Financialization, distribution, and macroeconomic regimes before and after the crisis: a post-Keynesian view on Denmark, Estonia, and Latvia

References

• Alvarez, I. 2015. “Financialization, Non-financial Corporations and Income Inequality: The Case of France.” Socio-Economic Review 13: 449–475. doi:10.1093/ser/mwv007.
   Web of Science ®Google Scholar
• Barba, A., and M. Pivetti. 2009. “Rising Household Debt: Its Causes and Macroeconomic Implications – A Long-Period Analysis.” Cambridge Journal of Economics 33 (1): 113–137. doi:10.1093/cje/ben030.
   Web of Science ®Google Scholar
• Boone, L., and N. Girouard. 2002. “The Stock Market, the Housing Market and Consumer Behaviour.” OECD Economic Studies 35: 175–200.
   Google Scholar
• Cynamon, B., and S. M. Fazzari. 2008. “Household Debt in the Consumer Age: Source of Growth – Risk of Collapse.” Capitalism and Society 3 (2): 1–30. doi:10.2202/1932-0213.1037.
   Google Scholar
• Cynamon, B., and S. M. Fazzari. 2013. “Inequality and Household Finance during the Consumer Age.” Working Paper 752. Annandale-on-Hudson, NY: Levy Economics Institute of Bard College.
   Google Scholar
• Davis, L. 2018. “Financialisation and the Nonfinancial Corporation: An Investigation of Firm Level Investment Behavior in the United States.” Metroeconomica 69 (1): 270–307. doi:10.1111/meca.12179.
   Web of Science ®Google Scholar
• Dodig, N., E. Hein, and D. Detzer. 2016. “Financialisation and the Financial and Economic Crises: Theoretical Framework and Empirical Analysis for 15 Countries.” In Financialisation and the Financial and Economic Crises: Country Studies, edited by E. Hein, D. Detzer, and N. Dodig, 1–41. Cheltenham: Edward Elgar.
   Google Scholar
• Dünhaupt, P. 2016. “The Effect of Financialization on Labor’s Share of Income.” Cambridge Journal of Economics 41: 283–306. doi:10.1093/cje/bew023.
   Web of Science ®Google Scholar
• Dutt, A. K. 2005. “Conspicuous Consumption, Consumer Debt and Economic Growth.” In Interactions in Analytical Political Economy. Theory, Policy and Applications, edited by M. Setterfield, 155–178. Armonk, NY: M. E. Sharpe.
   Google Scholar
• Dutt, A. K. 2006. “Maturity, Stagnation and Consumer Debt: A Steindlian Approach.” Metroeconomica 57: 339–364. doi:10.1111/meca.2006.57.issue-3.
   Google Scholar
• Epstein, G. A. 2005. “Introduction: Financialization and the World Economy.” In Financialization and the World Economy, edited by G. A. Epstein, 3–16. Cheltenham: Edward Elgar.
   Google Scholar
• European Commission. 2017. “Annual Macroeconomic Database (AMECO).” 12 February 2017. https://ec.europa.eu/info/business-economy-euro/indicators-statistics/economic-databases/macro-economic-database-ameco/download-annual-data-set-macro-economic-database-ameco_en
   Google Scholar
• European Commission. 2018. “Eurostat Database.” Accessed 15 February 2018. http://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&plugin=1&language=en&pcode=tipspd20
   Google Scholar
• Gonser, M. 2010. “How Hard a Blow for the Collective Representation of Labour Interests? the Baltic Industrial Relations and the Financial Crisis.” Emecon 1 (1): 1–25. https://www.emecon.eu/index.php/emecon/article/view/11
   Google Scholar
• Guttmann, R. 2016. Finance-led Capitalism: Shadow Banking, Re-Regulation, and the Future of Global Markets. Basingstoke: Palgrave Macmillan.
   Google Scholar
• Guttmann, R., and D. Plihon. 2010. “Consumer Debt and Financial Fragility.” International Review of Applied Economics 24: 269–283. doi:10.1080/02692171003701420.
   Google Scholar
• Hein, E. 2012a. The Macroeconomics of Finance-Dominated Capitalism – And Its Crisis. Cheltenham: Edward Elgar.
   Google Scholar
• Hein, E. 2012b. “Financialisation, Re-distribution, Household Debt and Financial Fragility in a Kaleckian Model.” PSL Quarterly Review 65: 11–51.
   Google Scholar
• Hein, E. 2014a. “The Crisis of Finance-dominated Capitalism in the Euro Area, Deficiencies in the Economic Policy Architecture and Deflationary Stagnation Policies.” Journal of Post Keynesian Economics 36 (2): 325–354. 2013/. doi:10.2753/PKE0160-3477360207.
   Web of Science ®Google Scholar
• Hein, E. 2014b. Distribution and Growth after Keynes: A Post-Keynesian Guide. Cheltenham: Edward Elgar.
   Google Scholar
• Hein, E. 2015. “Finance-dominated Capitalism and Re-distribution of Income – A Kaleckian Perspective.” Cambridge Journal of Economics 39 (3): 907–934. doi:10.1093/cje/bet038.
   Web of Science ®Google Scholar
• Hein, E. 2017. “Financialisation and Tendencies Towards Stagnation: The Role of Macroeconomic Regime Changes in the Course of and after the Financial and Economic Crisis 2007–9.” Working Paper 90/2017. Berlin: Institute for International Political Economy.
   Google Scholar
• Hein, E. 2018. “Stagnation Policy in the Eurozone and Economic Policy Alternatives: A Steindlian/Neo-Kaleckian Perspective.” Wirtschaft und Gesellschaft 44 (3): 315–348.
   Google Scholar
• Hein, E., D. Detzer, and N. Dodig, eds. 2016. Financialisation and the Financial and Economic Crises: Country Studies. Cheltenham: Edward Elgar.
   Google Scholar
• Hein, E., P. Dünhaupt, A. Alfageme, and M. Kulesza. 2017a. “Financialisation and Distribution before and after the Crisis: Patterns for Six OECD Countries.” In Economic Policies since the Global Financial Crisis. International Papers in Political Economy, edited by P. Arestis and M. Sawyer, 127–172. Basingstoke: Palgrave Macmillan.
   Google Scholar
• Hein, E., P. Dünhaupt, A. Alfageme, and M. Kulesza. 2018. “A Kaleckian Perspective on Financialisation and Distribution in Three Main Eurozone Countries before and after the Crisis: France, Germany and Spain.” Review of Political Economy 30 (1): 41–71. doi:10.1080/09538259.2018.1442784.
   Web of Science ®Google Scholar
• Hein, E., P. Dünhaupt, M. Kulesza, and A. Alfageme. 2017b. “Financialisation and Distribution from a Kaleckian Perspective: The US, the UK and Sweden Compared – Before and after the Crisis.” International Journal of Political Economy 46 (4): 233–266. doi:10.1080/08911916.2017.1407735.
   Web of Science ®Google Scholar
• Hein, E., and M. Mundt. 2012. “Financialisation and the Requirements and Potentials for Wage-led Recovery – A Review Focusing on the G20.” In Conditions of Work and Employment Series 37. Geneva: International Labor Organization.
   Google Scholar
• Juuse, E. 2016. “The Real Sector Developments in Estonia: Financialisation Effects behind the Transition Process.” In Financialisation and the Financial and Economic Crises: Country Studies, edited by E. Hein, D. Detzer, and N. Dodig, 137–162. Cheltenham: Edward Elgar.
   Google Scholar
• Juuse, E., and R. Kattel. 2013. “Financialisation and the Financial and Economic Crisis: The Case of Estonia.” FESSUD Studies in Financial Systems, No. 20. Leeds: University of Leeds.
   Google Scholar
• Kalecki, M. 1954. Theory of Economic Dynamics. London: George Allen and Unwin.
   Google Scholar
• Kapeller, J., and B. Schütz. 2014. “Debt, Boom, Bust: A Theory of Minsky-Veblen Cycles.” Journal of Post Keynesian Economics 36: 781–814. doi:10.2753/PKE0160-3477360409.
   Web of Science ®Google Scholar
• Kapeller, J., and B. Schütz. 2015. “Conspicuous Consumption, Inequality and Debt: The Nature of Consumption Driven Profit-led Regimes.” Metroeconomica 66: 51–70. doi:10.1111/meca.2015.66.issue-1.
   Web of Science ®Google Scholar
• Kattel, R. 2010. “Financial and Economic Crisis in Eastern Europe.” Journal of Post Keynesian Economics 33 (1): 41–59. doi:10.2753/PKE0160-3477330103.
   Web of Science ®Google Scholar
• Kattel, R., and R. Raudla. 2013. “The Baltic Republics and the Crisis of 2008–2011.” Europe–Asia Studies 65 (3): 426–449. doi:10.1080/09668136.2013.779456.
   Web of Science ®Google Scholar
• Kazandziska, M. 2015. “Macroeconomic Policy Regimes in Emerging Markets: The Case of Latvia.” European Journal of Economics and Economic Policies: Intervention 12 (3): 318–352.
   Google Scholar
• Kim, Y. K. 2013. “Household Debt, Financialisation, and Macroeconomic Performance in the United States. 1951–2009.” Journal of Post Keynesian Economics 35: 675–694. doi:10.2753/PKE0160-3477350408.
   Web of Science ®Google Scholar
• Kim, Y. K. 2016. “Macroeconomic Effects of Household Debt: An Empirical Analysis.” Review of Keynesian Economics 4: 127–150. doi:10.4337/roke.
   Web of Science ®Google Scholar
• Kim, Y. K., G. T. Lima, and M. Setterfield. 2017. “Political Aspects of Household Debt.” Department of Economics Working Paper 2017-2. Boston: University of Massachusetts. http://repec.umb.edu/RePEc/files/2017_02.pdf
   Google Scholar
• Kim, Y. K., M. Setterfield, and Y. Mei. 2014. “A Theory of Aggregate Consumption.” European Journal of Economics and Economic Policies: Intervention 11: 31–49.
   Google Scholar
• Köhler, K., A. Guschanski, and E. Stockhammer. 2018. “The Impact of Financialisation on the Wage Share. A Theoretical Clarification and Empirical Test.” Post Keynesian Economics Study Group Working Paper 1802. https://www.postkeynesian.net/working-papers/1802/
   Google Scholar
• Lazonick, W., and M. O’Sullivan. 2000. “Maximizing Shareholder Value, a New Ideology for Corporate Governance.” Economy and Society 29 (1): 13–35. doi:10.1080/030851400360541.
   Web of Science ®Google Scholar
• Ludvigson, S., and C. Steindl. 1999. “How Important Is the Stock Market Effect on Consumption?.” In Federal Reserve Bank of New York Economic Policy Review, 29–51.
   Google Scholar
• Mehra, Y. P. 2001. “The Wealth Effect in Empirical Life-cycle Aggregate Consumption Equations.” Federal Reserve Bank of Richmond Economic Quarterly 87 (2): 45–68.
   Google Scholar
• Nishi, H. 2012. “Household Debt, Dynamic Stability, and Change in Demand Creation Patterns.” Review of Political Economy 24: 607–622. doi:10.1080/09538259.2012.729933.
   Google Scholar
• OECD. 2017. “Annual Accounts and Detailed Tables.” Accessed 12 July 2017. http://stats.oecd.org
   Google Scholar
• OECD. 2018. “Tax and Benefit Systems: OECD Indicators.” 15 February 2018. http://www.oecd.org/social/benefits-and-wages.htm
   Google Scholar
• Onaran, Ö., E. Stockhammer, and L. Grafl. 2011. “Financialisation, Income Distribution and Aggregate Demand in the USA.” Cambridge Journal of Economics 35 (4): 637–661. doi:10.1093/cje/beq045.
   Web of Science ®Google Scholar
• Orhangazi, Ö. 2008. “Financialisation and Capital Accumulation in the Non-Financial Corporate Sector: A Theoretical and Empirical Investigation on the US Economy: 1973–2003.” Cambridge Journal of Economics 32: 863–886. doi:10.1093/cje/ben009.
   Web of Science ®Google Scholar
• Palley, T. I. 1994. “Debt, Aggregate Demand, and the Business Cycle: An Analysis in the Spirit of Kaldor and Minsky.” Journal of Post Keynesian Economics 16: 371–390. doi:10.1080/01603477.1994.11489991.
   Web of Science ®Google Scholar
• Palley, T. I. 2013. Financialisation: The Economics of Finance Capital Domination. Basingstoke: Palgrave Macmillan.
   Google Scholar
• Sawyer, M. 2013/2014. “What Is Financialisation?” International Journal of Political Economy 42 (4): 5–18. doi:10.2753/IJP0891-1916420401.
   Google Scholar
• Setterfield, M., and Y. K. Kim. 2016. “Debt Servicing, Aggregate Consumption, and Growth.” Structural Change and Economic Dynamics 36: 22–33. doi:10.1016/j.strueco.2015.10.002.
   Web of Science ®Google Scholar
• Setterfield, M., and Y. K. Kim. 2017. “Household Borrowing and the Possibility of ‘consumption-driven, Profit-led Growth’.” Review of Keynesian Economics 5: 43–60. doi:10.4337/roke.
   Web of Science ®Google Scholar
• Setterfield, M., Y. K. Kim, and J. Rees. 2016. “Inequality, Debt Servicing and the Sustainability of Steady State Growth.” Review of Political Economy 28: 45–63. doi:10.1080/09538259.2015.1072919.
   Web of Science ®Google Scholar
• Solt, F. 2016. “The Standardized World Income Inequality Database.” Social Science Quarterly 97 (5): 1267–1281. SWIID Version 5.1, July 2016. Accessed 12 February 2017. doi:10.7910/DVN/WKOKHF.
   Web of Science ®Google Scholar
• Stockhammer, E. 2004. “Financialisation and the Slowdown of Accumulation.” Cambridge Journal of Economics 28: 719–741. doi:10.1093/cje/beh032.
   Web of Science ®Google Scholar
• Stockhammer, E. 2010. “Income Distribution, the Finance-dominated Accumulation Regime, and the Present Crisis.” In The World Economy in Crisis - the Return of Keynesianism? edited by S. Dullien, E. Hein, A. Truger, and T. van Treeck, 63–86. Marburg: Metropolis.
   Google Scholar
• Stockhammer, E. 2012. “Financialisation, Income Distribution and the Crisis.” Investigación Económica 71 (279): 39–70.
   Web of Science ®Google Scholar
• Stockhammer, E. 2015. “Rising Inequality as a Root Cause of the Present Crisis.” Cambridge Journal of Economics 39: 935–958. doi:10.1093/cje/bet052.
   Web of Science ®Google Scholar
• Stockhammer, E. 2017. “Determinants of the Wage Share. A Panel Analysis of Advanced and Developing Economies.” British Journal of Industrial Relations 55: 3–33. doi:10.1111/bjir.12165.
   Web of Science ®Google Scholar
• Tori, D., and Ö. Onaran. 2017a. “The Effects of Financialisation and Financial Development on Investment: Evidence from Firm-level Data for Europe.” Greenwich Papers in Political Economy 16089. Greenwich: University of Greenwich, Greenwich Political Economy Research Centre.
   Google Scholar
• Tori, D., and Ö. Onaran. 2017b. “Financialisation and Physical Investment: A Global Race to the Bottom in Accumulation?” Post Keynesian Economics Study Group Working Paper 1707. https://www.postkeynesian.net/working-papers/1707/
   Google Scholar
• Tori, D., and Ö. Onaran. 2018. “The Effects of Financialisation on Investment: Evidence from Firm-level Data for the UK.” Cambridge Journal of Economics 42: 1393–1416. doi:10.1093/cje/bex085.
   Web of Science ®Google Scholar
• UNCTAD (United Nations Conference on Trade and Development). 2009. The Global Economic Crisis. Systemic Failures and Multilateral Remedies. New York and Geneva: UNCTAD.
   Google Scholar
• Van der Zwan, N. 2014. “Making Sense of Financialisation.” Socio-Economic Review 12: 99–129. doi:10.1093/ser/mwt020.
   Web of Science ®Google Scholar
• Van Treeck, T. 2008. “Reconsidering the Investment-Profit Nexus in Finance-led Economies: An ARDL-based Approach.” Metroeconomica 59: 371–404. doi:10.1111/j.1467-999X.2008.00312.x.
   Web of Science ®Google Scholar
• Van Treeck, T. 2014. “Did Inequality Cause the US Financial Crisis?” Journal of Economic Surveys 28: 421–448. doi:10.1111/joes.2014.28.issue-3.
   Web of Science ®Google Scholar
• Van Treeck, T., and S. Sturn. 2012. “Income Inequality as A Cause of the Great Recession? A Survey of Current Debates.” In Conditions of Work and Employment Series 39. Geneva: International Labor Organization.
   Google Scholar
• Visser, J. 2015. ICTWSS: Database on Institutional Characteristics of Trade Unions, Wage Setting, State Intervention and Social Pacts in 51 Countries between 1960 and 2014. Amsterdam Institute for Advanced Labour Studies (AIAS), University of Amsterdam. Accessed 14 September 2016. http://uva-aias.net/en/ictwss
   Google Scholar
• World Bank. 2018. “World Development Indicators.” Accessed 15 February 2018. https://data.worldbank.org/indicator/NE.TRD.GNFS.ZS
   Google Scholar