Zusammenfassu
In diesem Kapitel werde ich das Konzept der Finanzialisierung aus der Sicht der heterodoxen Ökonomie diskutieren. Im Abschnitt 2 beleuchte ich zunächst Veränderungen im Verhalten der Haushalte, insbesondere im Bezug auf ihre Verschuldung; Veränderungen im Verhalten von nicht-finanziellen Unternehmen, wie Shareholder- Value-Orientierung und die Zunahme finanzieller Aktivitäten; und Veränderungen im Finanzsektor selbst, insbesondere die Entstehung des (kaum regulierten) Schatten- Bankensektors (vgl. Kessler und Wilhelm in diesem Band), die Verschiebung des Kreditgeschäfts in Richtung der Haushalte (statt Unternehmen) und die Verlagerung hin zum Investmentbanking an Stelle des traditionellen Bankengeschäfts.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
Literatur
Adrian, T., und H. Shin. 2010. The Changing Nature of Financial Intermediation and the Financial Crisis of 2007–09. Federal Reserve Bank of New York Staff Reports 439.
Aglietta, M., und A. Rebérioux. 2005. Corporate Governance Adrift. A Critique of Shareholder Value. Cheltenham: Edward Elgar.
Arrighi, G. 1994. The Long Twentieth Century. London: Verso.
Atkinson, A., T. Piketty, und E. Saez. 2011. Top Incomes in the Long Run of History. Journal of Economic Literature 49 (1): 3–71.
Barba, A., und M. Pivetti, 2009. Rising Household Debt: Its Causes and Macroeconomic Implications – a long-period Analysis. Cambridge Journal of Economics 33 (1): 113–37.
Beck, T., A. Demirgüç-Kunt, und R. Levine. 2010. A New Database on Financial Development and Structure (updated November 2010). http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/0,,contentMDK:20696167~pagePK:64214825~piPK:64214943~theSitePK:469382,00.html. Zugegriffen: 20. Mai 2011.
Bernanke, B. 2005. The Global Saving Glut and the U.S. Current Account Deficit. Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia, March 2005. http://www.federalreserve.gov/boarddocs/speeches/2005/200503102/default.htm. Zugegriffen: 14. Dezember 2012.
Blackburn, R. 2007. Age Shock: How Finance Is Failing Us. London: Verso.
Boone, L., C. Giorno, und P. Richardson. 1998. Stock Market Fluctuations and Consumption Behaviour: Some recent Evidence. OECD Economics department working papers No. 208. Paris.
Boyer, R. 2000. Is a Finance-led Growth Regime a viable Alternative to Fordism? A Preliminary analysis. Economy and Society 29 (1): 111–145.
Brenner, R. 2003. The Boom and the Bubble. London: Verso.
Case, K., R. Shiller, und J. Quigley. 2001. Comparing Wealth Effects: The Stock Market Versus the Housing Market. NBER Working Paper No.8606.
Catte, P., N. Girouard, R. Price, und C. André. 2004. Housing Markets, Wealth and the Business Cycle. OECD Economics Working Paper 394.
Crotty, J. 2003. The Neoliberal Paradox: The Impact of destructive Product Market Competition and impatient Financial Markets on nonfinancial Corporations in the Neoliberal Era. Review of Radical Political Economics 35 (3): 271–79.
Crotty, J. 2009. Structural Causes of the Global Financial Crisis: A Critical Assessment of the ‘New Financial Architecture’ Cambridge Journal of Economics 33 (4): 563–580.
Cynamon, B., und S. Fazzari. 2009. Household Debt in the Consumer Age: Source of Growth – Risk of Collapse. Capitalism and Society 3 (2): 1–30.
D’Arista, J., und T. Schlesinger. 1993. The Parallel Banking System. In Transforming the U.S. Financial System: Equity and Efficiency for the 21st Century, hrsg. G. Dymski, G. Epstein, und R. Pollin. Armon: M.E. Sharpe.
Demir, F. 2009. Financial Liberalization, Private Investment and Portfolio Choice: Financialization of real Sectors in Emerging Markets. Journal of Development Economics 88: 314–24.
Duménil, G., und D. Lévy. 2001. Costs and Benefits of Neoliberalism: A Class Analysis. Review of International Political Economy 8 (4): 578–607.
Duménil, G., und D. Lévy. 2004. Capital Resurgent. Roots of the Neoliberal Revolution. Cambridge: Harvard University Press.
Eichengreen, B., und M. Bordo. 2003. Crises now and then: What Lessons for the last Era of Financial Globalization? In Monetary History, Exchange Rates and Financial Markets. Essays in Honour of Charles Goodhart, Volume two, hrsg. P. Mizen. Cheltenham: Edward Elgar.
Epstein, G. hrsg. 2005. Financialization and the World Economy. Cheltenham: Edward Elgar.
Ertürk, I. J. Froud, S. Johal, A. Leaver, und K. Williams. hrsg. 2008. Financialization at Work. Key Texts and Commentary. London: Routledge.
Ertürk, I., und S. Solari. 2007. Banks as Continuous Reinvention. New Political Economy 12 (3): 369–88.
Fligstein, N. 1990. The Transformation of Corporate Control. Cambridge: Harvard University Press.
Froud, J. S., Johal, A. Leaver, und K. Williams. 2006. Financialization and Strategy: Narrative and Numbers. London: Routledge.
Gali, J., und L. Gambetti. 2009. On the Sources of the Great Moderation. American Economic Journal: Macroeconomics 1 (1): 26–57.
Giannone, D., M. Lenza, und L. Reichlin. 2008. Explaining the Great Moderation: It is not the Shocks. Journal of the European Economic Association 6 (2–3): 621–633.
Girouard, N., M. Kennedy, und C. André. 2006. Has the Rise in Debt made Households more vulnerable? OECD Economics Working Paper 535.
Guttmann, R., und D. Plihon. 2010. Consumer Debt and Financial Fragility. International Review of Applied Economics 24 (3): 269–283.
Harrison, A. 2002. Has Globalization eroded Labor’s Share? Some cross-country Evidence. Mimeo, UC Berkeley.
Hein, E. 2011. ‘Financialisation’, Distribution and Growth. In A New Guide to Keynesian Economics and Economic Policies, hrsg. E. Hein and E. Stockhammer. Cheltenham: Edward Elgar.
Henry, P. 2007. Capital Account Liberalization: Theory, Evidence, and Speculation. Brookings Global Economy and Development Paper No. 4.
ILO. 2008. World of Work Report 2008. Income Inequalities in the Age of Financial Globalization. Geneva.
IWF. 2002. Recessions and Recoveries. In World Economic Outlook 2002/1, 104–137.
IWF. 2007. The Changing Dynamics of the Global Business Cycle. In World Economic Outlook 2007/2, 67–94.
IWF. 2006. Global Financial Stability Report April 2006. Washington, DC.
Jayadev, A. 2007. Capital Account Openness and the Labour Share of Income. Cambridge Journal of Economics 31: 423–443.
Jensen, M., und W. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics 3: 305–60
Kose, M. A., E. Prasad, K. Rogoff, und S. Wei. 2009. Financial Globalization: A Reappraisal. Internationaler Währungsfonds, IMF Staff Papers (2009) 56: 8–62.
Krippner, G. 2005. The Financialization of the American Economy. Socio-Economic Review 3 (2): 173–208.
Langley, P. 2004. In the Eye of the “Perfect Storm”: The Final Salary Pensions Crisis and the Financialization of Anglo-American capitalism. New Political Economy 9 (4): 539–58.
Lapavitsas, C., A. Kaltenbrunner, D. Lindo, J. Michell, J. P. Painceira, E. Pires, J. Powell, A. Stenfors, und N. Teles. 2010. Eurozone Crisis: Beggar Thyself and Thy Neighbour. RMF occasional report, March 2010. http://researchonmoneyandfinance.org/media/reports/eurocrisis/fullreport.pdf. Zugegriffen: 14.12.2012.
Lapavitsas, C. 2009. Financialised Capitalism: Crisis and Financial Expropriation. Historical Materialism 17 (1): 114–148.
Lazonick, W., und M. O‘Sullivan. 2000. Maximising Shareholder Value: A new Ideology for Corporate Governance. Economy and Society 29 (1): 13–35.
MacKenzie, D., und Y. Millo. 2003.Constructing a Market, Performing Theory: the Historical Sociology of a Financial Derivates Exchange. American Journal of Sociology 109: 107–45.
McKinnon, R. 1973. Money and Capital in Economic Development, Washington, DC: Brookings Institute.
Martin, R. 2002. The Financialization of Dalily Life. Philadelphia: Temple University Press.
Milberg, W., und D. Winkler. 2009. Financialisation and the Dynamics of Offshoring in the USA. Cambridge Journal of Economics 34: 275–293.
Minsky, H. 1986. Stabilizing an unstable economy. New Haven: Yale University Press.
Mishkin, F. S. 2006. The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich. Princeton: Princeton University Press.
Onaran, Ö. 2009. Wage Share, Globalization, and Crisis: The Case of Manufacturing Industry in Korea, Mexico, and Turkey. International Review of Applied Economics 23 (2): 113–134.
Orhangazi, Ö. 2008. Financialisation and Capital Accumulation in the non-financial Corporate Sector: A theoretical and empirical Investigation on the US Economy: 1973–2003. Cambridge Journal of Economics 32 (6): 863–886.
Power, D., G. Epstein, und M. Abrena. 2003. Trends in the Rentier Income Share in OECD Countries 1960- 2000. Political Economy Research Institute Working Paper 58a.
Reinhart, C., und K. Rogoff. 2009. This Time is Different: Eight Centuries of Financial Folly. Princeton: Princeton University Press.
Reinhart, C., und V. Reinhart. 2008. Capital Flow Bonanzas: An Encompassing View of the Past and Present. NBER Working Paper No. W14321.
Rodrik, D. 1998. Capital Mobility and Labor. Manuscript. http://ksghome.harvard.edu/~drodrik/capitalm.pdf. Zugegriffen: 14. Dezember 2012.
Rodrik, D., und A. Suramanian. 2009. Why Did Financial Globalization Disappoint? Internationaler Währungsfonds, IMF Staff Papers 56 (1): 112–38
Shaw, E. 1973. Financial Deepening in Economic Development. New York: Oxford University Press.
Stiglitz, J. 2000. Capital Market Liberalization, Economic Growth and Instability. World Development 28 (6): 1075–86
Stockhammer, E. 2004. Financialization and the Slowdown of Accumulation. Cambridge Journal of Economics 28 (5): 719–41.
Stockhammer, E. 2008. Some stylized Facts on the finance-dominated Accumulation Regime. Competition and Change 12 (2): 189–207.
Stockhammer, E. 2010. Financialization and the Global Economy. Political Economy Research Institute Working Paper 242.
Stockhammer, E. 2010. Income Distribution, the finance-dominated Accumulation Regime and the present Crisis. In The World Economy in Crisis – The Return of Keynesianism? , hrsg. S. Dullien, E. Hein, A. Truger, and T. van Treeck. Metropolis Verlag: Marburg.
Stockhammer, E. 2013. Why have Wage Shares fallen? A Panel Analysis of the Determinants of functional Income Distribution. ILO Working Paper Conditions of Work and Employment Series No. 35.
UNCTAD. 2008. Trade and Development Report 2008. New York: United Nations.
UNCTAD. 2009. Trade and Development Report 2009. New York: United Nations.
van Treeck, T. 2009. The Political Economy Debate on ‘Financialisation’ – A Macroeconomic Perspective. Review of International Political Economy 16 (5): 907–944.
Wolff, E. 2009. Recent Trends in Household Wealth in the United States. Rising Debt and the Middle Class Squeeze – An Update to 2007. Levy Economics Institute Working Paper 589.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2014 Springer Fachmedien Wiesbaden
About this chapter
Cite this chapter
Stockhammer, E. (2014). Entstehung und Krise des finanz-dominierten Akkumulationsregimes.. In: Heires, M., Nölke, A. (eds) Politische Ökonomie der Finanzialisierung. Globale Politische Ökonomie. Springer VS, Wiesbaden. https://doi.org/10.1007/978-3-658-03778-9_2
Download citation
DOI: https://doi.org/10.1007/978-3-658-03778-9_2
Published:
Publisher Name: Springer VS, Wiesbaden
Print ISBN: 978-3-658-03777-2
Online ISBN: 978-3-658-03778-9
eBook Packages: Humanities, Social Science (German Language)