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Article Dans Une Revue Journal of Post Keynesian Economics Année : 2020

Financialization, dividends, and accumulation of capital

Résumé

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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Dates et versions

hal-02558199 , version 1 (29-04-2020)

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

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