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Finance, Saving and Accumulation

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  • Skott, Peter

Abstract

This paper analyzes the interaction between financial and real variables in different time frames and monetary regimes. Firms finance investment through retained earnings, new issues, or bank loans, and households' desired portfolio of financial assets is related to current income flows. The average saving propensity becomes an endogenous variable determined jointly by household and firm decisions and it is shown that changes in the basic parameters give rise to both saving and valuation effects. Contrary to standard Keynesian results, an increase in a saving parameter may be expansionary if the valuation effect dominates the saving effect. Copyright 1988 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 12 (1988)
Issue (Month): 3 (September)
Pages: 339-54

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Handle: RePEc:oup:cambje:v:12:y:1988:i:3:p:339-54

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Cited by:
  1. Harilaos Mertzanis, 2009. "Efficiency Wages, Inflation And Growth," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 34(2), pages 131-151, December.
  2. Eckhard Hein, 2009. "A (Post-) Keynesian perspective on "financialisation"," IMK Studies 01-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  3. Marc Lavoie & Wynne Godley, 2000. "Kaleckian Models of Growth in a Stock-Flow Monetary Framework: A Neo-Kaldorian Model," Macroeconomics 0004049, EconWPA.
  4. Eckhard Hein, 2008. "Shareholder value orientation, distribution and growth – short- and medium-run effects in a Kaleckian model," Department of Economics Working Papers wuwp120, Vienna University of Economics, Department of Economics.

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