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Neo-Kaleckian models with financial cycles: A center-periphery framework

David Guimarães Coelho () and Esteban Perez Caldentey ()

PSL Quarterly Review, 2018, vol. 71, issue 286, 309-326

Abstract: The article develops a Neo-Kaleckian model that takes into account the impact of financial cycles on demand regimes. Both the financial instability hypothesis and the paradox of debt are considered, as well as both the upward and the downward phases of the economic cycle. The baseline model is insufficient to analyze financial variables in underdeveloped countries, as it does not take into consideration the non-neutrality of international financial markets. Following a center-periphery structure, we extend the model in order to discuss how financial movements in the periphery are mainly associated with external vulnerability.

Keywords: Minsky cycles; Neo-Kaleckian model; paradox of debt; center-periphery (search for similar items in EconPapers)
JEL-codes: E11 E22 E44 (search for similar items in EconPapers)
Date: 2018
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