Financialization and the Stock-Flow Consistent Approach

Abstract Although most of the academic works on financialization are descriptive or empirical, in the last decade attempts have been made to represent its features in formal macroeconomic models. Given the deficiencies of previous analyses, some authors have used the Stock-Flow Consistent (SFC) approach to elaborate formal macroeconomic models of financialisation. This work analyzes the effort to incorporate financialisation into macroeconomic models using the Stock-Flow Consistent approach, in an attempt to evaluate the degree to which the referred approach is able to formally represent financialisation in the way it is conceived by descriptive and empirical literature and overcome the deficiencies present in the previous formal analyses.

摘要 尽管当前有关金融化的学术研究大多为描述性或实证性研究，但近十年来学界已尝试通过形式化宏观经济模型对其特征进行刻画。鉴于既往分析存在不足，部分学者采用存量-流量一致（Stock-Flow Consistent, SFC）框架，构建了金融化相关的形式化宏观经济模型。本研究针对采用存量-流量一致框架将金融化纳入宏观经济模型的相关尝试展开分析，旨在评估该框架能否按照描述性与实证性文献所界定的内涵，对金融化特征进行形式化刻画，并弥补既往形式化分析存在的缺陷。