Financialisation and the slowdown of accumulation
研究非金融企业金融投资上升与资本品积累下降的关系，提出金融化通过股东权力转移降低企业期望增长率，并对美英法德四国数据进行时间序列分析，发现金融化对积累有负效应。
Over the past decades, the financial investment of non-financial businesses has been rising, and the accumulation of capital goods has been declining. The first part of the paper offers a novel theory to explain this phenomenon. Financialisation, the shareholder revolution and the development of a market for corporate control have shifted power to shareholders and thus changed management priorities, leading to a reduction in the desired growth rate. In the second part, the link between accumulation and financialisation is tested econometrically by means of a time series analysis of aggregate business investment for the USA, the UK, France and Germany. Extensive tests of robustness are performed. For the first three countries, evidence supporting the negative effect of financialisation on accumulation is found. Copyright 2004, Oxford University Press.