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Financialization, dividends, and accumulation of capital

Author

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  • Vincent Duwicquet

    (CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

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.

Suggested Citation

  • Vincent Duwicquet, 2020. "Financialization, dividends, and accumulation of capital," Post-Print hal-02558199, HAL.
    • Handle: RePEc:hal:journl:hal-02558199
    DOI: 10.1080/01603477.2020.1713820
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    Cited by:

    1. Joel Rabinovich & Niall Reddy, 2024. "Corporate Financialization: A Conceptual Clarification and Critical Review of the Literature," Working Papers PKWP2402, Post Keynesian Economics Society (PKES).

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