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.File allegato/i alla scheda:
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