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Exploring the Relationship Between Growth Regimes and Growth Drivers Under Finance-Dominated Capitalism: A Study-Case of European Economies

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  • Daniel Feliciano
  • Jesus Ferreiro
  • Carlos J. Rodriguez-Fuentes

Abstract

Based on the literature on growth regimes and growth drivers in financialized economies, our article analyses the growth regimes and growth drivers in nineteen European economies over the period 2000–2019. Unlike previous work, we divide this period into three sub-periods, corresponding to the years before (2000–2007), during (2008–2013), and after (2014–2019) the Great Recession and the Eurozone crisis. We identify the existence of four growth regimes: Debt-financed domestic demand-led regime, Self-financed domestic demand-led regime, Export-led regime, and Contractive regime. These growth regimes differ from those highlighted in existing studies due to our division of the period after the outbreak of the Great Recession into two sub-periods. Additionally, we find that some growth drivers can help to explain not only the adscription of each country to a particular growth regime, but also the shifts of economies between different growth regimes during the periods under analysis.

Suggested Citation

  • Daniel Feliciano & Jesus Ferreiro & Carlos J. Rodriguez-Fuentes, 2025. "Exploring the Relationship Between Growth Regimes and Growth Drivers Under Finance-Dominated Capitalism: A Study-Case of European Economies," International Journal of Political Economy, Taylor & Francis Journals, vol. 54(4), pages 453-488, October.
    • Handle: RePEc:mes:ijpoec:v:54:y:2025:i:4:p:453-488
    DOI: 10.1080/08911916.2025.2586941
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