This study analyses the longer term implications of 'financialisation' in the US and in Germany from a macroeconomic perspective. In the process of 'financialisation' the importance of the financial sector of an economy increases relative to that of the non-financial sector. While discussing...

During the past two decades, there has been a shift of significance from the real to the financial sector. This development is often referred to as "financialization". Most industrial countries have experienced a decline in the share of labor income. Based on a review of empirics and literature,...

This paper investigates the impact of financialization and changes in corporate governance on income inequality for a sample of 13 OECD countries between 1980 and 2010. Though financialization and changes in corporate governance have been widespread, there has been little empirical analysis of...

Numerous studies have analyzed the decline in labor's share of income, but only few have linked it to the increase in financialization. The process of financialization can roughly be described as an increasing importance of the financial sector which had an impact on the distribution between...

In dem Report werden die möglichen mittel- bis langfristigen Investitions- und Wachstumswirkungen der strukturellen Veränderungen des deutschen Finanzsystems, ausgehend von einer Reihe von Gesetzesreformen seit Beginn der 1990er Jahre, untersucht. Ein Vergleich mit den USA zeigt dabei, dass...

Germany’s recent export successes and the fast recovery from the 2007 -2009 crisis made it Europe’s “economic superstar” in public opinion. This paper interprets the German performance against the background of financialisation. After an examination of the pre-crisis demand and growth...

We present an investigation into the long-run effects of financialisation on income distribution before the financial and economic crises for Germany, one of the major mercantilist export-led economies. The analysis builds on a Kaleckian approach towards the examination of the effects of...

In this paper we outline alternative policy recommendations addressing the problems of differential inflation, divergence in competitiveness and associated current account imbalances within the Euro area. The major purpose of these alternative policy proposals is to generate sustainably high...