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Formalizing Debt-led and Debt-burdened Growth Regimes with Endogenous Macrodynamics of Minskian Financial Structure: A Long-run Analysis

Hiroshi Nishi ()

Discussion papers from Graduate School of Economics Project Center, Kyoto University

Abstract: In this paper, we formally derive a version of the Minskian taxonomy of the firms’ financial structure (hedge, speculative, and Ponzi types), under the economic growth context in the long run. As for the economic growth, we formalize the mechanism of debt-led (debt-burdened) growth where the economy expands as the debt variables increase (decrease). By explicitly introducing the relationship between the finance growth regime and Minskian taxonomy in a dynamic model, the model in this paper enables us to evaluate whether or not the economic growth regime is sounded in terms of the firms’ financial positions.

Keywords: Minskian financial structure; Economic growth; Post-Keynesian model (search for similar items in EconPapers)
JEL-codes: E12 E22 E44 O42 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2011-03
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Persistent link: https://EconPapers.repec.org/RePEc:kue:dpaper:e-10-016

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