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Financialization in the Light of Keynesian Theory

Author

Listed:
  • Amit Bhaduri

    (Jawaharlal Nehru University)

Abstract

Episodes of financial crises are usually recognizable as belonging to a general pattern despite their different historical specificities. The present essay attempts to isolate and understand the recurring common features of several recent crises in advanced market economies in the light of Keynesian theory with some crucial modifications introduced later particularly by Kaldor and Minsky with respect to the financial sector.

Suggested Citation

  • Amit Bhaduri, 2011. "Financialization in the Light of Keynesian Theory," PSL Quarterly Review, Economia civile, vol. 64(256), pages 7-21.
    • Handle: RePEc:psl:pslqrr:2011:12
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9419/9314
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    Citations

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    Cited by:

    1. Gabriel Porcile & Gilberto Tadeu Lima, 2023. "Rentiers, Strategic Public Goods and Financialization in the Periphery," Working Papers, Department of Economics 2023_03, University of São Paulo (FEA-USP).
    2. Hubert Gabrisch, 2017. "Explaining trade imbalances in the euro area: Liquidity preference and the role of finance," PSL Quarterly Review, Economia civile, vol. 70(281), pages 155-184.
    3. Hein, Eckhard, 2011. "Distribution, 'financialisation' and the financial and economic crisis: Implications for post-crisis economic policies," IPE Working Papers 09/2011, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    4. Paweł Marszałek & Katarzyna Szarzec, 2023. "The good, the bad or the ugly: financialization through heterodox and mainstream lenses," Bank i Kredyt, Narodowy Bank Polski, vol. 54(3), pages 239-258.
    5. Hubert Gabrisch, 2015. "Net Capital Flows To And The Real Exchange Rate Of Western Balkan Countries," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 60(205), pages 31-52, April – J.
    6. Stefan Ederer & Miriam Rehm, 2021. "Wealth inequality and aggregate demand," Metroeconomica, Wiley Blackwell, vol. 72(2), pages 405-424, May.
    7. Aldo Barba & Massimo Pivetti, 2012. "Distribution and accumulation in post-1980 advanced capitalism," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(0), pages 126-142.
    8. Eckhard Hein, 2012. "The Macroeconomics of Finance-Dominated Capitalism – and its Crisis," Books, Edward Elgar Publishing, number 14931.
    9. Gechert, Sebastian, 2012. "The multiplier principle, credit-money and time," MPRA Paper 34648, University Library of Munich, Germany.
    10. William Milberg & Nina Shapiro, 2013. "Implications of the Recent Financial Crisis for Innovation," SCEPA working paper series. 2013-2, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    11. Apostolos Fasianos & Diego Guevara & Christos Pierros, 2016. "Have We Been Here Before? Phases of Financialization within the 20th Century in the United States," Economics Working Paper Archive wp_869, Levy Economics Institute.
    12. Gabrisch, Hubert, 2015. "Cross-border finance, trade imbalances and competitiveness in the euro area," MPRA Paper 68518, University Library of Munich, Germany.

    More about this item

    Keywords

    financialization; Keynes; Minsky; Kaldor; aggregate demand; capital gains;
    All these keywords.

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • G1 - Financial Economics - - General Financial Markets

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