Curso. Financialization and the Financial Crisis: History, Theories and Policy Considerations

Lecturas

 1. Historical Analysis: Heterodox Perspectives on Finance and the Role of Rentiers in the Transformation of Capitalism from an Industrial to a Financialized Syste

• Marc Lavoie and Mario Seccareccia, “Money, Interest and Rentiers: The Twilight of Rentier Capitalism in Keynes’s General Theory”, in O. Hamouda and J.N. Smithin (eds), Keynes and Public Policy after Fifty Years, Aldershot, UK: Edward Elgar, 1988, pp. 145-58.
• Mario Seccareccia, “Early Twentieth Century Monetary Thought”, in A.J. Cohen, H. Hagmann, and J.N. Smithin (eds), Money, Financial Institutions and Macroeconomics, Boston: Kluwer Academic Publishers, 1997, pp. 125-39.
• Jan Toporowski, Theories of Financial Disturbance: An Examination of Critical Theories of Finance from Adam Smith to the Present Day [ 3 Mb], Cheltanham, UK: Edward Elgar, 2005, Part II
• Michael Hudson, “How Economic Theory Came To Ignore the Role of Debt” [ 135 Kb], Real-World Economics Review, No. 57 (September 6, 2011), pp. 2-22.

2. Financialization: What Is It?

• Gerald A. Epstein and Arjun Jayadev, “The Rise of Rentier Incomes in OECD Countries: Financialization, Central Bank Policy and Labor Solidarity” [ 1 Mb], in G.A. Epstein (ed.), Financialization and the World Economy, Cheltenham, UK: Edward Elgar, 2005, pp. 46-74.
• Thomas I. Palley, “Financialization: What It Is and Why It Matters” [ 500 Kb], Political Economy Research Institute, Working Paper No. 153, November 2007.
• Dietmar Peetz and Heribert Genreith, “The Financial Sector and the Real Economy” [ 200 Kb], Real-World Economics Review, No. 57 (September 6, 2011), pp. 41-47

3. What Has Been Behind Its Development?

(i) Financial Liberalization and Globalization

• Engelbert Stockhammer, “Financialization and the global economy” [ 260 Kb] in The Political Economy of Finacial Crises edited by Gerald Epstein and Martin H. Wolfson (Oxford University Press). Number 240, 2010, pp.16-17.
• Marc Pilkington, “The Financialization of Modern Economies in Monetary Circuit Theory”, in J.F. Ponsot and S. Rossi, eds., The Political Economy of Monetary Circuits: Tradition and Change in Post-Keynesian Economics, Houndmills, UK: Palgrave Macmillan, 2009, pp. 188-216.

(ii) Corporate Governance and Shareholder View of the Firm

• Engelbert Stockhammer, “Financialisation and the Slowdown of Accumulation” [ 123 Kb], Cambridge Journal of Economics, Vol. 28, no. 5: 2004, pp. 719-741
• Özgür Orhangazi, “Financialisation and Capital Accumulation in the Non-Financial Corporate Sector: A Theoretical and Empirical Investigation on the US Economy: 1973-2003” [ 370 Kb] Cambridge Journal of Economics, Vol. 32, 2008, pp. 863-886.
• Eckhard Hein, “‘Finacialisation’, Distribution, Capital Accumulation and Productivity Growth in a Post-Kaleckian Model”, Institute for International Political Economy, Working Paper, No. 01/2009. Berlin.

(iii) Consumer Indebtedness and Rentierization of the Non Financial Business Sector

• Mario Seccareccia, “Financialization and the Transformation of Commercial Banking in Canada” [ 316 Kb], Journal of Post Keynesian Economics (forthcoming).
• Fletcher Baragar and Mario Seccareccia, “Financial Restructuring: Implications of Recent Canadian Macroeconomic Developments” [ 1 Mb], Studies in Political Economy, No. 82 (Fall 2008), pp. 61-83.

(iv) Securitization and Shadow Banking

• Felipe Carvalho de Rezende, “The Structure and the Evolution of the US Financial System during 1945-1986 Period: A Minskian Approach Explaining the Emergence of Shadow Banking”, International Journal of Political Economy, Vol. 40, no. 2 (Summer 2011), pp. 21-46.
• Eric Tymoigne, “Engineering Pyramid Ponzi Finance: The Evolution of Private Finance from 1970 to 2008 and Implications for Regulation”, in J. Leclaire, T.-H. Jo and J.E. Knodell, eds. Heterodox Analysis of Financial Crisis and Reform: History, Politics and Economics, Cheltenham, UK: Edward Elgar, 2011, pp. 99-112.
• Marc Lavoie, “Financialization, Neo-Liberalism, and Securitization”, Journal of Post Keynesian Economics, forthcoming.

(v) Aging Population and Pension Funds

• Yan Liang, “Money Manager Capitalism, Finacialization and Structural Forces”, in J. Leclaire, T.-H. Jo and J.E. Knodell, Heterodox Analysis of Financial Crisis and Reform: History, Politics and Economics, Cheltenham, UK: Edward Elgar, 2011, pp. 87-98.

 (vi) Cognitive Capitalism and Knowledge-Based Financial Investment

• Andrea Fumagalli and Stefano Lucarelli, “A Financialized Monetary Economy of Production” [ 600 Kb], International Journal of Political Economy, Vol. 40, no. 1 (Spring 2011), pp. 48-68.

4. Financialization: What Are Its Macroeconomic Implications in Contemporary Economies?

• Marc Lavoie, “Financialisation Issues in a Post-Keynesian Stock-Flow Consistent Model” [ 850 Kb], Intervention, Vol. 5, no. 2 (2008, pp. 335-361.
• Till van Treeck, “The Political Economy Debate on ‘Financialization’ --- A Macroeconomic Perspective” [ 600 Kb], Review of International Political Economy, Vol. 16, no. 5 (December 2009), pp. 907-944.
• Till van Treeck, “A Synthetic, Stock-Flow Consistent Macroeconomic Model of ‘Financialisation’”, Cambridge Journal of Economics, Vol. 33 (2009), pp. 467-493.
• Özlem Onaran, Engelbert Stockhammer and Lucas Grafi, “Financialisation, Income Distribution and Aggregate Demand in the USA”, Cambridge Journal of Economnics, Vol. 35 (2011), pp. 637-661.
• Marco Passarella, “Systemic Financial Fragility and the Monetary Circuit: A Stock-Flow Consistent Minskian Approach”, Studi e Note di Economia, forthcoming 2011.

5. Alternatives to Financialization

• Domenica Tropeano, “Financial Regulation after the Crisis: Where Do We Stand?” [ 99 Kb], International Journal of Political Economy, Vol. 40, no. 2 (Summer, 2011), pp. 47-62.
• Yeva Nersisyan and L. Randall Wray, “Public Policy to Support Retirement: An Alternative to Financialization”, in J. Leclaire, T.-H. Jo and J.E. Knodell, eds. Heterodox Analysis of Financial Crisis and Reform: History, Politics and Economics, Cheltenham, UK: Edward Elgar, 2011, pp. 22-32.

Última modificación: 7-oct-11 4:24 PM