This paper examines how financialization and pervasive household indebtedness influence investment, employment and profit. More precisely, it builds on the post-Keynesian literature on financialization, representing household indebtedness as a stable source of liquidity that affects not only consumption behaviour, but also investment and income distribution: by enhancing exploitation, by modifying the multiplier effect, and by supporting market concentration. Finally, a proposal for the definition of a second stage financialization is advanced.

A burning debt. The influence of household debt on investment, production and growth

COSTANTINI, Orsola
2015-01-01

Abstract

This paper examines how financialization and pervasive household indebtedness influence investment, employment and profit. More precisely, it builds on the post-Keynesian literature on financialization, representing household indebtedness as a stable source of liquidity that affects not only consumption behaviour, but also investment and income distribution: by enhancing exploitation, by modifying the multiplier effect, and by supporting market concentration. Finally, a proposal for the definition of a second stage financialization is advanced.
Costantini, Orsola
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10446/51032
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