Financialization and Distribution in a Kaleckian Model with Firms’ Debt Accumulation

Hiroaki Sasaki

Discussion papers from Graduate School of Economics , Kyoto University

Abstract: This study investigates the degree to which increased shareholder power, which is important in the context of financialization, affects macroeconomic variables, exclusively income distribution, by building a Kaleckian model with firms’ debt accumulation. We find that the extent to which a decrease in firms’ retention ratio affects rentiers’ and workers’ income distribution differs according to whether the steady-state equilibrium exhibits debt-led or debt-burdened demand.

Keywords: financialization; income distribution; firm debt (search for similar items in EconPapers)
JEL-codes: E12 E21 E22 E32 E44 (search for similar items in EconPapers)
Date: 2017-01
New Economics Papers: this item is included in nep-mac and nep-pke
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:kue:epaper:e-16-013

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