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  1. Growth drivers in emerging capitalist economies before and after the Global Financial Crisis
    Autor*in: Jungmann, Benjamin
    Erschienen: October 2021
    Verlag:  Berlin School of Economics and Law, Institute for International Political Economy Berlin, Berlin

    This paper contributes to the ongoing growth models (GMs) debate by investigating the growth drivers of emerging capitalist economies (ECEs) in the periods before (2000-2008) and after (2009-2019) the Global Financial Crisis (GFC). By drawing mostly... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 369
    Fernleihe:
    keine Fernleihe

     

    This paper contributes to the ongoing growth models (GMs) debate by investigating the growth drivers of emerging capitalist economies (ECEs) in the periods before (2000-2008) and after (2009-2019) the Global Financial Crisis (GFC). By drawing mostly on post-Keynesian economics, six growth drivers are considered: Finance, i.e., household debt; changes in income distribution; price and non-price competitiveness, as well as commodity prices; and finally, fiscal policy. By conducting crosscountry simple and multiple linear regressions to explain the growth of 19 ECEs in both periods, we find that post-GFC growth was driven by non-price factors while price competitiveness played a role in neither period. Likewise, commodity prices did not drive growth either. In terms of distribution, our results indicate that cross-country growth was driven by rising income inequality in both periods; however, this relation lacks significance. In the post-crisis period, growth was associated with rising profit shares. While this relation also lacks significance, it has to be assessed against various possibilities for seemingly profit-led growth. Finally, with household debt accelerating and fiscal policy becoming more expansionary after the crisis, our results indicate a potentially more prominent role for these factors in driving post-crisis growth, however, this finding lacks robustness. We argue that the sparse robust findings result from ECEs' heterogeneity, particularly in terms of their growth models and subordinated financialization.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/244399
    Schriftenreihe: Working paper / Institute for International Political Economy Berlin ; no. 172 (2021)
    Schlagworte: growth model; growth driver; financialization; emerging capitalist economies; post-Keynesian economics
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  2. Moving the center
    adapting the toolbox of growth model research to emerging capitalist economies
    Autor*in: Mertens, Daniel; Nölke, Andreas; May, Christian; Schedelik, Michael; Ten Brink, Tobias; Gomes, Alexandre
    Erschienen: August 2022
    Verlag:  Berlin School of Economics and Law, Institute for International Political Economy Berlin, Berlin

    The growth model perspective has provided positive momentum for Comparative and International Political Economy. This article seeks to move beyond the existing geographical confines of this perspective to elaborate on its potential for enhancing our... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 369
    Fernleihe:
    keine Fernleihe

     

    The growth model perspective has provided positive momentum for Comparative and International Political Economy. This article seeks to move beyond the existing geographical confines of this perspective to elaborate on its potential for enhancing our understanding of the trajectories of different emerging capitalist economies (ECEs), the center of global economic growth during the last decades. Using national accounts data, we calculate the relative contributions of demand components to GDP growth for nine large emerging economies in the period from 2001 to 2016. Departing from the prevalent juxtaposition of consumption-led and export-led growth models, we add an investment-led model within a variegated set of ECE accumulation strategies. Subsequently, we employ case vignettes from Brazil, China, India and Indonesia to highlight ECE specificities in (1) the effects of international interdependencies on growth models, (2) the political underpinnings of growth models through social blocs, and (3) the existence of structural productive heterogeneities leading to regional growth models in very large economies. We conclude that these macro-political and institutional specificities should serve as a point of departure for a more global research agenda on growth models.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/264891
    Schriftenreihe: Working paper / Institute for International Political Economy Berlin ; no. 188 (2022)
    Schlagworte: Comparative capitalism; growth models; emerging capitalist economies; commodity super cycles; social blocs
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen