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A Post-Keynesian Model of Accumulation with a Minskyan Financial Structure

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  • Sebastien Charles

Abstract

Minsky's theory of financial instability is a strong alternative to neoclassical theory. Many Post-Keynesian authors use this analysis in order to elaborate models that give rise to crises or business cycles. Nevertheless, none of them has directly linked growth and financial structure. This article proposes a simple macroeconomic model linking the accumulation of capital and the state of the financial structure as defined by Minsky. The analysis shows how a capitalist economy may become financially fragile, and it suggests that instability is apt to be the rule.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802170236
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

Volume (Year): 20 (2008)
Issue (Month): 3 ()
Pages: 319-331

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Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:319-331

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Cited by:
  1. Hein, Eckhard & Dodig, Nina, 2014. "Financialisation, distribution, growth and crises: Long-run tendencies," IPE Working Papers 35/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  2. Hiroaki Sasaki & Shinya Fujita, 2010. "The Importance of the Retention Ratio in a Kaleckian Model with Debt Accumulation," Discussion papers e-10-008, Graduate School of Economics Project Center, Kyoto University.
  3. Eckhard Hein, 2012. "Finance-dominated capitalism, re-distribution, household debt and financial fragility in a Kaleckian distribution and growth model," PSL Quarterly Review, Economia civile, vol. 65(260), pages 11-51.
  4. Hiroaki Sasaki & Shinya Fujita, 2012. "Income Distribution, Debt Accumulation, and Financial Fragility in a Kaleckian Model with Labor Supply Constraints," Discussion papers e-12-007, Graduate School of Economics Project Center, Kyoto University.
  5. Yun Kim & Alan Isaac, 2011. "Consumer and Corporate Debt: A Neo-Kaleckian Synthesis," Working Papers 1108, Trinity College, Department of Economics.
  6. Shinya Fujita & Hiroaki Sasaki, 2011. "Financialization and its Long-run Macroeconomic Effects in a Kalecki-Minsky Model," Discussion papers e-11-001, Graduate School of Economics Project Center, Kyoto University.

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