Unser neues Arbeitspapier am IPE Berlin, gemeinsam verfasst mit Eckhard Hein und Alessandro Bramucci. Es ist hier verfügbar.
Titel: Varieties and interdependencies of demand and growth regimes in finance-dominated capitalism
Abstract:
We outline and simulate a stylised post-Keynesian two country stock-flow consistent model to demonstrate the interconnection of three of the main features/outcomes of finance- dominated capitalism, namely worsening income distribution for the bottom 90% households, the rise of international imbalances and the build-up of financial fragility. In the model, two basic regimes emerge, depending on the institutional setting of the respective model economy: the debt-led private demand boom regime (DLPD) and the export-led mercantilist regime (ELM). We demonstrate the complementarity and interdependence of these two regimes and show how this constellation transformed after the crisis into the domestic demand-led regime (DDL) stabilised by government deficits, on the one hand, and ELM regimes, on the other, depending on the required deleveraging of private household debt, distributional developments and fiscal policy.