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Formalizing Debt-led and Debt-burdened Growth Regimes with Endogenous Macrodynamics of Minskian Financial Structure: A Long-run Analysis

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  • Hiroshi Nishi

Abstract

In this paper, we formally derive a version of the Minskian taxonomy of the firms’ financial structure (hedge, speculative, and Ponzi types), under the economic growth context in the long run. As for the economic growth, we formalize the mechanism of debt-led (debt-burdened) growth where the economy expands as the debt variables increase (decrease). By explicitly introducing the relationship between the finance growth regime and Minskian taxonomy in a dynamic model, the model in this paper enables us to evaluate whether or not the economic growth regime is sounded in terms of the firms’ financial positions.

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File URL: http://www.econ.kyoto-u.ac.jp/projectcenter/Paper/e-10-016.pdf
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Bibliographic Info

Paper provided by Graduate School of Economics Project Center, Kyoto University in its series Discussion papers with number e-10-016.

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Length: 25 pages
Date of creation: Mar 2011
Date of revision:
Handle: RePEc:kue:dpaper:e-10-016

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Keywords: Minskian financial structure; Economic growth; Post-Keynesian model;

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  1. Claudio H. Dos Santos & Gennaro Zezza, 2008. "A Simplified, 'Benchmark', Stock-Flow Consistent Post-Keynesian Growth Model," Metroeconomica, Wiley Blackwell, vol. 59(3), pages 441-478, 07.
  2. Sébastien Charles, 2008. "Corporate debt, variable retention rate and the appearance of financial fragility," Cambridge Journal of Economics, Oxford University Press, vol. 32(5), pages 781-795, September.
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