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. |
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... changes in portfolio decisions , and increases or decreases in bank ( demand ) deposits . Moore ( 1989a , p . 26 ... changes in the demand for money and credit . Moore therefore differentiates here between commercial banks ' demand for ...
... changes , ( 3 ) their ultimate goals ( full employment , price stability , growth , balance of payments , terms of trade , exchange rates , the distribution of income ) , ( 4 ) The effects of interest rate changes on the viability ...
... changes in investment or other spending will have to be financed by changes in the liquidity positions of the mantle or of industry , and such changes can be expected to react back upon interest . According to Hicks ( 1977 , pp . 79–80 ) ...
Contents
Some Reflections on Endogenous Money | 11 |
Setting the Record Straight | 31 |
From the Horizontalist Revolution | 69 |
Copyright | |
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