Empirical analysis of a post-Keynesian macroeconomic model of financial development

摘要: In recent studies the importance of financial markets has been highlighted and systems have ascribed an increasing influence over real sector development. However, most these discussions fail to adequately integrate this relationship into a general macro economic model. The argument put forward by Endogenous Growth theorists is mainly that intermediation permits economy reduce fraction its savings held in form unproductive liquid assets; therefore intermediaries may naturally tend alter composition investment way favourable capital accumulation growth. On other hand Post-Keynesian growth theories formed from various strands found writings Keynes Kalecki stimulated Harrod's approach which places more emphasis on income distribution, tended neglect role market resulting macroeconomic models concentrate side pay little attention sector. This motivates modelling strategy pursued paper along with some assumptions derived theory for further investigation mainstream Keynesian/Post-Keynesian framework.