The political economy of shadow banking: Debt, finance, and distributive politics under a Kalecki-Goodwin-Minsky SFC framework

Arbeitspapier

This paper describes the political economy of shadow banking and how it relates to the dramatic institutional changes experienced by global capitalism over past 100 years. We suggest that the dynamics of shadow banking rest on the distributive tension between workers and firms. Politics wedge the operation of the shadow financial system as government policy internalizes, guides, and participates in dealings mediated by financial intermediaries. We propose a broad theoretical overview to formalize a stock-flow consistent (SFC) political economy model of shadow banking (stylized around the operation of money market mutual funds, or MMMFs). Preliminary simulations suggest that distributive dynamics indeed drive and provide a nest for the dynamics of shadow banking.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Working Paper ; No. 801

Klassifikation und Themen

• Klassifikation: Wirtschaft ; General Aggregative Models: Keynes; Keynesian; Post-Keynesian ; Fiscal Policy ; Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy ; Capitalist Systems: Political Economy
• Thema: Political Cycles ; Debt and Public Finance ; Shadow Banking ; Political Economy of Finance ; Kaleckian Macrodynamics ; Stock-Flow Consistent (SFC) Modeling ; Political Macroeconomic Models

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Fisher, Eloy ; López Bernardo, Javier
• Ereignis: Veröffentlichung
• (wer): Levy Economics Institute of Bard College
• (wo): Annandale-on-Hudson, NY
• (wann): 2014

Weitere Informationen

• Handle: http://hdl.handle.net/10419/109998
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ