Arbeitspapier
Financialisation and tendencies towards stagnation: The role of macroeconomic regime changes in the course of and after the financial and economic crisis 2007-9
This paper argues that the re-emergence of stagnation tendencies in modern capitalism can be related to financialisation and its macroeconomic failures leading to the recent crises, and in particular to the macroeconomic responses towards the crisis and the respective regime shifts in mature capitalist economies. The focus of the paper is on the latter, and it examines the regime changes for six mature capitalist economies, the two liberal Anglo-Saxon economies of the US and the UK, a representative country from the Nordic welfare states, Sweden, the three important Eurozone countries France, Germany and Spain, as well as the core Eurozone (EA-12) as a whole. The concept of macroeconomic regimes under the conditions of financialisation is recapitulated, applied to the period before the crisis, and finally the regime changes during and after the crisis are examined. It is shown that a dominant tendency towards export-led mercantilism, in particular in the Eurozone and its main member countries, imposes an aggregation problem on the global economy and thus contributes to stagnation and rising global macroeconomic risks. Finally, short- and long-run alternative policies to deal with these problems are suggested.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 90/2017
- Classification
-
Wirtschaft
Institutions and the Macroeconomy
Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
Policy Objectives; Policy Designs and Consistency; Policy Coordination
Economic Impacts of Globalization: Macroeconomic Impacts
Corporate Finance and Governance: Government Policy and Regulation
- Subject
-
financialisation
stagnation
macroeconomic regimes
policy alternatives
- Event
-
Geistige Schöpfung
- (who)
-
Hein, Eckhard
- Event
-
Veröffentlichung
- (who)
-
Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE)
- (where)
-
Berlin
- (when)
-
2017
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Hein, Eckhard
- Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE)
Time of origin
- 2017
Other Objects (12)
Financialisation, varieties of macroeconomic regimes and stagnation tendencies in a stylised Kaleckian model
Stagnation policy in the Eurozone and economic policy alternatives: A Steindlian/neo-Kaleckian perspective
The crisis of finance-dominated capitalism in the euro area, deficiencies in the economic policy architecture, and deflationary stagnation policies
Financialisation and stagnation: A macroeconomic regime perspective
Secular stagnation or stagnation policy? Steindl after summers
Secular stagnation or stagnation policy? A post-Steindlian view
Causes and consequences of the financial crisis and the implications for a more resilient financial and economic system
Financialisation, distribution, growth and crises: Long-run tendencies
Institutions and macroeconomic performance: Central bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Institutions and macroeconomic performance: Central Bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Macroeconomic policies, wage developments, and Germany's stagnation
On the (in-)stability and the endogeneity of the "normal" rate of capacity utilisation in a post-Keynesian/Kaleckian "monetary" distribution and growth model
Financialisation, varieties of macroeconomic regimes and stagnation tendencies in a stylised Kaleckian model
Stagnation policy in the Eurozone and economic policy alternatives: A Steindlian/neo-Kaleckian perspective
The crisis of finance-dominated capitalism in the euro area, deficiencies in the economic policy architecture, and deflationary stagnation policies
Financialisation and stagnation: A macroeconomic regime perspective
Secular stagnation or stagnation policy? Steindl after summers
Secular stagnation or stagnation policy? A post-Steindlian view
Causes and consequences of the financial crisis and the implications for a more resilient financial and economic system
Financialisation, distribution, growth and crises: Long-run tendencies
Institutions and macroeconomic performance: Central bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Institutions and macroeconomic performance: Central Bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Macroeconomic policies, wage developments, and Germany's stagnation
On the (in-)stability and the endogeneity of the "normal" rate of capacity utilisation in a post-Keynesian/Kaleckian "monetary" distribution and growth model
Financialisation, varieties of macroeconomic regimes and stagnation tendencies in a stylised Kaleckian model
Stagnation policy in the Eurozone and economic policy alternatives: A Steindlian/neo-Kaleckian perspective
The crisis of finance-dominated capitalism in the euro area, deficiencies in the economic policy architecture, and deflationary stagnation policies
Financialisation and stagnation: A macroeconomic regime perspective
Secular stagnation or stagnation policy? Steindl after summers
Secular stagnation or stagnation policy? A post-Steindlian view
Causes and consequences of the financial crisis and the implications for a more resilient financial and economic system
Financialisation, distribution, growth and crises: Long-run tendencies
Institutions and macroeconomic performance: Central bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Institutions and macroeconomic performance: Central Bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union
Macroeconomic policies, wage developments, and Germany's stagnation