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Finance Capitalism: A Look at the European Financial Accounts

Author

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  • Massimo Cingolani

Abstract

The paper explores the financial accounts database of Eurostat, a rich set of data that is largely unexploited. It describes the main financial developments at EU level during the 1990-2010 period, both in terms of institutional agents and financial products. The paper provides evidence on the consequences of asset price inflation for wealth distribution between institutional agents and argues that the conceptual scheme of the “double monetary circuit” of existing and recycled savings helps in describing and explaining the observed patterns of financialisation. Key words: Europe, Asset price inflation, Income distribution.JEL: E01, N100, N200, D530, E440, G010.

Suggested Citation

  • Massimo Cingolani, 2013. "Finance Capitalism: A Look at the European Financial Accounts," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(3), pages 249-290.
    • Handle: RePEc:voj:journl:v:60:y:2013:i:3:p:249-290:id:360
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    More about this item

    Keywords

    Europe; Asset price inflation; Income distribution;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts

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