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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... government securities appear on the asset side of the balance sheet of these central banks . On the liability side , however , three of these countries have substantial amounts of government deposits , the exception being the United ...
... government securities , which provide income and have no risk . Private banks will thus initiate purchases of ... deposits . This is the case of the Bank of Canada , for which government deposits constitute the main tool with which to ...
... government deposits by the Bank of Canada Source : IMF , International Financial Statistics , December 1998 . 1995 1996 Assets 50.9 59.2 Foreign assets 20.8 28.2 Claims on central 30.1 31.0 government Liabilities 50.9 59.2 Monetary base ...
Contents
Some Reflections on Endogenous Money | 11 |
Setting the Record Straight | 31 |
From the Horizontalist Revolution | 69 |
Copyright | |
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