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Demand and growth regimes in finance-dominated capitalism and the role of the macroeconomic policy regime: a post-Keynesian comparative study on France, Germany, Italy and Spain before and after the Great Financial Crisis and the Great Recession
- Source :
- Review of Evolutionary Political Economy. 2:493-527
- Publication Year :
- 2021
- Publisher :
- Springer Science and Business Media LLC, 2021.
-
Abstract
- We contribute to the recent debates on demand and growth regimes in modern finance-dominated capitalism linking them to the post-Keynesian research on macroeconomic policy regimes. We examine the demand and growth regimes, as well as the macroeconomic policy regimes for the big four Eurozone countries, France, Germany, Italy and Spain, for the periods 2001–2009 and 2010–2019. First, our approach supports the usefulness of the identification of demand and growth regimes according to growth contributions of the main demand components and financial balances of the macroeconomic sectors. This allows for an understanding of the demand sources of growth, or stagnation, if there is a lack of demand, of how these sources are financed and of potential financial instabilities and fragilities. Second, when it comes to the macroeconomic policy drivers of demand and growth regimes, as well as their respective changes, we show that the exclusive focus on fiscal policies, as in the previous literature, is too limited and that it is the macroeconomic policy regime which matters here, i.e. the combination of monetary, fiscal and wage policies, as well as the open economy conditions.
- Subjects :
- Finance
business.industry
media_common.quotation_subject
05 social sciences
Wage
General Medicine
Post-Keynesian economics
Capitalism
0506 political science
Great recession
Big Four
0502 economics and business
Financial crisis
050602 political science & public administration
International political economy
Economics
Open economy
050207 economics
business
media_common
Subjects
Details
- ISSN :
- 26626144 and 26626136
- Volume :
- 2
- Database :
- OpenAIRE
- Journal :
- Review of Evolutionary Political Economy
- Accession number :
- edsair.doi...........130bd445e20854ea7b02fcaefb355f4e