Is There a General Trend to Financialization in Advanced Capitalist Economies? A Comparative Analysis of USA and Japan
Based on the hypothesis of financalization of contemporary capitalism, the political economist tried to explain the causes of the 2007 financial and economic crises. In this paper we construct and analyze time series variables which can demonstrate the structures of USA and Japan economies. And the econometric results find that: (1) the macroeconomic structures, financial and non-financial sectors inner structures, income distribution and consumption pattern in USA have changed significantly since 1980s. It strongly supports the hypothesis that US economy has experienced a financialization transformation since 1980s. (2)the experiences of Japanese economy were quite different from USA, and exhibited complicated evidences on the problem of whether it financialized. Some evidences supported the financialization hypothesis, but others exhibited opposite trends to the hypothesis.
Zhang Yu Zhao Feng
School of Economics, Renmin University of China, Beijing
国际会议
北京
英文
55-88
2010-11-01（万方平台首次上网日期，不代表论文的发表时间）