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A Multi-Sectoral Approach to Financialisation

Marwil Dávila-Fernández and Lionello F. Punzo ()

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: We present a multi-sectoral assessment of financialisation based on Input-Output analysis. Our main innovation consists in introducing financialisation as an increase in financial content per unit of output produced. In this way, we can investigate changes in relative importance of financial activities taking into account interactions among sectors. Using a 15 and 14-sector level of aggregation, we study the United States and Brazilian experiences for the period 1947-2015 and 1995-2011, respectively. Although methods focusing on the disaggregation of Input-Output tables have been largely explored in past decades, they have received limited attention in the literature on financialisation. We aim to refocus on multisectoral issues by offering a simple structure of analysis to assess the interconnections between the real and financial sides of the economy.

Keywords: Financialisation; Financial intermediation; Input-Output; United States; Brazil. (search for similar items in EconPapers)
JEL-codes: G20 O11 O14 O33 (search for similar items in EconPapers)
Date: 2018-12
New Economics Papers: this item is included in nep-hme
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