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Davide Villani - One of the best experts on this subject based on the ideXlab platform.

  • the rise of corporate net lending among g7 countries a firm level analysis
    Social Science Research Network, 2019
    Co-Authors: Davide Villani
    Abstract:

    In recent decades, corporate net lending has been increasing in several developed countries. This paper discusses the impact of financialisation and income distribution on the level of corporate net lending among G7 countries. We argue that financialisation affects the level of corporate net lending through firms` re-organisation towards a model of accumulation based on the maximisation of “shareholder value” and through the negative impact on investment. Moreover, the reduction in the wage share can increase the capacity of accumulation of liquidity of corporations, increasing the gap between corporate savings and investment, leading to the rise in net lending. We test our hypotheses using panel data of publicly listed non-financial corporations for the period 1990-2015. According to our findings the process of financialisation has a positive impact on the level of net lending after 2001, while the wage share at the firm-level has a strong negative impact on the level of net lending throughout the whole period.

Till Van Treeck - One of the best experts on this subject based on the ideXlab platform.

  • the political economy debate on financialisation a macroeconomic perspective
    Review of International Political Economy, 2009
    Co-Authors: Till Van Treeck
    Abstract:

    A number of important contributions to the political economy literature have argued that changes in the financial sector have been amongst the main reflections, or even the driving forces, of recent transformations of capitalism in the rich countries. This hypothesis has been referred to as 'financialisation'. We argue in this article that the interdisciplinary literature could be enriched if the macroeconomic dimension of financialisation was more explicitly taken into account. In particular, important macroeconomic constraints regarding the determination of profits, in the face of a decreasing importance of physical investment and an increased importance of financial operations, are often not explicitly considered. We compare our macroeconomic approach with contributions from different strands in the existing literature, including empirical analyses of new patterns of profit generation, the 'varieties of capitalism' approach, the British 'social accounting' literature, and the French 'regulationist' literature. Our theoretical framework is illustrated by means of an empirical comparison of the effects of financialisation in the USA and in Germany.

  • a synthetic stock flow consistent macroeconomic model of financialisation
    Cambridge Journal of Economics, 2009
    Co-Authors: Till Van Treeck
    Abstract:

    This article is centred around the notions of shareholder value orientation and financialisation. Shareholder value orientation is reflected by a high dividend payout ratio applied by firms and the reluctance of firms to finance physical investment via new equity issues. Financialisation is the more general development towards an increased importance of the financial sector of the economy relative to the non-financial sector. In this article, a synthetic, stock-flow consistent model is developed that attempts to encompass some important recent works on the effects of financialisation. This includes contributions from the fields of mainstream information economics and post-Keynesian economics. We conduct simulations reflecting increased shareholder value orientation, and show that the results are consistent with important stylised facts. Copyright The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

  • a synthetic stock flow consistent macroeconomic model of financialisation
    2007
    Co-Authors: Till Van Treeck
    Abstract:

    This article is centred around the notions of shareholder value orientation and financialisation. Shareholder value orientation is reflected by a high dividend payout ratio applied by firms and the reluctance of firms to finance physical investment via new equity issues. Financialisation is the more general development towards an increased importance of the financial sector of the economy relative to the non-financial sector. In this article, a synthetic, stock-flow consistent model is developed that attempts to encompass and at times adjust some important recent works on the effects of financialisation. This includes contributions from the fields of mainstream information economics and Post Keynesian economics. We conduct simulations reflecting increased shareholder value orientation and show that the model produces a number of results that appear consistent with many stylised facts particularly of the US economy since the early 1980s.

Manuel B. Aalbers - One of the best experts on this subject based on the ideXlab platform.

  • the financialisation of rental housing 2 0 releasing housing into the privatised mainstream of capital accumulation
    Antipode, 2018
    Co-Authors: Gertjan Wijburg, Manuel B. Aalbers, Susanne Heeg
    Abstract:

    This article presents two cases of listed real estate companies that operate in the Ruhr metropolitan region of Germany. The first is Immeo Wohnen, a subsidiary of the French real estate investment trust (REIT) Fonciere des Regions that was previously owned by a US hedge fund. The second is Vonovia, Germany's largest real estate company, originally a subsidiary of a British private equity firm. Both examples embody what we call the shift from financialisation 1.0 to financialisation 2.0, i.e. the transition from pure speculation to long‐term investment. We show that long‐term investment strategies are used by REITs and listed funds in order to release housing into the privatised mainstream of capital accumulation. With the advent of the financialisation of rental housing 2.0, the long‐term investment focus of these funds paradoxically enables a short‐term investment focus by buying and selling shares in these funds on the stock exchange

  • the Financialization of a social housing provider
    International Journal of Urban and Regional Research, 2017
    Co-Authors: Manuel B. Aalbers, Jannes Van Loon, Rodrigo Fernandez
    Abstract:

    Why does a social housing provider bet on interest rate fluctuations? This article presents a case study of the Financialization of both housing and the state. Social housing in the Netherlands is provided by non-profit housing associations that have since 1989 been set apart from the state. Many associations started developing housing for profit, borrowing on global capital markets or buying derivatives. Whereas other semi-public institutions moved into the world of finance due to financial constraints, housing associations did so to capitalize on the possibilities offered by their asset-rich portfolios. Vestia, the largest of them all, is an extreme--but not exceptional--case of what can happen when public goals are left to be realized by inadequately supervised and poorly managed private organizations. As a result of gambling on derivatives, Vestia had to be bailed out to the tune of over 2 billion euros. To recoup the losses, housing was sold off and rents were raised. Almost half of Dutch housing associations used derivatives, although most refrained from using them purely speculatively. The changes in the housing sector that led to its Financialization cannot be separated from the wider Financialization of the state. [ABSTRACT FROM AUTHOR]

  • the Financialization of housing a political economy approach
    2016
    Co-Authors: Manuel B. Aalbers
    Abstract:

    Manuel B Aalbers and Anne Haila discuss their respective recent books, The Financialization of Housing: A Political Economy Approach (Aalbers, 2016) and Urban Land Rent: Singapore as a Property State (Haila, 2016). Their debate focuses on issues such as comparative research, a political economy approach to urban studies, and topics of interest such as land rent, financialisation, housing, property states, path dependency, regulation and the role of the state.

  • Financialization and housing between globalization and varieties of capitalism
    Competition and Change, 2016
    Co-Authors: Rodrigo Fernandez, Manuel B. Aalbers
    Abstract:

    In the literature, one finds various explanations for the rise of financialized capitalism. In the different strands of Financialization literature, housing either plays a minor role or is simply s...

Jie Chen - One of the best experts on this subject based on the ideXlab platform.

  • housing and land Financialization under the state ownership of land in china
    Land Use Policy, 2020
    Co-Authors: Jie Chen
    Abstract:

    Abstract By studying the case of China’s state land ownership regime, this paper examines the Financialization of housing and land and illustrates how these processes are intertwined and reinforce each other. This paper reached three conclusions: first, housing Financialization and land Financialization cannot be separated in China; housing Financialization boosts the demand for housing assets and land Financialization speeds up the supply to meet the demand. Second, housing Financialization and land Financialization jointly expand the production of properties and sustain capital accumulation. Third, the Financialization of land and housing evolve over time. We conclude that the separate and related processes of housing and land Financialization in China reflect the unique characteristics of the state ownership of land in China.

Kenhou Lin - One of the best experts on this subject based on the ideXlab platform.

  • income dynamics economic rents and the Financialization of the u s economy
    American Sociological Review, 2011
    Co-Authors: Donald Tomaskovicdevey, Kenhou Lin
    Abstract:

    The 2008 collapse of the world financial system, while proximately linked to the housing bubble and risk-laden mortgage backed securities, was a consequence of the Financialization of the U.S. economy since the 1970s. This article examines the institutional and income dynamics associated with the Financialization of the U.S. economy, advancing a sociological explanation of income shifts into the finance sector. Complementary developments include banking deregulation, finance industry concentration, increased size and scope of institutional investors, the shareholder value movement, and dominance of the neoliberal policy model. As a result, we estimate that between 5.8 and 6.6 trillion dollars were transferred to the finance sector since 1980. We conclude that understanding inequality dynamics requires attention to market institutions and politics.

  • income dynamics economic rents and the Financialization of the us economy
    2011
    Co-Authors: Donald Tomaskovicdevey, Kenhou Lin
    Abstract:

    The 2008 collapse of the world financial system, while proximately linked to the housing bubble and risk laden mortgage backed securities, was a consequence of the Financialization of the U.S. economy since the 1970s. This paper examines the institutional and income dynamics associated with Financialization, advancing a sociological explanation of the large shifts of income into the finance sector. Complementary developments included banking deregulation, finance industry concentration, the increased size and scope of institutional investors, the shareholder value movement, and the dominance of the neoliberal policy model. As a result we estimate that since 1980 between 5.8 and 6.6 trillion dollars were transferred to the finance sector. We conclude that understanding inequality dynamics requires attention to market institutions and politics.