Global financial flows in Kaleckian models of growth and distribution: a survey

BORTZ PABLO GABRIEL

Emerging Economies and the Global Financial System

Routledge

Año: 2021; p. 197 - 213

This chapter addresses the inclusion of global financial flows in Kaleckian models of growth and distribution. It reviews the different contributions to the literature, exploring the effects of changes in the drivers of capital flows, both domestic and externals. The chapter analyses the impact of currency devaluations, changes in global risk perceptions and international interest rates, and exchange rate expectations on investment, distribution and external debt. We further study possible trade-off between distributional objectives, sustained economic growth and free movements of capital flows, and draw some policy conclusions.