Political Economy approach that is used to offer an empirical analysis of European growth models and working class restructuring in Europe between 2000 and 2008. We will distinguish between the 'East', the 'North' and the 'South' and structure our…
Rising inequality as a cause of the present crisis
The article argues that the economic imbalances that caused the present crisis should be thought of as the outcome of the interaction of the effects of financial deregulation with the macroeconomic effects of rising inequality. In this sense rising inequality should be regarded as a root cause of the present crisis. I identify four channels by which it has contributed to the crisis. First, rising inequality creates a downwards pressure on aggrega…
Europe in Crisis: Introduction
The economies of the Euro area (EA) are in crisis. According to the European Commission, EA GDP remains 2.1% below pre-crisis levels. However, these aggregate figures mask substantial cross-country divergence. While there has been a weak recovery in Germany (up by 2.9% of GDP since 2009), southern European countries are in a much worse shape. Real GDP in Greece has declined 23.3%; in Spain the decline has been 6.4%, in Italy, 7.1% and in Ireland,…
Rebalancing the Euro Area: The Costs of Internal Devaluation
This paper investigates the economic costs of rebalancing current account positions in the Euro area by means of internal devaluation. Internal devaluation relies on wage suppression in the deficit countries. Based on an old Keynesian model we estimate a current account equation, a wage-Phillips curve and an Okun's Law equation. All estimations are carried out for a panel of twelve Euro area members. From the estimation results we calculate the o…
Global Finance and Social Europe
Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective
The paper offers an account of the Euro crisis based on post-Keynesian monetary theory and its typology of demand regimes. Neoliberalism has transformed social and financial relations in Europe but it has not given rise to a sustained profit-led growth process. Instead, growth has relied either on financial bubbles and rising household debt (?debt-driven growth?) or on net exports (?export-driven growth?). In Europe the financial crisis has been …
Financialisation in emerging economies: A systematic overview and comparison with Anglo-Saxon economies
Financialisation research has originally focussed on the US experience, but the concept is now increasingly applied to emerging economies (EMEs). There is a rich literature stressing peculiarities of individual country experiences, but little systematic comparison across EMEs. This paper fills this gap, providing an overview of the debate and identifying six financialisation interpretations for EMEs. These different interpretations stress (1) fin…
Post-Keynesian Macroeconomic Foundations for Comparative Political Economy
The global financial crisis and ensuing weak growth have increased interest in macroeconomic issues within comparative political economy (CPE). CPE, particularly the dominant Varieties of Capitalism approach, has based its analyses on mainstream economics, which limits analysis of the relation between distribution and growth and neglects the role finance plays in modern economies. It overstates the stability of the capitalist growth process and u…
Growing differently? Financial cycles, austerity, and competitiveness in growth models since the Global Financial Crisis
The paper contributes to the recent growth models debate through a cross-country analysis of growth drivers before and after the 2008 Global Financial Crisis (GFC). It argues that the widely used dichotomy of export-led versus (debt-financed) consumption-led growth has lost its usefulness since the GFC. Specifically, identifying growth models through growth contributions can give misleading results when the drivers of economic growth change. The …
Dimensions and Determinants of Financialisation: Comparing OECD Countries since 1997
The financialisation literature has grown over the past decades. Despite a generally accepted definition, financialisation has been used to describe different phenomena. We distinguish between financialisation of non-financial companies, households and the financial sector and use activity and vulnerability measures. We identify seven financialisation hypotheses in the literature and empirically investigate them in a cross-country analysis for 17…
Rebalancing the Euro Area: The Costs of Internal Devaluation
This paper investigates the economic costs of rebalancing current account positions in the Euro area by means of internal devaluation. Internal devaluation relies on wage suppression in the deficit countries. Based on an old Keynesian model we estimate a current account equation, a wage-Phillips curve and an Okun's Law equation. All estimations are carried out for a panel of twelve Euro area members. From the estimation results we calculate the o…
Bringing Household Finance Back In: House Prices and the Missing Macroeconomics of Comparative Political Economy
This article makes a key contribution to the comparative political economy literature by accounting for the macroeconomic role of household finance. Based on post-Keynesian theories of finance and the financialization literature, we place house prices and mortgage credit squarely at the center of the macroeconomy, as speculative house price cycles can facilitate homeowner consumption via the use of equity release mortgages. Through an econometric…
Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model
New Consensus Models (NCMs) have been criticised by Post-Keynesians for a variety of reasons, and amendments or alternatives have been presented. The present paper attempts to provide a Post-Keynesian alternative model to the NCM. The model consists of three classes: rentiers, firms and workers. It has a short-run inflation barrier derived from distribution conflict between these classes, which is endogenous in the medium run. Distribution confli…
Directed Technological Change in a Post-Keynesian Ecological Macromodel
This paper presents a post-Keynesian ecological macromodel, which is stock-flow consistent, and incorporates directed technological change. Private and public R&D spending across three competing, yet complementary inputs – Labor, Capital, and Resources – follow a portfolio allocation decision, where inputs with relatively higher growth in costs, see higher R&D investment and productivity gains. Two policy experiments are reported; a market-based …
Income Inequality and Wealth Concentration in the Recent Crisis
This article shows that the increase of income inequality and global wealth concentration was an important driver for the financial and Eurozone crisis. The high levels of income inequality resulted in balance of payment imbalances and growing debt levels. Rising wealth concentration contributed to the crisis because the increasing asset demand from the rich played a key role in the growth of the structured credit market and enabled poor and midd…
European growth models and working class restructuring: An International post-Keynesian Political Economy perspective
This paper builds on post-Keynesian macroeconomics, the French Regulation Theory and a Neo-Gramscian International Political Economy approach to class analysis to propose an International post-Keynesian Political Economy approach that is used to offer an empirical analysis of European growth models and working class restructuring in Europe between 2000 and 2008. We will distinguish between the 'East', the 'North' and the 'South' and structure our…
A tale of housing cycles and fiscal policy, not competitiveness. Growth drivers in Southern Europe
Southern European countries are widely considered a distinct type of capitalism, but they have experienced a varied growth performance, both over time and across countries. This paper investigates the growth drivers in southern Europe since the mid-1990s. We consider a broad set of potential growth drivers derived from the literature on Mediterranean capitalism and Comparative Political Economy more broadly. On the demand side, these include the …
Financial Uncertainty and Business Investment
The paper contributes to the empirical analysis of financial uncertainty and investment from a Post Keynesian perspective. The paper uses the volatility of the exchange rate, the volatility of the stock market index, and the real gold price as indicators for financial uncertainty. An increase in the volatility of a variable is a sufficient, but not a necessary condition for an increase in uncertainty regarding this variable. The effects of change…
Building blocks for the macroeconomics and political economy of housing
Housing played an essential part in the global financial crisis 2007–2008 and the Euro crisis. Large parts of bank lending continue to go to mortgages. Housing wealth is the largest part of wealth for most households and is, at the same time, more dispersed than other forms of wealth. House prices exhibit pronounced fluctuations that are closely linked to credit growth. Housing thus plays a crucial role in the macroeconomy, which has become even …
A Post-Keynesian Response to Piketty's ‘Fundamental Contradiction of Capitalism’
In Capital in the Twenty-First Century, Thomas Piketty presents a rich set of data that deals with income and wealth distribution, output-wealth dynamics and rates of return. He also proposes some ‘laws of capitalism’. At the core of his argument lies the ‘fundamental inequality of capitalism’, an empirical regularity stating that the rate of return on wealth is greater than the growth rate of the economy. This simple construct allows him to conc…
Is there an equilibrium rate of unemployment in the long run
This paper examines the existence and stability of a long-run equilibrium rate of unemployment in a Post-Keynesian growth model and contrasts it with the NAIRU model. In the latter the equilibrium rate of unemployment determines unanticipated inflation in the short run and actual unemployment and output in the long run. The real balance effect plays the pivotal role in the transition from the short run to the long run. For the Keynesian model we …
Macroeconomic ingredients for a growth model analysis for peripheral economies: A post-Keynesian-structuralist approach
The growth models approach (GMA) has become increasingly prominent in Comparative Political Economy over the last years. While it has originally been developed for advanced economies, there is a growing number of applications for developing countries. This raises the question of how readily transferable the GMA concepts are to the peripheral capitalist experience. This paper explores the analytical building blocks for an extension of the GMA to d…
Relations among Internal, Continental, and Transatlantic Migration in Late Imperial Austria
The article investigates the relations among internal, Continental, and transatlantic migration in late imperial Austria by combining information from passenger records of ships to the United States and internal district-level migration data from the Austrian census. Combined with other statistical sources, a snapshot of migration to the United States is provided in the context of long-standing patterns of internal and Continental migration and t…
Uncertainty, Class, and Power
(2006). Uncertainty, Class, and Power. International Journal of Political Economy: Vol. 35, No. 4, pp. 31-49
Financialisation and the slowdown of accumulation
Over the past decades, the financial investment of non-financial businesses has been rising, and the accumulation of capital goods has been declining. The first part of the paper offers a novel theory to explain this phenomenon. Financialisation, the shareholder revolution and the development of a market for corporate control have shifted power to shareholders and thus changed management priorities, leading to a reduction in the desired growth ra…
Is there an equilibrium rate of unemployment in the long run
This paper examines the existence and stability of a long-run equilibrium rate of unemployment in a Post-Keynesian growth model and contrasts it with the NAIRU model. In the latter the equilibrium rate of unemployment determines unanticipated inflation in the short run and actual unemployment and output in the long run. The real balance effect plays the pivotal role in the transition from the short run to the long run. For the Keynesian model we …
Uncertainty, Class, and Power
(2006). Uncertainty, Class, and Power. International Journal of Political Economy: Vol. 35, No. 4, pp. 31-49
Relations among Internal, Continental, and Transatlantic Migration in Late Imperial Austria
Relations among Internal, Continental, and Transatlantic Migration in Late Imperial Austria
The article investigates the relations among internal, Continental, and transatlantic migration in late imperial Austria by combining information from passenger records of ships to the United States and internal district-level migration data from the Austrian census. Combined with other statistical sources, a snapshot of migration to the United States is provided in the context of long-standing patterns of internal and Continental migration and t…
The Effect of Wages and “Demographic Pressure” on Migration from the Habsburg Monarchy to the United States of America in 1910
The paper investigates the determinants of migration from rural districts in the Austrian part of the Habsburg Monarchy to the USA in 1910 by combining information from passenger records of ships to the USA and economic and demographic data on district level from the Austrian census and information on wages from an Austrian survey in 1893. The analysis focuses on the effects of the level of wages and demographic pressure. We find support for a no…
Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model
New Consensus Models (NCMs) have been criticised by Post-Keynesians for a variety of reasons, and amendments or alternatives have been presented. The present paper attempts to provide a Post-Keynesian alternative model to the NCM. The model consists of three classes: rentiers, firms and workers. It has a short-run inflation barrier derived from distribution conflict between these classes, which is endogenous in the medium run. Distribution confli…
Financial Uncertainty and Business Investment
The paper contributes to the empirical analysis of financial uncertainty and investment from a Post Keynesian perspective. The paper uses the volatility of the exchange rate, the volatility of the stock market index, and the real gold price as indicators for financial uncertainty. An increase in the volatility of a variable is a sufficient, but not a necessary condition for an increase in uncertainty regarding this variable. The effects of change…
Global Finance and Social Europe
Europe in Crisis: Introduction
The economies of the Euro area (EA) are in crisis. According to the European Commission, EA GDP remains 2.1% below pre-crisis levels. However, these aggregate figures mask substantial cross-country divergence. While there has been a weak recovery in Germany (up by 2.9% of GDP since 2009), southern European countries are in a much worse shape. Real GDP in Greece has declined 23.3%; in Spain the decline has been 6.4%, in Italy, 7.1% and in Ireland,…
Rebalancing the Euro Area: The Costs of Internal Devaluation
This paper investigates the economic costs of rebalancing current account positions in the Euro area by means of internal devaluation. Internal devaluation relies on wage suppression in the deficit countries. Based on an old Keynesian model we estimate a current account equation, a wage-Phillips curve and an Okun's Law equation. All estimations are carried out for a panel of twelve Euro area members. From the estimation results we calculate the o…
Rising inequality as a cause of the present crisis
The article argues that the economic imbalances that caused the present crisis should be thought of as the outcome of the interaction of the effects of financial deregulation with the macroeconomic effects of rising inequality. In this sense rising inequality should be regarded as a root cause of the present crisis. I identify four channels by which it has contributed to the crisis. First, rising inequality creates a downwards pressure on aggrega…
Retracted: How does financialization affect functional income distribution? A theoretical clarification and empirical assessment
It is frequently asserted that financialization has contributed to the decline in the wage share. This article provides a theoretical clarification and a systematic empirical investigation. We identify four arguments for why financialization would affect the wage share: (a) a Political Economy approach focusing on the exit options of firms; (b) a mark-up pricing approach stressing the role of financial overhead costs for firms; (c) increased comp…
Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective
The paper offers an account of the Euro crisis based on post-Keynesian monetary theory and its typology of demand regimes. Neoliberalism has transformed social and financial relations in Europe but it has not given rise to a sustained profit-led growth process. Instead, growth has relied either on financial bubbles and rising household debt (?debt-driven growth?) or on net exports (?export-driven growth?). In Europe the financial crisis has been …
A Post-Keynesian Response to Piketty's ‘Fundamental Contradiction of Capitalism’
In Capital in the Twenty-First Century, Thomas Piketty presents a rich set of data that deals with income and wealth distribution, output-wealth dynamics and rates of return. He also proposes some ‘laws of capitalism’. At the core of his argument lies the ‘fundamental inequality of capitalism’, an empirical regularity stating that the rate of return on wealth is greater than the growth rate of the economy. This simple construct allows him to conc…
European growth models and working class restructuring: An International post-Keynesian Political Economy perspective
This paper builds on post-Keynesian macroeconomics, the French Regulation Theory and a Neo-Gramscian International Political Economy approach to class analysis to propose an International post-Keynesian Political Economy approach that is used to offer an empirical analysis of European growth models and working class restructuring in Europe between 2000 and 2008. We will distinguish between the 'East', the 'North' and the 'South' and structure our…
Determinants of the Wage Share: A Panel Analysis of Advanced and Developing Economies
Wage shares have declined substantially in all OECD countries and most developing economies since 1980. This study uses a new ILO/IILS dataset on adjusted wage shares for a panel of up to 43 developing and 28 advanced economies (1970–2007) to explain changes in wage shares and assess the relative contributions of technological change, financialization, globalization and welfare state retrenchment. We find strong negative effects of financializati…
Financialisation in emerging economies: A systematic overview and comparison with Anglo-Saxon economies
Financialisation research has originally focussed on the US experience, but the concept is now increasingly applied to emerging economies (EMEs). There is a rich literature stressing peculiarities of individual country experiences, but little systematic comparison across EMEs. This paper fills this gap, providing an overview of the debate and identifying six financialisation interpretations for EMEs. These different interpretations stress (1) fin…
Income Inequality and Wealth Concentration in the Recent Crisis
This article shows that the increase of income inequality and global wealth concentration was an important driver for the financial and Eurozone crisis. The high levels of income inequality resulted in balance of payment imbalances and growing debt levels. Rising wealth concentration contributed to the crisis because the increasing asset demand from the rich played a key role in the growth of the structured credit market and enabled poor and midd…
Branko Milanovic's Long Waves in Income Distribution and Growth
Directed Technological Change in a Post-Keynesian Ecological Macromodel
This paper presents a post-Keynesian ecological macromodel, which is stock-flow consistent, and incorporates directed technological change. Private and public R&D spending across three competing, yet complementary inputs – Labor, Capital, and Resources – follow a portfolio allocation decision, where inputs with relatively higher growth in costs, see higher R&D investment and productivity gains. Two policy experiments are reported; a market-based …
Verteilungseffekte von Finanzialisierung
Finanzialisierung wird oft mit steigender Einkommensungleichheit assoziiert. Der Artikel beschreibt die wesentlichen Aspekte von Finanzialisierung im Außen‐, Finanz‐, Firmen- und Haushaltssektor und identifiziert mehrere Hypothesen, wie Finanzialisierung die funktionale Einkommensverteilung beeinflussen kann. Wir diskutieren verbesserte Exit-Optionen von Firmen, steigende finanzielle Kosten für Unternehmen, wachsenden Wettbewerb auf Kapitalmärkte…
Dimensions and Determinants of Financialisation: Comparing OECD Countries since 1997
The financialisation literature has grown over the past decades. Despite a generally accepted definition, financialisation has been used to describe different phenomena. We distinguish between financialisation of non-financial companies, households and the financial sector and use activity and vulnerability measures. We identify seven financialisation hypotheses in the literature and empirically investigate them in a cross-country analysis for 17…
Building blocks for the macroeconomics and political economy of housing
Housing played an essential part in the global financial crisis 2007–2008 and the Euro crisis. Large parts of bank lending continue to go to mortgages. Housing wealth is the largest part of wealth for most households and is, at the same time, more dispersed than other forms of wealth. House prices exhibit pronounced fluctuations that are closely linked to credit growth. Housing thus plays a crucial role in the macroeconomy, which has become even …
Growing differently? Financial cycles, austerity, and competitiveness in growth models since the Global Financial Crisis
The paper contributes to the recent growth models debate through a cross-country analysis of growth drivers before and after the 2008 Global Financial Crisis (GFC). It argues that the widely used dichotomy of export-led versus (debt-financed) consumption-led growth has lost its usefulness since the GFC. Specifically, identifying growth models through growth contributions can give misleading results when the drivers of economic growth change. The …
Economics (28 works) · Economic Theory and Policy (24 works) · Macroeconomics (20 works) · Housing, Finance, and Neoliberalism (16 works) · Monetary economics (12 works) · Political Economy and Marxism (12 works) · Political science (11 works) · Keynesian economics (10 works) · Finance (9 works) · Politics (9 works)