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Corporate Debt, Rentiers’ Portfolio Dynamics, Instability and Growth: A Neo-Kaleckian Perspective

Pintu Parui

South Asian Journal of Macroeconomics and Public Finance2025https://doi.org/10.1177/22779787251336524article
AJG 1ABDC C
Weight
0.50

What the paper says

Considering a stock-flow consistent neo-Kaleckian macromodel of the post-COVID-19 US economy, along with firms’ debt dynamics, in the long run, we incorporate portfolio dynamics of rentiers and investigate the possibility dynamic (in)stability of the economy. Both the debt-led and the debt-burdened demand and growth regimes are possible. We find share buybacks, under certain conditions, not only may lead to the deterioration of the equilibrium rate of capital accumulation in the long-run but may also potentially destabilize the entire economy. A strictly regulated financial market is desirable, as otherwise, the economy may lose its stability and produces the limit cycles. A new paradox in neo-Kaleckian tradition, the paradox of share buybacks is also uncovered in this article. JEL Classification: C62, E12, E32, E44, O41

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https://doi.org/https://doi.org/10.1177/22779787251336524

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@article{pintu2025,
  title        = {{Corporate Debt, Rentiers’ Portfolio Dynamics, Instability and Growth: A Neo-Kaleckian Perspective}},
  author       = {Pintu Parui},
  journal      = {South Asian Journal of Macroeconomics and Public Finance},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1177/22779787251336524},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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