Artikel
A neo-Kaleckian model of capital accumulation, income distribution and financial fragility
This paper develops a neo-Kaleckian dynamical model that investigates how an increased financial instability affects the investment rate and the wage share of income in the long run. It is shown that a rising benchmark interest rate affects negatively the capital accumulation and the wage share of income. The main argument is developed in two-steps. First, it is build a two-dimensional model to analyse the stability conditions of the dynamical interaction between wage share and capital accumulation, given a constant debt-capital ratio. Second, by allowing endogenous variations of the debt of firms as a proportion of their capital stock, the extended model explores the stability conditions of the steady-state equilibrium solution in a three-dimensional dynamic system. In doing so, this paper contributes to the literature by setting the conditions in which the debt-capital ratio, the income distribution and the process of capital accumulation can be simultaneously stable in the long run.
- Sprache
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Englisch
- Erschienen in
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Journal: EconomiA ; ISSN: 1517-7580 ; Volume: 17 ; Year: 2016 ; Issue: 3 ; Pages: 279-290 ; Amsterdam: Elsevier
- Klassifikation
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Wirtschaft
Existence and Stability Conditions of Equilibrium
Factor Income Distribution
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Investment; Capital; Intangible Capital; Capacity
Financial Markets and the Macroeconomy
- Thema
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Capital accumulation
Increasing risk
Income distribution
Financial instability
- Ereignis
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Geistige Schöpfung
- (wer)
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Marques Ribeiro, Rafael Saulo
Palludeto, Alex Wilhans Antonio
- Ereignis
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Veröffentlichung
- (wer)
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Elsevier
- (wo)
-
Amsterdam
- (wann)
-
2016
- DOI
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doi:10.1016/j.econ.2016.09.003
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Marques Ribeiro, Rafael Saulo
- Palludeto, Alex Wilhans Antonio
- Elsevier
Entstanden
- 2016
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