A study on the financialization of the contemporary economy and the austerity policies from the perspective of the theory of monetary circuit

2015 Fiscal Year Final Research Report

• Project/Area Number: 25380248
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic doctrine/Economic thought
• Research Institution: Hitotsubashi University
• Principal Investigator: ISHIKURA Masao 一橋大学, 大学院経済学研究科, 教授 (80222983)
• Co-Investigator(Kenkyū-buntansha): NAITO Atsushi 大月短期大学, 経済科, 教授 (40461868) ; OGURA Shoshiro 静岡大学, 人文社会科学部, 准教授 (90515404)
• Project Period (FY): 2013-04-01 – 2016-03-31
• Keywords: 資金循環 / 証券化 / 金融規制 / 緊縮政策 / 資本移動

Outline of Final Research Achievements

This study theoretically and empirically examined qualitative changes in the financial system, and their implications for macroeconomic regimes and economic policies, taking into consideration the international transmission of financial crisis since the end of 1990s. Financialization of the economy is most broadly defined as increasing impacts of the financial sector’s activities on both domestic and global economies. This study, most specifically, investigated the qualitative changes in the behaviors of financial institutions underlying the complexity and sophistication of financial system, the qualitative shifts in the regime of macro economy, and the global financial instabilities from the perspective of contemporary political economy and the post-Keynesian economics including the theory of monetary circuit.

Free Research Field

政治経済学，経済学史