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Inequality and bank debt in Sweden in 1919–2012
Stockholms universitet, Samhällsvetenskapliga fakulteten, Ekonomisk-historiska institutionen.
2018 (Engelska)Ingår i: European Review of Economic History, ISSN 1361-4916, E-ISSN 1474-0044, Vol. 22, nr 2, s. 161-184Artikel i tidskrift (Refereegranskat) Published
Abstract [en]

This study demonstrates a long-run relationship between inequality and the bank debt to GDP ratio in Sweden in 1919–2012. The findings suggest that much of the impact of the top income share on the debt ratio comes from changes in the profit share. Earlier research claims that the rich, via the banks, have lent their savings to the poor as a substitute for wage gains, but this description seems ill-suited for Sweden. An alternative explanation is that banks consider profits to be an indicator of the safety of a loan. This is more in line with the study’s findings.

Ort, förlag, år, upplaga, sidor
2018. Vol. 22, nr 2, s. 161-184
Nyckelord [en]
Debt, inequality
Nationell ämneskategori
Ekonomisk historia
Forskningsämne
ekonomisk historia
Identifikatorer
URN: urn:nbn:se:su:diva-148713DOI: 10.1093/ereh/hex019ISI: 000432250400002OAI: oai:DiVA.org:su-148713DiVA, id: diva2:1155105
Tillgänglig från: 2017-11-06 Skapad: 2017-11-06 Senast uppdaterad: 2022-02-28Bibliografiskt granskad
Ingår i avhandling
1. Financialization in Swedish Capitalism: Debt, inequality and crisis in Sweden, 1900-2013
Öppna denna publikation i ny flik eller fönster >>Financialization in Swedish Capitalism: Debt, inequality and crisis in Sweden, 1900-2013
2017 (Engelska)Doktorsavhandling, sammanläggning (Övrigt vetenskapligt)
Abstract [en]

This dissertation adresses financialization – the increasing role of financial activities in the overall economy – in Sweden in 1900-2013. The focus is on the long run relationships between private debt, asset markets, inequality and financial crisis during this period. In line with established scholarship, the present study finds that changes in bank debt had a positive impact on the probability of financial crisis in Sweden. Functional income distribution between profits and wages was an underlying factor influencing the formation of bank debt levels through its impact on collateral in stock markets. Expenses related to the Swedish welfare state – the size of the public sector, government investment and housing construction – had a long run relationship with the wage share. The welfare state has been an effective counter-measure not just against a high profit share, but also against financialization. Moreover, the dissertation shows that the recent era of financialization in Swedish capitalism is not unique in kind. Rather, recent financialization is very similar to the macroeconomic situation during the early decades of the 20th Century. These findings are consistent with much of heterodox economic theory, in particular the Neo-Marxist approach. 

Ort, förlag, år, upplaga, sidor
Stockholm: Department of Economic History, Stockholm University, 2017
Serie
Stockholm studies in economic history, ISSN 0346-8305 ; 67
Nyckelord
debt, inequality, financialization, financial crisis
Nationell ämneskategori
Ekonomisk historia
Forskningsämne
ekonomisk historia
Identifikatorer
urn:nbn:se:su:diva-148711 (URN)978-91-7797-063-7 (ISBN)978-91-7797-064-4 (ISBN)
Disputation
2017-12-22, hörsal 2 hus A, Universitetsvägen 10 A, 114 18 Stockholm, 13:00 (Svenska)
Opponent
Handledare
Anmärkning

At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 3: Manuscript. Paper 4: Manuscript.

Tillgänglig från: 2017-11-29 Skapad: 2017-11-07 Senast uppdaterad: 2022-02-28Bibliografiskt granskad

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