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Financialization and the macroeconomy. Theory and empirical evidence

Author

Listed:
  • Gimet, Céline
  • Lagoarde-Segot, Thomas
  • Reyes-Ortiz, Luis
Abstract
This paper sheds light on the macroeconomic impact of financialization in the banking sector. We develop a new stock-flow consistent model, which reveals that excessive leverage increases financial fragility, lowers wages, and slows down real sector investment and GDP growth. Using a panel of 29 high income countries, we then construct indicators of banking financialization and investigate the impact of the latter on the wage share, gross capital formation and GDP growth, using a Bayesian structural VAR framework, as well as a set of fixed effect regressions. Our results highlight that financialization has had a detrimental impact on real sector growth. Finally, we discuss the implications of our results to propose reforms to the international financial system.

Suggested Citation

  • Gimet, Céline & Lagoarde-Segot, Thomas & Reyes-Ortiz, Luis, 2019. "Financialization and the macroeconomy. Theory and empirical evidence," Economic Modelling, Elsevier, vol. 81(C), pages 89-110.
    • Handle: RePEc:eee:ecmode:v:81:y:2019:i:c:p:89-110
    DOI: 10.1016/j.econmod.2018.12.008
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    Cited by:

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    7. Aleksandra Ostrowska & Paulina Pukin-Sowul, 2023. "Macroeconomic Stability of Central and Eastern European Countries in the Context of Monetary Integration," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 390-408.
    8. Li, Xing & Shen, Guangjun, 2023. "Do tax incentives decelerate corporate financialization? Evidence from the VAT reform in China," Economic Modelling, Elsevier, vol. 125(C).
    9. Ítalo Pedrosa & Dany Lang, 2021. "To what extent does aggregate leverage determine financial fragility? New insights from an agent-based stock-flow consistent model," Journal of Evolutionary Economics, Springer, vol. 31(4), pages 1221-1275, September.

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    More about this item

    Keywords

    Stock-flow consistent model; International finance; Bayesian SVAR; Financialization; Economic growth;
    All these keywords.

    JEL classification:

    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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