The macroeconomic impacts of the originate-to-distribute banking model on households: A consistent stock-flow theoretical macroeconomic model.

Summary The thesis studies the functioning of the "originate-to-distribute" banking activity, associated with the "shadow banking system" and its impacts on households. We use a post-Keynesian and circuitist theoretical framework, applying the endogenous money approach to credit. In order to formalize the "originate-to-distribute" banking activity in an aggregate framework, we analyze, in an accounting framework, the necessities surrounding the acquisition of claims by non-bank financial actors. We highlight the need for bank support to inflate the balance sheets of financial actors involved in the hosting of bank claims outside the banks' balance sheets, prior to the financial closure of these claims through the channeling of household savings. We translate the functioning of the originate-to-distribute banking activity into a theoretical macroeconomic model of growth, stock-flow consistent, in a closed economy. The model is characterized by two subsectors of households, workers and capitalists, differentiated by their sources of income and wealth behavior. We take into account the housing debt of households and a housing market. We analyze the differential impact of debt transfers from the banking sector to a non-banking financial sector on the income, wealth and debt of the household classes.