Affiliation:
1. Cranfield University, School of Management, United Kingdom
Abstract
Within the context of financialization, this empirical study sheds some light
on the distributional aspects of the existing intra-capitalist conflict
between financial and industrial capital and its concomitant impact, via
investment, on the macroeconomy. In doing so, bounds-test cointegration
techniques in conjunction with Granger causality tests provide the
econometric framework upon which the respective models are tested. Annual
time series were used spanning from 1971 to 2012, for the UK. The empirical
evidence is in line with the theoretical exposition insofar as investment
decisions by industry are significantly conditioned by industrial profit.
Moreover, the distribution of profits between industry and finance, in
conjunction with policy objectives, appears to be playing an instrumental
role in affecting capital accumulation.
Publisher
National Library of Serbia
Subject
General Economics, Econometrics and Finance
Cited by
4 articles.
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