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The transmission channels between the financial and the real sectors in Italy and the crisis

In: Financialisation and the Financial and Economic Crises

Author

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  • Giampaolo Gabbi
  • Elisa Ticci
  • Pietro Vozzella

Abstract

This report on Italy examines the long-run changes between the financial and the real sectors of the economy, with a focus on the effects of financialisation on the macroeconomic developments that led to the 2007 financial crisis. The first part provides some analysis on the major GDP components and the financial balance pattern over the long period. The analysis allows classification of the nature of Italian growth as a mainly consumer-led type. The second part finds out the effects of an increasing dominance of finance since the beginning of the 1990s on income distribution, investment in capital stock, consumption and the current account. The third part links the long-run developments with the financial and economic crisis, showing how the consumer collapse and the public investment constraints explain how the recession is still characterising the Italian economy.

Suggested Citation

  • Giampaolo Gabbi & Elisa Ticci & Pietro Vozzella, 2016. "The transmission channels between the financial and the real sectors in Italy and the crisis," Chapters, in: Eckhard Hein & Daniel Detzer & Nina Dodig (ed.), Financialisation and the Financial and Economic Crises, chapter 10, pages 234-254, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16808_10
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    Cited by:

    1. Eckhard Hein & Judith Martschin, 2021. "Demand and growth regimes in finance-dominated capitalism and the role of the macroeconomic policy regime: a post-Keynesian comparative study on France, Germany, Italy and Spain before and after the G," Review of Evolutionary Political Economy, Springer, vol. 2(3), pages 493-527, December.
    2. Eckhard Hein, 2015. "Causes and Consequences of the Financial Crisis and the Implications for a More Resilient Financial and Economic System: Synthesis of FESSUD Work Package 3," Working papers wpaper128, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    3. Hein, Eckhard, 2016. "Causes and consequences of the financial crisis and the implications for a more resilient financial and economic system," IPE Working Papers 61/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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    Keywords

    Economics and Finance;

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