Marwil J. Dávila-Fernández
DEPS, USiena
Lionello F. PUnzo
DEPS, USiena
Abstract
We present a multi-sectoral assessment of financialisation based on Input-Output analysis. Our main innovation consists in introducing financialisation as an increase in financial content per unit of output produced. In this way, we can investigate changes in relative importance of financial activities taking into account interactions among sectors. Using a 15 and 14-sector level of aggregation, we study the United States and Brazilian experiences for the period 1947-2015 and 1995-2011, respectively. Although methods focusing on the disaggregation of Input-Output tables have been largely explored in past decades, they have received limited attention in the literature on financialisation. We aim to refocus on multisectoral issues by offering a simple structure of analysis to assess the interconnections between the real and financial sides of the economy.
Keywords
Financialisation; Financial intermediation; Input-Output; United States; Brazil.
Jel Codes
G20; O11; O14; O33
