The Financialization Of Gdp

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The Financialization of GDP

Author : Jacob Assa
Publisher : Routledge
ISBN 13 : 1317329899
Total Pages : 126 pages
Book Rating : 4.3/5 (173 download)

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Book Synopsis The Financialization of GDP by : Jacob Assa

Download or read book The Financialization of GDP written by Jacob Assa and published by Routledge. This book was released on 2016-08-12 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gross Domestic Product (GDP) and other statistics based on national income accounting are ubiquitous but rarely understood today. GDP has been criticized for many reasons, including not reflecting well-being, leaving out the costs of environmental pollution, and not counting unpaid work, but on purely economic terms it has been mostly accepted as an indicator of economic performance. In recent decades, however, GDP has diverged dramatically from economic trends such as employment and median income. This book argues that GDP is flawed even as a narrow economic indicator, and traces the problem to the way financial services are measured. The first part of the book is a political history of the practice of national accounting from its beginning in the mid-17th century to present day, and explores how such income estimates were constructed for political reasons. The Financialization of GDP presents the practice of estimating national income as a historically and political contingent craft - driven by power and not only theory - culminating in the rise of the financial sector and the concomitant inclusion of financial services in GDP in 1993.. The second part of the book focuses on the treatment of financial services in national accounting and develops an adjusted measure of output (Final Domestic Product or FDP) – which treats financial revenues as intermediate inputs (or costs) to the economy as a whole. The final part of the book explores the empirical and policy implications of treating finance as an overall cost to the economy. This volume shows that the Great Moderation of volatility was a statistical artefact; Okun’s Law (relating changes in output and unemployment) never died, and even provides early signs for the Great Recession which analysts using standard GDP did not see. This book is of great interest to those who study political economy and macroeconomics.

Financialization and the US Economy

Author : È Orhangazi
Publisher : Edward Elgar Publishing
ISBN 13 : 1848440162
Total Pages : 177 pages
Book Rating : 4.8/5 (484 download)

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Book Synopsis Financialization and the US Economy by : È Orhangazi

Download or read book Financialization and the US Economy written by È Orhangazi and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: Profound transformations have taken place both in the US and the global economy, most especially in the realm of finance. This title brings together a comprehensive analysis of financialization in the US economy that encompasses historical, theoretical, and empirical sides of the issues.

Political Economy of Financialization and Its Measuring: Indicators of Financialization in OECD Countries

Author : Abdilcelil Koç
Publisher : IJOPEC PUBLICATION
ISBN 13 : 1913809226
Total Pages : 120 pages
Book Rating : 4.9/5 (138 download)

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Book Synopsis Political Economy of Financialization and Its Measuring: Indicators of Financialization in OECD Countries by : Abdilcelil Koç

Download or read book Political Economy of Financialization and Its Measuring: Indicators of Financialization in OECD Countries written by Abdilcelil Koç and published by IJOPEC PUBLICATION. This book was released on with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the history of capitalism, there is a consensus in the literature that the 1980swas a turning point. According to many heterodox social scientists, the criticaldevelopment that provides this turning point is that capitalism has enteredthe financialization process. This period that started after 1980 is called‘Financialized capitalism.’ This period’s most important characteristic featureis that the capital accumulation mechanism shifted gravity from the industrialsector to the financial field. In the heterodox political economy, much literatureon financialization has emerged over the past fifteen years. However, it stilldoes not have a single definition agreed upon. Unfortunately, a compositefinancialization index measuring the level of multi-dimensional financializationfor different countries has not yet been found in the literature. In this book,first of all, the financialization literature of Neo-Marxist and Post-Keynesianpolitical economy approaches has been scanned, and four dimensions offinancialization have been determined. These are the financialization of thenational economy, the financial sector, non-financial firms, and households. Inthis context, to measure financialization, a panel data set covering 22 variablesthat can represent the four dimensions of financialization, OECD countries,and the period between 1995-2018 was created. The OECD averages of eachvariable were found through this data set, and their long-term developmentswere analyzed. In addition, the behavior of each variable before, during, andafter the 2008 Global Crisis caused by financialization was also evaluated.As a result of the analyzes made, it has been seen that these variables aresuitable for the creation of a composite financialization index. Our greatestwish is that this book will be helpful to students in fields such as economics,political science, international relations, sociology, and researchers who aimto measure financialization.

Financialization

Author : T. Palley
Publisher : Springer
ISBN 13 : 1137265825
Total Pages : 234 pages
Book Rating : 4.1/5 (372 download)

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Book Synopsis Financialization by : T. Palley

Download or read book Financialization written by T. Palley and published by Springer. This book was released on 2016-04-30 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: The term financialization is a term that has become popular to describe developments within the global economy, and particularly within developed industrialized economies, over the past thirty years. The book is divided into four sections, which together give a comprehensive treatment of the economics and political economy of financialization.

Quantifying the Impact of Financial Development on Economic Development

Author : Jeremy Greenwood
Publisher : DIANE Publishing
ISBN 13 : 1437933971
Total Pages : 46 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Quantifying the Impact of Financial Development on Economic Development by : Jeremy Greenwood

Download or read book Quantifying the Impact of Financial Development on Economic Development written by Jeremy Greenwood and published by DIANE Publishing. This book was released on 2010-10 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: How important is financial development for economic development? A costly state verification model of financial intermediation is presented to address this question. The model is calibrated to match facts about the U.S. economy, such as intermediation spreads and the firm-size distribution for the years 1974 and 2004. It is then used to study the international data, using cross-country interest-rate spreads and per-capita GDP. The analysis suggests that a country like Uganda could increase its output by 140 to 180 percent if it could adopt the world's best practice in the financial sector. Still, this amounts to only 34 to 40 percent of the gap between Uganda's potential and actual output. Charts and tables.

Finance and Growth

Author : Robert Graham King
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Finance and Growth by : Robert Graham King

Download or read book Finance and Growth written by Robert Graham King and published by . This book was released on 1993 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finance matters. The level of a country's financial development helps predict its rate of economic growth for the following 10 to 30 years. The data are consistent with Schumpeter's view that services provided by financial intermediaries stimulate long- run growth.

Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality

Author : Ms.Era Dabla-Norris
Publisher : International Monetary Fund
ISBN 13 : 1498381596
Total Pages : 49 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality by : Ms.Era Dabla-Norris

Download or read book Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2015-01-27 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a micro-founded general equilibrium model with heterogeneous agents to identify pertinent constraints to financial inclusion. We evaluate quantitatively the policy impacts of relaxing each of these constraints separately, and in combination, on GDP and inequality. We focus on three dimensions of financial inclusion: access (determined by the size of participation costs), depth (determined by the size of collateral constraints resulting from limited commitment), and intermediation efficiency (determined by the size of interest rate spreads and default possibilities due to costly monitoring). We take the model to a firm-level data from the World Bank Enterprise Survey for six countries at varying degrees of economic development—three low-income countries (Uganda, Kenya, Mozambique), and three emerging market countries (Malaysia, the Philippines, and Egypt). The results suggest that alleviating different financial frictions have a differential impact across countries, with country-specific characteristics playing a central role in determining the linkages and tradeoffs between inclusion, GDP, inequality, and the distribution of gains and losses.

Too Much Finance?

Author : Mr.Jean-Louis Arcand
Publisher : International Monetary Fund
ISBN 13 : 1475504667
Total Pages : 50 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Too Much Finance? by : Mr.Jean-Louis Arcand

Download or read book Too Much Finance? written by Mr.Jean-Louis Arcand and published by International Monetary Fund. This book was released on 2012-06-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether there is a threshold above which financial development no longer has a positive effect on economic growth. We use different empirical approaches to show that there can indeed be "too much" finance. In particular, our results suggest that finance starts having a negative effect on output growth when credit to the private sector reaches 100% of GDP. We show that our results are consistent with the "vanishing effect" of financial development and that they are not driven by output volatility, banking crises, low institutional quality, or by differences in bank regulation and supervision.

The Growth Delusion

Author : David Pilling
Publisher : Tim Duggan Books
ISBN 13 : 052557252X
Total Pages : 304 pages
Book Rating : 4.5/5 (255 download)

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Book Synopsis The Growth Delusion by : David Pilling

Download or read book The Growth Delusion written by David Pilling and published by Tim Duggan Books. This book was released on 2018-01-30 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: A provocative critique of the pieties and fallacies of our obsession with economic growth We live in a society in which a priesthood of economists, wielding impenetrable mathematical formulas, set the framework for public debate. Ultimately, it is the perceived health of the economy which determines how much we can spend on our schools, highways, and defense; economists decide how much unemployment is acceptable and whether it is right to print money or bail out profligate banks. The backlash we are currently witnessing suggests that people are turning against the experts and their faulty understanding of our lives. Despite decades of steady economic growth, many citizens feel more pessimistic than ever, and are voting for candidates who voice undisguised contempt for the technocratic elite. For too long, economics has relied on a language which fails to resonate with people's actual experience, and we are now living with the consequences. In this powerful, incisive book, David Pilling reveals the hidden biases of economic orthodoxy and explores the alternatives to GDP, from measures of wealth, equality, and sustainability to measures of subjective wellbeing. Authoritative, provocative, and eye-opening, The Growth Delusion offers witty and unexpected insights into how our society can respond to the needs of real people instead of pursuing growth at any cost.

The Value of Everything

Author : Mariana Mazzucato
Publisher : Penguin UK
ISBN 13 : 0241188822
Total Pages : 384 pages
Book Rating : 4.2/5 (411 download)

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Book Synopsis The Value of Everything by : Mariana Mazzucato

Download or read book The Value of Everything written by Mariana Mazzucato and published by Penguin UK. This book was released on 2018-04-26 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight. In modern capitalism, value-extraction - the siphoning off of profits, from shareholders' dividends to bankers' bonuses - is rewarded more highly than value-creation: the productive process that drives a healthy economy and society. We misidentify takers as makers, and have lost sight of what value really means. Once a central plank of economic thought, this concept of value - what it is, why it matters to us - is simply no longer discussed. Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism - to radically transform an increasingly sick system rather than continue feeding it - we urgently need to rethink where wealth comes from. Who is creating it, who is extracting it, and who is destroying it? Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic: that works for us all. The Value of Everything will reignite a long-needed debate about the kind of world we really want to live in.

Makers and Takers

Author : Rana Foroohar
Publisher : Currency
ISBN 13 : 0553447254
Total Pages : 402 pages
Book Rating : 4.5/5 (534 download)

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Book Synopsis Makers and Takers by : Rana Foroohar

Download or read book Makers and Takers written by Rana Foroohar and published by Currency. This book was released on 2017-09-12 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is Wall Street bad for Main Street America? "A well-told exploration of why our current economy is leaving too many behind." —The New York Times In looking at the forces that shaped the 2016 presidential election, one thing is clear: much of the population believes that our economic system is rigged to enrich the privileged elites at the expense of hard-working Americans. This is a belief held equally on both sides of political spectrum, and it seems only to be gaining momentum. A key reason, says Financial Times columnist Rana Foroohar, is the fact that Wall Street is no longer supporting Main Street businesses that create the jobs for the middle and working class. She draws on in-depth reporting and interviews at the highest rungs of business and government to show how the “financialization of America”—the phenomenon by which finance and its way of thinking have come to dominate every corner of business—is threatening the American Dream. Now updated with new material explaining how our corrupted financial system propelled Donald Trump to power, Makers and Takers explores the confluence of forces that has led American businesses to favor balance-sheet engineering over the actual kind, greed over growth, and short-term profits over putting people to work. From the cozy relationship between Wall Street and Washington, to a tax code designed to benefit wealthy individuals and corporations, to forty years of bad policy decisions, she shows why so many Americans have lost trust in the system, and why it matters urgently to us all. Through colorful stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, Foroohar shows how we can reverse these trends for a better path forward.

Finance and the Sources of Growth

Author : Thorsten Beck
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Finance and the Sources of Growth by : Thorsten Beck

Download or read book Finance and the Sources of Growth written by Thorsten Beck and published by . This book was released on 2016 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Development of the banking sector exerts a large, causal impact on total factor productivity growth, which in turn causes GDP to grow. Whether banking development has a long-run effect on capital growth or private saving remains to be seen.Beck, Levine, and Loayza evaluate whether the level of development in the banking sector exerts a causal impact on economic growth and its sources- total factor productivity growth, physical capital accumulation, and private saving.They use (1) a pure cross-country instrumental variable estimator to extract the exogenous component of banking development and (2) a new panel technique that controls for country-specific effects and endogeneity. They find that:- Banks do exert a large, causal impact on total factor productivity growth, which feeds through to overall GDP growth.- The long-run links between banking development and both capital growth and private savings are more tenuous.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to understand the links between the financial system and economic growth.

Finance and Macroeconomic Volatility

Author : Cevdet Denizer
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Finance and Macroeconomic Volatility by : Cevdet Denizer

Download or read book Finance and Macroeconomic Volatility written by Cevdet Denizer and published by World Bank Publications. This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries with more developed financial sectors experience fewer fluctuations in real per capita output, consumption, and investment growth. But it matters how the financial sector develops: the proportion of credit provided to the private sector is important in explaining volatility.

Prosperity without Growth

Author : Tim Jackson
Publisher : Taylor & Francis
ISBN 13 : 1317388224
Total Pages : 310 pages
Book Rating : 4.3/5 (173 download)

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Book Synopsis Prosperity without Growth by : Tim Jackson

Download or read book Prosperity without Growth written by Tim Jackson and published by Taylor & Francis. This book was released on 2016-12-08 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: What can prosperity possibly mean in a world of environmental and social limits? The publication of Prosperity without Growth was a landmark in the sustainability debate. Tim Jackson’s piercing challenge to conventional economics openly questioned the most highly prized goal of politicians and economists alike: the continued pursuit of exponential economic growth. Its findings provoked controversy, inspired debate and led to a new wave of research building on its arguments and conclusions. This substantially revised and re-written edition updates those arguments and considerably expands upon them. Jackson demonstrates that building a ‘post-growth’ economy is a precise, definable and meaningful task. Starting from clear first principles, he sets out the dimensions of that task: the nature of enterprise; the quality of our working lives; the structure of investment; and the role of the money supply. He shows how the economy of tomorrow may be transformed in ways that protect employment, facilitate social investment, reduce inequality and deliver both ecological and financial stability. Seven years after it was first published, Prosperity without Growth is no longer a radical narrative whispered by a marginal fringe, but an essential vision of social progress in a post-crisis world. Fulfilling that vision is simply the most urgent task of our times.

The Asset Economy

Author : Lisa Adkins
Publisher : John Wiley & Sons
ISBN 13 : 1509544224
Total Pages : 176 pages
Book Rating : 4.5/5 (95 download)

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Book Synopsis The Asset Economy by : Lisa Adkins

Download or read book The Asset Economy written by Lisa Adkins and published by John Wiley & Sons. This book was released on 2020-10-07 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rising inequality is the defining feature of our age. With the lion’s share of wealth growth going to the top, for a growing percentage of society a middle-class existence is out of reach. What exactly are the economic shifts that have driven the social transformations taking place in Anglo-capitalist societies? In this timely book, Lisa Adkins, Melinda Cooper and Martijn Konings argue that the rise of the asset economy has produced a new logic of inequality. Several decades of property inflation have seen asset ownership overshadow employment as a determinant of class position. Exploring the impact of generational dynamics in this new class landscape, the book advances an original perspective on a range of phenomena that are widely debated but poorly understood – including the growth of wealth inequalities and precarity, the dynamics of urban property inflation, changes in fiscal and monetary policy and the predicament of the “millennial” generation. Despite widespread awareness of the harmful effects of Quantitative Easing and similar asset-supporting measures, we appear to have entered an era of policy “lock-in” that is responsible for a growing disconnect between popular expectations and institutional priorities. The resulting polarization underlies many of the volatile dynamics and rapidly shifting alliances that dominate today’s headlines.

The Global Findex Database 2017

Author : Asli Demirguc-Kunt
Publisher : World Bank Publications
ISBN 13 : 1464812683
Total Pages : 148 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis The Global Findex Database 2017 by : Asli Demirguc-Kunt

Download or read book The Global Findex Database 2017 written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2018-04-19 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.

Banks and Finance in Modern Macroeconomics

Author : Bruna Ingrao
Publisher : Edward Elgar Publishing
ISBN 13 : 178643153X
Total Pages : 456 pages
Book Rating : 4.7/5 (864 download)

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Book Synopsis Banks and Finance in Modern Macroeconomics by : Bruna Ingrao

Download or read book Banks and Finance in Modern Macroeconomics written by Bruna Ingrao and published by Edward Elgar Publishing. This book was released on 2019 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world financial crisis of 2007–2008 dramatically showed the importance of credit and financial relations for the efficient working of the economy. For a long time mainstream macroeconomics ignored these aspects and concentrated only on the real sector or just took into account the most elementary picture of the financial side of the economy. This book aims at explaining why this happened through an historical excursion of 20th century mainstream macroeconomic theory.