Corporate Debt Dynamics, Capital Accumulation, and Macroeconomic Instability: A Post-Keynesian Analysis
0
조회
0
다운로드
5
인용
0
참고문헌
키워드
초록
This study presents a simple model of corporate debt dynamics within the framework of the post-Keynesian theory of growth and distribution. Our model introduces corporate debt dynamics into a modified version of Lavoie’s Minsky–Steindl model, yielding long-run results different from those of Lavoie (1995) and Hein (2007) by showing that a stable long-run equilibrium exists in both puzzling and normal cases. On the basis of these results, this study shows that Minsky’s financial instability as well as Steindl’s paradox of debt as a phenomenon of macroeconomic instability can be formulated within the framework of a post-Keynesian debt dynamics system.
Abstract
This study presents a simple model of corporate debt dynamics within the framework of the post-Keynesian theory of growth and distribution. Our model introduces corporate debt dynamics into a modified version of Lavoie’s Minsky–Steindl model, yielding long-run results different from those of Lavoie (1995) and Hein (2007) by showing that a stable long-run equilibrium exists in both puzzling and normal cases. On the basis of these results, this study shows that Minsky’s financial instability as well as Steindl’s paradox of debt as a phenomenon of macroeconomic instability can be formulated within the framework of a post-Keynesian debt dynamics system.
참고문헌 (29)
- Bhaduri, A., "Unemployment and the Real Wage : The Economic Basis for Contesting Political Ideologies", Cambridge Journal of Economics, 14(4), pp.375~393 (1990)
- Blecker, R. A., "Foundations of International Economics: Post Keynesian Perspectives", pp.116~149 (1999), Routledge
- Blecker, R. A., "The Economics of Demand-led Growth", pp.129~152 (2002), Edward Elgar
- Bowles, S., "Macroeconomic Policy after the Conservative Era", pp.143~171 (1995), Cambridge University Press
- Charles, S., "Corporate Debt, Variable Retention Rate and the Appearance of Financial Fragility", Cambridge Journal of Economics, 32(5), pp.781~795 (2008)
- A Stock-Flow Consistent General Framework for Formal Minskyan Analyses of Closed Economies, "Dos Santos, C. H.", Levy Economics Institute, 1~30, pp.No. 403 (2004)
- Dutt, A. K., "Stagnation, Income Distribution and Monopoly Power", Cambridge Journal of Economics, 8(1), pp.25~40 (1984)
- Hein, E., "Interest Rate, Debt, Distribution and Capital Accumulation in a Post-Kaleckian Model", Metroeconomica, 58(2), pp.310~339 (2007)
- Hein, E., "On the Importance of the Retention Ratio in a Kaleckian Distribution and Growth Model with Debt Accumulation – A Comment on Sasaki and Fujita(2012)", Metroeconomica, 64(1), pp.186~196 (2013)
- Hein, E., "Regimes of Interest Rates, Income Shares, Savings., and Investment : A Kaleckian Model and Empirical Estimations for Some Advanced OECD Economies", Metroeconomica, 54(4), pp.404~433 (2003)
- Hein, E., "Distribution and Growth Reconsidered : Empirical Results for Six OECD Countries", Cambridge Journal of Economics, 32(3), pp.479~511 (2008)
- Kaldor, N., "Marginal Productivity and the Macro-economic Theories of Distribution", Review of Economics Studies, 33(4), pp.309~319 (1966)
- Kalecki, M., "Theory of Economic Dynamics" (1954), George Allen
- Kregel, J., "Minsky’s Cushions of Safety : Systemic Risk and the Crisis in the U. S. Subprime Mortgage Market", International Journal of Political Economy, 37(1), pp.3~23 (2008)
- Lavoie, M., "Interest Rates in Post-Keynesian Models of Growth and Distribution", Metroeconomica, 46(2), pp.146~177 (1995)
- Lavoie, M., "Financial Fragility and Investment in the Capitalist Economy: The Economic Legacy of Hyman Minsky 2", pp.76~96 (2001), Edward Elgar
- 이상헌, "Kaldor 類型의 巨視動學模型: 企業負債와 資本蓄積의 動態的 相互作用關係를 中心으로", 경제학연구, 58(2), pp.37~64 (2010), 한국경제학회
- Lima, G., "Macrodynamics of Debt Regimes, Financial Instability and Growth", Cambridge Journal of Economics, 31(4), pp.563~580 (2007)
- Minsky, H. P., "John Maynard Keynes" (1975), Columbia University Press
- Minsky, H. P., "Stabilizing an Unstable Economy" (1986), Yale University Press
- Mott, T., "Employment, Growth., and Finance", pp.69~82 (1994), Edward Elgar
- Rowthorn, B., "Demand, Real Wages and Economic Growth", Thames Papers in Political Economy, 1~39 (1981)
- Sasaki, H., "The Importance of the Retention Ratio in a Kaleckian Model with Debt Accumulation", Metroeconomica, 63(3), pp.417~428 (2012)
- Steindl, J., "Maturity and Stagnation in American Capitalism" (1952), Basil Blackwell
- Stockhammer, E., "Functional Income Distribution and Aggregate Demand in the Euro Area", Cambridge Journal of Economics, 33(1), pp.139~159 (2009)
- Taylor, L., "A Stagnationist Model of Economic Growth", Cambridge Journal of Economics, 9(4), pp.383~403 (1985)
- Taylor, L., "Growth, Cycles, Asset Prices and Finance", Metroeconomica, 63(1), pp.40~63 (2012)
- Vercelli, A., "Financial Fragility and Investment in the Capitalist Economy: The Economic Legacy of Hyman Minsky 2", pp.33~52 (2001), Edward Elgar
- Vercelli, A., "A Perspective on Minsky Moments : Revisiting the Core of the Financial Instability Hypothesis", Review of Political Economy, 23(1), pp.49~67 (2011)