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Finance, Saving and Accumulation

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  • Skott, Peter

Abstract

This paper analyzes the interaction between financial and real variables in different time frames and monetary regimes. Firms finance investment through retained earnings, new issues, or bank loans, and households' desired portfolio of financial assets is related to current income flows. The average saving propensity becomes an endogenous variable determined jointly by household and firm decisions and it is shown that changes in the basic parameters give rise to both saving and valuation effects. Contrary to standard Keynesian results, an increase in a saving parameter may be expansionary if the valuation effect dominates the saving effect. Copyright 1988 by Oxford University Press.

Suggested Citation

  • Skott, Peter, 1988. "Finance, Saving and Accumulation," Cambridge Journal of Economics, Oxford University Press, vol. 12(3), pages 339-354, September.
  • Handle: RePEc:oup:cambje:v:12:y:1988:i:3:p:339-54
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    Cited by:

    1. Eckhard Hein, 2010. "Shareholder Value Orientation, Distribution And Growth-Short- And Medium-Run Effects In A Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 61(2), pages 302-332, May.
    2. Marc Lavoie & Wynne Godley, 2000. "Kaleckian Models of Growth in a Stock-Flow Monetary Framework: A Neo-Kaldorian Model," Economics Working Paper Archive wp_302, Levy Economics Institute.
    3. Eckhard Hein, 2009. "A (Post-) Keynesian perspective on "financialisation"," IMK Studies 01-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Harilaos Mertzanis, 2009. "Efficiency Wages, Inflation And Growth," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 34(2), pages 131-151, December.
    5. Eckhard Hein, 2012. "The Macroeconomics of Finance-Dominated Capitalism – and its Crisis," Books, Edward Elgar Publishing, number 14931.

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