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| - Macroeconomic implications of financialisation
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| - A growing literature suggests that ‘financialisation’ may weaken the performance of non-financial corporations and constrain the growth of aggregate demand. This paper uses two alternative approaches—one derived from Skott and one from Lavoie and Godley—and two different settings—a labour-constrained setting and a dual-economy setting—to evaluate some of the claims that have been made. Our analysis, which pays explicit attention to financial stock-flow relations, suggests that the qualitative effects of ‘financialisation’ are insensitive to the precise specification of household saving behaviour but depend critically on the labour market assumptions (labour-constrained versus dual) and the specification of the investment function (Harrodian versus Kaleckian).
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