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Влияние финансиализации и неравенства распределения доходов на рост экономики, инвестиционные процессы и инновации // The Impact of Financialization and Income Inequality on Economic Growth, Investment Processes and Innovation

Author

Listed:
  • A. Karayev K.

    (Financial University, Moscow)

  • А. Караев К.

    (Финансовый университет, Москва)

Abstract

For the macroeconomic policy to be effective, macroeconomic models must take into account the interrelations between the financial and real sectors of the national economy. The subject of the research is the impact of financialization (expansion of the financial sector influence) and heterogeneity of investment decisions made by households and organizations on the inequality of income and wealth distribution as well as on household consumption and investment demand generated by organizations. The purpose of the research was to simulate the integrated influence and inter- influence of financialization of the economy leading to the following phenomena: an increase in the financial capabilities of economic agents, households and organizations and an increase in their debt; heterogeneity of decisions made by households (with account for different education levels) towards investment in their professional skill improvement, in particular through bank loans; heterogeneity of decisions made by organizations towards investment in expanding the existing production or mastering innovative product manufacturing; inequality in distribution of household incomes, components of aggregate demand in the economy, unemployment, etc. The research was carried out using an agent-oriented AB-SFC model with consistent flows and reserves that takes into account the specifics of investment behavior of economic agents (households and companies). The paper concludes that the financialization can contribute to the economic growth and the leverage and, accordingly, to the debt of economic agents and a higher volatility of macroeconomic aggregates such as aggregate demand components. The research finding also show that innovation and technological changes resulting from investment preferences of organizations and households can also, along with the financialization, aggravate the income inequality of households. Для разработки эффективной макроэкономической политики в макроэкономических моделях необходимо учитывать взаимодействие между финансовым и реальным секторами национальной экономики. Предмет исследования — влияние финансиализации (расширение сферы влияния финансового сектора) и гетерогенности инвестиционных решений, принимаемых домохозяйствами и организациями, на распределение доходов и богатств и потребление домохозяйств и инвестиционный спрос, формируемый организациями. Цель работы — моделирование комплексного влияния и взаимовлияния финансиализации экономики, приводящей как к росту финансовых возможностей экономических агентов, домохозяйств и организаций, так и к увеличению их задолженности; неоднородности принимаемых решений домохозяйствами (с учетом различного уровня образования) инвестировать в повышение своего профессионального уровня, в том числе за счет займов в банках; неоднородности принимаемых решений организациями либо инвестировать в расширение имеющегося производства, либо инвестировать в освоение производства инновационного продукта; неравномерности распределения доходов домохозяйств, компонентов агрегированного спроса в экономике и т.д. Исследование проведено с использованием агентно-ориентированной AB-SFC модели с согласованными потоками и запасами, в которой учитываются особенности инвестиционного поведения экономических агентов (домохозяйств и организаций). В статье делаются выводы о том, что финансиализация может содействовать росту экономики, а также левериджа и соответственно задолженности экономических агентов и увеличению волатильности флуктуаций макроэкономических агрегатов — компонентов агрегированного спроса. Из результатов исследования также следует, что инновации и технологические изменения, являющиеся следствием инвестиционных предпочтений организаций и домохозяйств, могут также, наравне с финансиализацией, служить дополнительным источником усиления неравномерности распределения доходов домохозяйств.

Suggested Citation

  • A. Karayev K. & А. Караев К., 2018. "Влияние финансиализации и неравенства распределения доходов на рост экономики, инвестиционные процессы и инновации // The Impact of Financialization and Income Inequality on Economic Growth, Investmen," Экономика. Налоги. Право // Economics, taxes & law, ФГОБУ "Финансовый университет при Правительстве Российской Федерации" // Financial University under The Government of Russian Federation, vol. 11(6), pages 57-68.
    • Handle: RePEc:scn:econom:y:2018:i:6:p:57-68
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