Dynamic models for the inter-relations of real and financial growth

書誌事項

Dynamic models for the inter-relations of real and financial growth

Hasse Ekstedt and Lars Westberg

(International studies in economic modelling)

Chapman & Hall, 1991

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注記

Includes bibliographical references and indexes

内容説明・目次

内容説明

The high growth rate in many industrial countries during the first two decades after World War II produced a financial expansion, which in its turn made possible an extension of the growth process. But it also led to a financial crisis, when increasing costs during the 1970s created growing deficits in the balance of payments and the government budgets in many countries. This volume adopts a disequilibrium approach for analyzing the inter-relation between real and financial development, in a world where agents are not able to realize their plans. The authors take as their starting point the theoretical world of Keynes and the Stockholm School, since the modern disequilibrium analysis, in their view, often disregards the financial side of the economy.

目次

  • Part 1 Introduction: disequilibrium and uncertainty
  • stocks and flows in the real and financial parts of the economy
  • input-output systems
  • the stocks in the transactions table. Part 2 Production, wages and prices: the development of production in the industrialized world
  • the production function as a technical relationship
  • production functions when there are complementarities between labour and capital. Part 3 Factor income distribution: its development in some industrial countries
  • its role in early business cycle theory
  • analyses of its role in the business cycle - Kalecki and Joan Robinson
  • the STAR-model
  • Kaldor's analysis
  • structural change and long-run development. Part 4 Sectors expenditure on final goods - short-run and long-run changes in the demand structure: consumption demand
  • investment demand - the consumption-investment choice, investment decisions by non-financial enterprises, the financing decision by non-financial enterprises. Part 5 Financial flows and stocks: finance in the transactions table
  • the cyclical development of factor income distribution and asset prices
  • a Keynesian model for the relation between real and financial development. Part 6 Economic policy and economic growth: financial development during a period of high economic growth - the high liquidity inherited from World War II, monetary policy in a regulated credit market
  • stagnation and rising disequilibrium - structural change in government expenditure and income. Part 7 Financial stability and growth in an internationalized economy: structural changes in production and the dependence on foreign trade
  • cyclical change and financial equilibrium
  • public sector and economic policy in an open economy.

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