Macroeconomic policy regimes and the dynamics of demand-led growth regimes in advanced and emerging economies

This paper investigates the drivers of economic growth by focusing on macroeconomic policy regimes (MPRs) as a key dimension of demand and growth regime (DGR) and growth model (GM) analysis. Building on Campana and Hein’s (2026) results on demand-led growth decomposition based on the national income and financial accounting (NIFA) and the Sraffian supermultiplier (SSM) approaches for seven economies—Germany, Spain, Argentina, Brazil, India, South Africa, and Turkey—across the periods 2000–2007 and 2011–2019, this paper applies the MPR approach to understand the differences in DGRs and their respective changes. The paper thus contributes to post-Keynesian and comparative political economy literature. The analysis shows that the configuration and coordination of monetary, wage, fiscal, and external policies play a central role in shaping dominant sources of autonomous demand and explaining regime shifts over time. While some countries, such as Germany and India, display stability in their MPRs, DGRs, and dominant autonomous demand components, others—Spain, Brazil, South Africa, and Turkey—have undergone significant transformations driven by policy changes and external conditions. Overall, the findings highlight the explanatory power of MPR analysis in understanding growth trajectories and provide foundations for the examination of the political economy dimension of these trajectories.