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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. Hein, Eckhard, 2009. "Financialisation', distribution, capital accumulation and productivity growth in a Post-Kaleckian model," IPE Working Papers 01/2009, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  2. Eckhard Hein, 2008. "Financialisation in a comparative static, stock-flow consistent Post-Kaleckian distribution and growth model," IMK Working Paper 21-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  3. Hein, Eckhard & Truger, Achim, 2010. "Finance-dominated capitalism in crisis: The case for a Global Keynesian New Deal," IPE Working Papers 06/2010, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  4. Jörg Bibow, 2010. "Alternative Strategien der Budgetkonsolidierung in Österreich nach der Rezession," IMK Studies 03-2010, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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