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Debt, financial fragility, and economic growth: a Post Keynesian macromodel

  • Antonio J.A. Meirelles
  • Gilberto Tadeu Lima

A Post Keynesian macromodel of capacity utilization and economic growth is developed in which the supply of credit-money by the banking system is endogenous, and firms' financial fragility is explicitly modeled. Both the influence of interest rate and indebtedness on capacity utilization and the rates of profit and economic growth, on the one hand, and the effect of the parameters of the saving and investment functions on firms' financial fragility, on the other hand, are carefully analyzed.

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Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 29 (2006)
Issue (Month): 1 (October)
Pages: 93-115

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Handle: RePEc:mes:postke:v:29:y:2006:i:1:p:93-115
Contact details of provider: Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

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  1. Marc Lavoie, 1995. "Interest Rates In Post-Keynesian Models Of Growth And Distribution," Metroeconomica, Wiley Blackwell, vol. 46(2), pages 146-177, 06.
  2. Taylor, Lance & O'Connell, Stephen A, 1985. "A Minsky Crisis," The Quarterly Journal of Economics, MIT Press, vol. 100(5), pages 871-85, Supp..
  3. Gilberto Tadeu Lima, 2000. "Market concentration and technological innovation in a dynamic model of growth and distribution," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 447-475.
  4. Gilberto Tadeu Lima & Antonio J. A. Meirelles, 2007. "Macrodynamics of debt regimes, financial instability and growth," Cambridge Journal of Economics, Oxford University Press, vol. 31(4), pages 563-580, July.
  5. Gilberto Tadeu Lima, 2004. "Endogenous Technological Innovation, Capital Accumulation And Distributional Dynamics," Metroeconomica, Wiley Blackwell, vol. 55(4), pages 386-408, November.
  6. Gilberto Tadeu Lima & Antonio J. A. Meirelles, 2003. "Endogenous Banking Markup, Distributional Conflict and Capacity Utilization," Metroeconomica, Wiley Blackwell, vol. 54(2-3), pages 366-384, 05.
  7. Dutt, Amitava Krishna, 1984. "Stagnation, Income Distribution and Monopoly Power," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 25-40, March.
  8. Steve Keen, 1995. "Finance and Economic Breakdown: Modeling Minsky's "Financial Instability Hypothesis"," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 17(4), pages 607-635, July.
  9. Marc Jarsulic, 1990. "Debt and Macro Stability," Eastern Economic Journal, Eastern Economic Association, vol. 16(2), pages 91-100, Apr-Jun.
  10. Thomas I. Palley, 1994. "Debt, Aggregate Demand, and the Business Cycle: An Analysis in the Spirit of Kaldor and Minsky," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 16(3), pages 371-390, April.
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