Ändra sökning
RefereraExporteraLänk till posten
Permanent länk

Direktlänk
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annat format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annat språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf
Inequality, asset markets and bank debt in Sweden, 1900-2013
Stockholms universitet, Samhällsvetenskapliga fakulteten, Ekonomisk-historiska institutionen.
(Engelska)Manuskript (preprint) (Övrigt vetenskapligt)
Abstract [en]

This investigation concerns the nexus between inequality, asset markets, and private debt, in the case of Sweden in 1900-2013. The evidence of the study suggests that financial wealth in stocks relative to GDP is an intermediary variable between the profit share and bank debt to GDP ratio. Though the study finds that there is a positive long run relationship between the profit share and the bank debt ratio in the case at hand, the inclusion of the stock market wealth ratio changes the sign of the profit share coefficient. Even so, there is also a positive long run relationship between the profit share and stock market wealth relative to GDP. This means that changes in the profit share may still have a positive impact on credit formation, though indirectly via the stock market. The study finds some evidence that collateral in the form of housing wealth is another determinant of the debt level.

Nyckelord [en]
Inequality, asset markets, debt, financialization
Nationell ämneskategori
Ekonomisk historia
Forskningsämne
ekonomisk historia
Identifikatorer
URN: urn:nbn:se:su:diva-148738OAI: oai:DiVA.org:su-148738DiVA, id: diva2:1155362
Anmärkning

Part of dissertation "Financialization in Swedish Capitalism: Debt, inequality and crisis in Sweden, 1900-2013", ISBN PDF: 978-91-7797-064-4.

Tillgänglig från: 2017-11-07 Skapad: 2017-11-07 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

Open Access i DiVA

Fulltext saknas i DiVA

Person

Ahnland, Lars

Sök vidare i DiVA

Av författaren/redaktören
Ahnland, Lars
Av organisationen
Ekonomisk-historiska institutionen
Ekonomisk historia

Sök vidare utanför DiVA

GoogleGoogle Scholar

urn-nbn

Altmetricpoäng

urn-nbn
Totalt: 783 träffar
RefereraExporteraLänk till posten
Permanent länk

Direktlänk
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annat format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annat språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf