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Firm Heterogeneity, Finance and Development: A Kaleckian Perspective

In: Michał Kalecki in the 21st Century

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  • Jago Penrose

Abstract

This chapter will argue that the insights of Michał Kalecki and Josef Steindl into the differences between ‘large’ and ‘small’ firms suggests that firms are heterogeneous in their financing, funding (replacing short-term with long-term liabilities) and liquidity management strategies, and that the financial structure of firms and the nature of the investments they conduct will vary according to the financial institutions available to them. Therefore, the impact of financial development on an economy will depend both on the dynamics of institutional change and the composition of the enterprise sector.

Suggested Citation

  • Jago Penrose, 2015. "Firm Heterogeneity, Finance and Development: A Kaleckian Perspective," Palgrave Studies in the History of Economic Thought, in: Jan Toporowski & Łukasz Mamica (ed.), Michał Kalecki in the 21st Century, chapter 14, pages 239-251, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-1-137-42828-8_15
    DOI: 10.1057/9781137428288_15
    as

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