ABSTRACT Since the early 1980s, financialization has become an increasingly important trend in developed capitalist countries, with different timing, speed, and intensities in different countries. Rising inequality has been a major feature of this trend. Shares of wages in national income have declined and personal income inequality has increased. Against this background unsustainable demand and growth regimes have developed that dominated the major economies before the crisis: the ‘debt-led private demand boom’ and the ‘export-led mercantilist’ regime. The article applies this post-Keynesian approach to the macroeconomics of finance-dominated capitalism of three Baltic Sea countries, Denmark, Estonia, and Latvia, both for the pre-crisis and the post-crisis period. First, the macroeconomics of finance-dominated capitalism are briefly reiterated. Second, the financialization-distribution nexus is examined for the three countries. Third, macroeconomic demand and growth regimes are analyzed, both before and after the crisis.

中文翻译：

---

危机前后的金融化、分配和宏观经济制度：对丹麦、爱沙尼亚和拉脱维亚的后凯恩斯主义观点

摘要 自 80 年代初以来，金融化已成为发达资本主义国家日益重要的趋势，在不同国家具有不同的时机、速度和强度。不平等加剧是这一趋势的一个主要特征。工资在国民收入中的份额下降，个人收入不平等加剧。在这种背景下，不可持续的需求和增长体制已经形成，在危机前主导了主要经济体：“债务主导的私人需求繁荣”和“出口主导的重商主义”体制。本文将这种后凯恩斯主义方法应用于三个波罗的海国家（丹麦、爱沙尼亚和拉脱维亚）金融主导的资本主义在危机前和危机后时期的宏观经济学。首先，简要重申金融主导资本主义的宏观经济学。其次，考察了这三个国家的金融化-分配关系。第三，分析了危机前后的宏观经济需求和增长机制。