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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... banks share commonalities with respect to their assets : they do not have assets arising from loans to private banks ( although the Bank of England used to have a small amount of claims on private banks ) . In their case , the standard ...
... private agents of the financial markets . This is most obvious in the case of the overdraft economy , but it will also occur in the so - called asset - based economy , where private banks are not in debt vis - à - vis the central bank ...
... private banks . We know , however , from Table 10.4 that more than 90 percent of the domestic claims of the Bundesbank arise from loans to the private banks . It is thus clear that the private banks wound up with excess reserve deposits ...
Contents
Some Reflections on Endogenous Money | 11 |
Setting the Record Straight | 31 |
From the Horizontalist Revolution | 69 |
Copyright | |
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