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Title: Did Financialization Reduce Economic Growth?

Citation Type: Miscellaneous

Publication Year: 2015

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Abstract: We explore the economic growth consequences of increased financial investment by nonfinancial firms, finding consistent evidence that financialization in the non-finance sector reduced total value added. Employing an expanded conceptualization of value added which identifies internal (capital, labor) and external (creditors, government, charities) stakeholders with claims on the value generated in production and exchange, we also find that the declining value added produced by financialization was born most strikingly by labor and the state, while increasing value was channeled to corporate debt and equity holders. Corporate charities also had a net loss.

Url: http://www.umass.edu/economics/workshop/Tomaskovic-Devey_paper.pdf

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Authors: Tomaskovic-Devey, Donald; Lin, Ken-Hou; Meyers, Nathan

Publisher: University of Massachusetts, Amherst

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Topics: Other

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