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Finanzsystem und wirtschaftliche Entwicklung: Tendenzen in den USA und in Deutschland aus makroökonomischer Perspektive

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Author Info

  • Petra Dünhaupt

    ()
    (IMK at the Hans Boeckler Foundation)

  • Eckhard Hein

    ()
    (IMK at the Hans Boeckler Foundation)

  • Till van Treeck

    ()
    (IMK at the Hans Boeckler Foundation)

Abstract

This study analyses the longer term implications of 'financialisation' in the US and in Germany from a macroeconomic perspective. In the process of 'financialisation' the importance of the financial sector of an economy increases relative to that of the non-financial sector. While discussing both opportunities and risks involved with 'financialisation', particular emphasis is on the potential causes and implications of a phenomenon repeatedly observed since the early 1980s: whereas physical investment activity was relatively weak over extended periods of time, profits in the business sector have developed very favourably throughout the period. In the US, economic growth is increasingly driven by (wealth-based and debt-financed) private consumption, while in Germany growth and profits depend increasingly on exports. We examine the implications of these different growth patterns in light of the current turbulences in national and international financial systems.

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Bibliographic Info

Paper provided by IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute in its series IMK Studies with number 05-2007.

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Length: 108 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:imk:studie:05-2007

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Cited by:
  1. Eckhard Hein, 2008. "Financialisation in a comparative static, stock-flow consistent Post-Kaleckian distribution and growth model," IMK Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 21-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  2. Hein, Eckhard & Truger, Achim, 2010. "Finance-dominated capitalism in crisis: The case for a Global Keynesian New Deal," IPE Working Papers, Berlin School of Economics and Law, Institute for International Political Economy (IPE) 06/2010, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  3. Petra Duenhaupt, 2011. "The Impact of Financialization on Income Distribution in the USA and Germany: A Proposal for a New Adjusted Wage Share," IMK Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 7-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  4. Eckhard Hein, 2012. "The Crisis of Finance-dominated Capitalism in the Euro Area: Deficiencies in the Economic Policy Architecture and Deflationary Stagnation Policies," Economics Working Paper Archive, Levy Economics Institute wp_734, Levy Economics Institute.
  5. Eckhard Hein, 2013. "Finance-dominated Capitalism and Redistribution of Income: A Kaleckian Perspective," Economics Working Paper Archive, Levy Economics Institute wp_746, Levy Economics Institute.
  6. Hein, Eckhard, 2009. "‘Financialisation’, distribution, capital accumulation and productivity growth in a Post-Kaleckian model," MPRA Paper 18574, University Library of Munich, Germany.
  7. Hein, Eckhard, 2012. "Finance-dominated capitalism, re-distribution and the financial and economic crises - a European perspective," MPRA Paper 35903, University Library of Munich, Germany.
  8. Hein, Eckhard, 2011. "Distribution, 'financialisation' and the financial and economic crisis: Implications for post-crisis economic policies," IPE Working Papers, Berlin School of Economics and Law, Institute for International Political Economy (IPE) 09/2011, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  9. Hein, Eckhard & Mundt, Matthias, 2012. "Financialisation and the requirements and potentials for wage-led recovery : a review focussing on the G20," ILO Working Papers, International Labour Organization 470932, International Labour Organization.
  10. Katja Rietzler & Dieter Teichmann & Achim Truger, 2013. "IMK Steuerschätzung 2013-2017," IMK Report, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 81-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  11. Jörg Bibow, 2010. "Alternative Strategien der Budgetkonsolidierung in Österreich nach der Rezession," IMK Studies, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 03-2010, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  12. Eckhard Hein, 2009. "A (Post-) Keynesian perspective on "financialisation"," IMK Studies, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 01-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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