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Article dans une revue

Financialization, dividends, and accumulation of capital

Abstract : The article proposes a stock-flow consistent macroeconomic modeling of a financialized growth regime. The different effects of financialization are studied in open economies with interest rates, share prices, credit, capital accumulation, and income distribution. The structural characteristics of the financialized growth regime, such as financial accumulation, shareholder power, and international competition, remain heavy brakes on investment and employment. Using the model, we measure the consequences of dividend reduction. In a financialized growth regime, a reduction in dividends would allow a return to full employment throughout the eurozone. However, this policy would have to be accompanied by a reduction in firms’ financial accumulation and by a fiscal stimulus policy. In order to achieve a satisfactory social situation, a major institutional change appears essential.
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Article dans une revue
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https://hal.univ-lille.fr/hal-02558199
Contributeur : Lilloa Université de Lille <>
Soumis le : mercredi 29 avril 2020 - 12:58:08
Dernière modification le : vendredi 18 septembre 2020 - 13:24:03

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Vincent Duwicquet. Financialization, dividends, and accumulation of capital. Journal of Post Keynesian Economics, Taylor & Francis, 2020, Journal of Post Keynesian Economics, pp.1-44. ⟨10.1080/01603477.2020.1713820⟩. ⟨hal-02558199⟩

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