This study builds a multi-sectoral balance-of-payments constrained growth model that incorporates some structural heterogeneity between sectors and countries, such as differences in labor productivity, price competition, share of exports and imports, and the quality of commodities. The model in...

This paper examines the short-run relationship between the income distributionand finance-growth regimes using a simple post-Keynesian demand-driven model. While each mechanism of wage-led and profit-led growth has been revealed, its relationship with debt-led and debt-burdened growth, and vice...

This study builds an income distribution and growth model within a simple multi-sectoral Kaleckian framework. The model has heterogeneous features in each sector in that the responses of saving and investment to changes in macroeconomic performance differ sectorally, and there are also different...

In this paper, we formally derive a version of the Minskian taxonomy of the firms’ financial structure (hedge, speculative, and Ponzi types), under the economic growth context in the long run. As for the economic growth, we formalize the mechanism of debt-led (debt-burdened) growth where the...