Journal of Post Keynesian Economics最新文献_第9页

Financialization of South Korean non-financial firms: an empirical analysis of the impacts on firms’ real and research and development investments 韩国非金融企业的金融化：对企业实物投资和研发投资影响的实证分析

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2022-01-24 DOI: 10.1080/01603477.2022.2027786

J. Jo, Yeyoul Yu

{"title":"Financialization of South Korean non-financial firms: an empirical analysis of the impacts on firms’ real and research and development investments","authors":"J. Jo, Yeyoul Yu","doi":"10.1080/01603477.2022.2027786","DOIUrl":"https://doi.org/10.1080/01603477.2022.2027786","url":null,"abstract":"Abstract This study explores financialization’s effects on corporate innovation using data on 711 firms taken from the KIS-Value database (1994–2019) and the generalized method of moments (GMM) model. Scholars warn that aiming solely to maximize shareholders’ interests and short-term financial investments places non-financial firms’ entrepreneurship at risk. Long-term R&D and real investments decline as a result, leading to stagnant growth. This study investigates whether empirical findings from the US and the UK, where financialization negatively affects corporations’ real and R&D investments, apply to the South Korean market. We find that the financialization of South Korean non-financial firms has damaged both real and R&D investments. The first channel of financialization, increased financial investments, reduces real investments and R&D spending. Furthermore, the second channel of financialization, profit-sharing, reduces corporate innovation. The more that South Korean non-financial firms adhere to dividend payments and stock buybacks, the greater the negative impacts on real and R&D investments are.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42791745","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Technology and productivity: a critique of aggregate indicators 技术与生产力：对综合指标的批判

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2022-01-02 DOI: 10.1080/01603477.2022.2029491

F. Block

引用次数: 0

Cross-border payments, global imbalances and involuntary constraints 跨境支付、全球失衡和非自愿约束

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-11-30 DOI: 10.1080/01603477.2021.1999829

George Pantelopoulos

引用次数: 0

Shape matters: cost curves and capacity utilization in U.S. manufacturing 形状很重要:美国制造业的成本曲线和产能利用率

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-11-30 DOI: 10.1080/01603477.2021.2000336

Cláudio Castelo Branco Puty

引用次数: 0

An empirical application of the financial instability hypothesis based on data from the Dutch non-financial private sector 基于荷兰非金融私营部门数据的金融不稳定假说的实证应用

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-11-05 DOI: 10.1080/01603477.2021.1993072

I. Rozmainsky, Yuliana Kovezina, Anna N. Klimenko

{"title":"An empirical application of the financial instability hypothesis based on data from the Dutch non-financial private sector","authors":"I. Rozmainsky, Yuliana Kovezina, Anna N. Klimenko","doi":"10.1080/01603477.2021.1993072","DOIUrl":"https://doi.org/10.1080/01603477.2021.1993072","url":null,"abstract":"Abstract This paper conducts an empirical analysis of the financial instability hypothesis on Dutch data. The main literature on this topic has been reviewed, and various financial fragility indexes to determine whether Dutch firms are in a hedge, speculative, or Ponzi regime are discussed. To do empirical analysis, 340 publicly-listed private Dutch firms from various industries were selected, and these panel data include observations from 2005 to 2019. This period includes three cases of falling GDP of the Netherlands: 2008–2009, 2011, and 2014. We use for our empirical analysis three financial fragility indexes. After identifying the regime of firms according to these criteria, we chose an index developed by Nishi to make a logistic regression. We use the Nishi approach to determine what affects a firm’s probabilities of becoming a Ponzi and thereby confirm Minsky’s hypothesis on Dutch data. According to our analysis, significant factors of the probability that Dutch private non-financial companies will be a Ponzi firm are profitability, interest rate, industry output, and crisis. Both accumulation of financial fragility due to “destabilizing stability” and austerity policy were reasons for economic crises in the Netherlands in the last decades.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2021-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44100049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Historicizing the money of account—a rejoinder 将账户上的钱历史化——一种反驳

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-11-02 DOI: 10.1080/01603477.2021.1993071

Stefano Sgambati

引用次数: 0

Rethinking inequality in the 21st century – inequality and household balance sheet composition in financialized economies 重新思考21世纪的不平等——金融化经济体中的不平等与家庭资产负债表构成

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-09-08 DOI: 10.1080/01603477.2021.1969951

H. Szymborska

{"title":"Rethinking inequality in the 21st century – inequality and household balance sheet composition in financialized economies","authors":"H. Szymborska","doi":"10.1080/01603477.2021.1969951","DOIUrl":"https://doi.org/10.1080/01603477.2021.1969951","url":null,"abstract":"Abstract This paper analyses the impact of household wealth heterogeneity on inequality and macroeconomic stability in financialized economies. Based on the case of the USA since the 1980s it argues that transformation of financial sector operations has generated inequality by influencing gains from wealth ownership and leverage levels across the income distribution. Securitization and the subprime lending expansion have led to the emergence of a new class of leveraged homeowners, experiencing large increases in wealth prior to the Great Recession, followed by substantial losses after the crisis. Simultaneously, capitalists have diversified their asset portfolios while earning the highest and fastest-growing wages in the economy when employed as financial sector executives. In this light, the paper proposes a new conceptualization of households in macroeconomic models, defined by balance sheet composition rather than income sources alone. To inform this taxonomy, inequality and leverage indicators are simulated in a stock-flow consistent model calibrated to US data with three classes of households distinguished by their wealth composition, and a securitized financial sector. The proposed framework is found to produce more empirically accurate levels of income inequality and greater macroeconomic instability than the two-class division and establishes an equalizing effect of housing for wealth distribution.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2021-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41367314","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The case for the public provisioning of the payments system 支付系统的公共供应情况

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-09-01 DOI: 10.1080/01603477.2021.1969952

Fiona C. Maclachlan

引用次数: 0

The Baran Ratio, investment, and British economic growth and development 巴朗比率、投资与英国经济增长与发展

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-09-01 DOI: 10.2139/ssrn.3915734

T. Lambert

{"title":"The Baran Ratio, investment, and British economic growth and development","authors":"T. Lambert","doi":"10.2139/ssrn.3915734","DOIUrl":"https://doi.org/10.2139/ssrn.3915734","url":null,"abstract":"Abstract Investment in capital, new technology, and agricultural techniques has not been considered an endeavor worthwhile in a medieval economy because of a lack of strong property rights and no incentive on the part of lords and barons to lend money to or grant rights to peasant farmers. Therefore, the medieval economy and standards of living at that time often have been characterized as non-dynamic and static due to insufficient investment in innovative techniques and technology. Paul Baran’s concept of the economic surplus is applied to investment patterns during the late medieval, mercantile, and early capitalist stages of economic growth in England and the UK. This paper uses Zhun Xu’s Baran Ratio concept to try to develop general trends to demonstrate and reinforce other historical accounts of these times that a productive and sufficient level of public and private investment out of accumulated capital income, taxation, and rents does not have a real impact on economic per capita growth until around the 1600 s in Britain. This would also be about the time of capitalism’s ascent as the dominant economic system in England. Even then, dramatic increases in investment and economic growth do not appear until the late 18th Century when investment more consistently becomes more than one hundred percent of the level of the domestic economic surplus and takes in government spending. The types of investment, threshold amounts of investment out of profits and rents along with government spending seem to matter when it comes to a growth path raising GDP per capita and national income per capita to higher levels. Although much of this knowledge perhaps is embodied in current historical accounts, the Baran Ratio nicely summarizes and illustrates the importance of levels of investment to economic growth.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46877253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Six forms of hierarchy for a theoretical analysis of capitalism 资本主义理论分析的六种等级形式

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-08-25 DOI: 10.1080/01603477.2021.1913754

A. Sindzingre, Fabrice Tricou

{"title":"Six forms of hierarchy for a theoretical analysis of capitalism","authors":"A. Sindzingre, Fabrice Tricou","doi":"10.1080/01603477.2021.1913754","DOIUrl":"https://doi.org/10.1080/01603477.2021.1913754","url":null,"abstract":"Abstract The paper develops a conceptual analysis, which aims at refining the general concept of capitalism through an inquiry about the forms of hierarchy it involves. It is argued that the capitalist regime exhibits a series of specific attributes that have been so far underinvestigated together and are here comprehensively elucidated via the deepening of the concept of hierarchy. Qualitatively, the capitalist social structure is ambivalent, as it is neither the strict arborescent hierarchy exhibited by the feudal society, nor the flat partition displayed by the pure market economy; and the complex structure of the capitalist firm is an encompassing hierarchy, capital and labor being associated in a production process ruled by capital. Quantitatively, the capitalist pyramidal hierarchies of income and of wealth are essentially mobile, through the dynamics of market sanction and asset evaluation; and the relationship between capital bets and profit gains draws a tangled hierarchy as these returns are reinvested. All these capitalist hierarchies are typically economic, situational hierarchies arising when capitalists do not dominate the political order of power or in the social order of prestige. Finally, echoing post Keynesian perspectives, the conception of capitalism as a hierarchical phenomenon underlines its monetary structure and its self-transforming nature.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2021-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47272972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0