Credit, Interest Rates and the Open Economy: Essays on HorizontalismLouis-Philippe Rochon, Matias Vernengo The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy. Credit, Interest Rates and the Open Economy is essential reading for those who wish to expand their theoretical understanding of international financial issues and will be of great interest to those involved in macroeconomics, money and banking and radical economics. |
From inside the book
... for Macroeconomic Policy and International Trade . His publications include Credit , Money and Production : An Alternative Post - Keynesian Approach ( Edward Elgar , 1999 X Credit , Interest Rates and the Open Economy.
... Credit , Money and Production : An Alternative Post- Keynesian Approach , Cheltenham : Edward Elgar . Rochon , L.-P. ( 2000 ) , " The Creation and Circulation of Endogenous Money : A Reply to Pressman " , Journal of Economic Issues ...
... credit , money and production . In this sense , as will be argued later , money is not created from changes in portfolio , either from banks or households . Portfolio shifts and financial innovations can never finance production ; they ...
Contents
Some Reflections on Endogenous Money | 11 |
Setting the Record Straight | 31 |
From the Horizontalist Revolution | 69 |
Copyright | |
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