In order to understand the sources of profits or monetary profits of capitalists and firms, the author examines the phrase of Marx: 'Die Gesamtklasse der Kapitalisten kann nichts aus der Zirkulation herausziehen, was nicht vorher hineingeworfen war.' (The class of capitalists cannot extract from...

We present an estimated dynamic stochastic general equilibrium model of stock market bubbles and business cycles using Bayesian methods. Bubbles emerge through a positive feedback loop mechanism supported by self-fulfilling beliefs. We identify a sentiment shock that drives the movements of...

Das Umfeld niedriger Zinsen ist weniger auf die Geldpolitik, sondern mehr auf globale Trends in der Investitionsnachfrage und in der Sparneigung sowie einen krisenbedingten Rückgang der Investitionen zurückzuführen. Mittelfristig kann die Überwindung der Bilanzrezession zu höheren...

There is ample evidence from economic growth literature that investment accelerates economic growth and development of developing countries, of which Ghana is not an exception. Based on this, recent growth and development policies in Ghana have focused more on encouraging private sector...

Kein Thema stiftet mehr Verwirrung auf der Welt als das der „Schulden“. Bei keinem Thema gibt es größeren Aufklärungsbedarf, weil kein Thema für die Wirtschaftspolitik und insbesondere für die europäische Wirtschaftspolitik von größerer Bedeutung ist. Überall ist von Überschuldung...

This paper develops a neo-Kaleckian dynamical model that investigates how an increased financial instability affects the investment rate and the wage share of income in the long run. It is shown that a rising benchmark interest rate affects negatively the capital accumulation and the wage share...

The aim of this paper is to analyse the financial structure of non-financial corporations in the European Union prior to the 2008 crisis and to determine whether the ex-ante differences in corporate financial structure had an impact on the severity of the 2008 financial crisis in European...

Empirical evidence demonstrates that credit standards, including lending margins and collateral requirements, move in a countercyclical direction. In this study, we construct a small open economy model with financial frictions to generate the countercyclical movement in credit standards. Our...

The paper focuses on assessment of the sensitivity of investment on cash flow (ICFS) made by listed companies in Poland. Achieving this goal will also involve analysing and drawing conclusions about the balance-sheet channel of monetary transmission. An empirical part uses data from financial...

All participants in capital markets are asking how to finance investments or to invest money available. The answer to these questions depends on the situation you have: deficit or surplus capital. This article addresses issues concerning the place and role of capital market within the financial...