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Journal articles on the topic 'The endogenous theory of money'

Author: Grafiati

Published: 4 June 2021

Last updated: 1 February 2022

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1

Shvets, Serhii. "How excessive endogenous money supply can contribute to global financial crises." Banks and Bank Systems 16, no. 3 (August 4, 2021): 23–33. http://dx.doi.org/10.21511/bbs.16(3).2021.03.

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Financial crises have become a challenge for sustainable growth, given the frequency and intensity of crisis shocks and their destructive consequences in recent decades. The paper aims to study how the endogenously generated excess money supply can contribute to global financial crises. The creation of money supply is examined from the perspective of the Quantity Theory of Money (QTM) and endogenous money, namely Horizontalism, Structuralism, and Modern Money Theory. Given that prices are not flexible in the short term, increased volatility in the money market prevents a short-term ready balance between money supply and output. The overall result of money supply accommodation can be unpredictable if monetary authorities and commercial banks do not pool their interests, and the money demand volatility becomes extremely high. The study of the correlation between money supply and output allowed distinguishing between neutral countries in the creation of extra liquid assets and countries that can be a potential trigger for excessive money supply volatility. Monitoring the dynamics of M3 and GDP showed that before the significant crisis periods of 1997–1998, 2007–2008, and 2019–2020, the growth of money supply was more than 8%. The established critical level confirms the potential contribution of endogenously created excess money supply to global financial crises.

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2

Fontana, G. "Hicks on monetary theory and history: money as endogenous money." Cambridge Journal of Economics 28, no. 1 (January 1, 2004): 73–88. http://dx.doi.org/10.1093/cje/28.1.73.

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3

Korda, Jan. "Monetary Disequilibrium in the Theory of Endogenous Money." Politická ekonomie 59, no. 5 (October 1, 2011): 680–705. http://dx.doi.org/10.18267/j.polek.814.

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4

Lavoie, Marc. "Jacques Le Bourva's theory of endogenous credit-money." Review of Political Economy 4, no. 4 (January 1992): 436–46. http://dx.doi.org/10.1080/09538259200000028.

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5

Niggle, Christopher J. "The Endogenous Money Supply Theory: An Institutionalist Appraisal." Journal of Economic Issues 25, no. 1 (March 1991): 137–51. http://dx.doi.org/10.1080/00213624.1991.11505132.

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6

Bachurewicz, Gracjan Robert. "The Post-Keynesian endogenous-money supply: evidence from Poland." Review of Keynesian Economics 7, no. 3 (July 2019): 402–18. http://dx.doi.org/10.4337/roke.2019.03.09.

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The paper examines the endogenous-money-supply theory for a representative emerging-market economy, namely Poland. The Post-Keynesian theory is tested against the fractional reserve theory of money creation that assumes money supply to be exogenously determined and controlled by the monetary authority. Granger-causality tests, the estimates from a vector error-correction model and the analysis of impulse-response functions from a general vector autoregression support the Post-Keynesian proposition of money-supply endogeneity in Poland during the 2001–2016 period. The demand for bank credit, represented by bank lending, causes changes in both bank deposits and the M3 money supply. Bank loans also Granger-cause the monetary base, as Post-Keynesian theory asserts. In short, loans make deposits, instead of the reverse. The M3 money multiplier does not Granger-cause broad money supply in Poland – a finding which further undermines the popular ‘money multiplier’ view. The above conclusions provide important insights for the Polish central bank regarding how it should understand monetary policy.

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7

PALLEY, THOMAS I. "The theory of endogenous money and the LM schedule: prelude to a reconstruction of ISLM." Revista de Economia Política 37, no. 1 (March 2017): 3–22. http://dx.doi.org/10.1590/0101-31572016v37n01a01.

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ABSTRACT Money is at the center of macroeconomics, which makes understanding the money supply central for macroeconomic theory. This paper presents the Post Keynesian theory of endogenous money supply and shows how it is fundamentally different from the conventional money supply theory. The conventional approach relies on the money multiplier and bank lending is invisible. Post Keynesian theory discards the money multiplier and focuses on bank lending which drives money creation. The paper emphasizes the structuralist version of Post Keynesian theory which retains Keynes’ liquidity preference theory of long term interest rates and also recognizes banks are subject to financial constraints that limit their lending activities. The paper then shows how to derive the LM schedule in an endogenous money economy, which is a necessary prelude to reconstructing the ISLM model.

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8

Fontana, Giuseppe, Riccardo Realfonzo, and Marco Veronese Passarella. "Monetary economics after the global financial crisis: what has happened to the endogenous money theory?" European Journal of Economics and Economic Policies: Intervention 17, no. 3 (February 12, 2020): 339–55. http://dx.doi.org/10.4337/ejeep.2020.0056.

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The 2010s have witnessed a new shift in central banking and, partially at least, in monetary economics and macroeconomic modelling. It is a fact that the endogenous money theory has been gradually clawing back popularity at the expense of the classical theory of interest rates, the financial intermediation view of banks, the money-multiplier story and the quantity theory of money. However, the loanable funds theory and the view of banks as pure financial intermediaries (sometimes coupled with the money-multiplier story) are still sometimes invoked. In addition, the dynamic process of creation, circulation and destruction of money is usually neglected. The point is that money endogeneity is still regarded by many mainstream economists as a mere empirical fact, not a key feature of capitalist market-based economies to be properly explained by a logically consistent theory. By contrast, dissenting economists have further advanced the endogenous money view through: (a) a generalised theory of the endogenous process of money creation; (b) the increasing popularity of modern monetary theory in the public debate; and (c) the development of aggregative stock–flow consistent models and agent-based stock–flow consistent models as an alternative to dynamic stochastic general equilibrium models.

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9

Dow, Sheila. "Endogenous money, liquidity and monetary reform." European Journal of Economics and Economic Policies: Intervention 17, no. 3 (February 12, 2020): 367–80. http://dx.doi.org/10.4337/ejeep.2020.0059.

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Following its revival in the 1980s, the idea of endogenous money became increasingly widely accepted. Indeed the 2008 global financial crisis was widely blamed on the untrammelled power of banks to create credit. As a result, among the ideas for reforming the monetary system are proposals designed to eliminate that power, that is, to make the money supply exogenous. The purpose of this paper is to go back to the theory of endogenous money in order to assess these proposals, in terms of what is desirable, but also crucially what is feasible. Central to this discussion is a consideration of the range of meanings given to money and endogeneity. It is argued that what is regarded as money under different conditions is an important element in money endogeneity, and is particularly relevant for the monetary reform debate.

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10

Lavoie, Marc. "The Post Keynesian Theory of Endogenous Money: A Reply." Journal of Economic Issues 19, no. 3 (September 1985): 843–48. http://dx.doi.org/10.1080/00213624.1985.11504420.

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11

BADARUDIN, ZATUL E., AHMED M. KHALID, and MOHAMED ARIFF. "EXOGENOUS OR ENDOGENOUS MONEY SUPPLY: EVIDENCE FROM AUSTRALIA." Singapore Economic Review 57, no. 04 (December 2012): 1250025. http://dx.doi.org/10.1142/s0217590812500257.

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This paper investigates the nature of money supply in Australia over two separate monetary policy regimes: monetary and inflation targeting. The post-Keynesian theory on endogenous money was tested with the aim of investigating whether endogenous money supply, if it did exist, followed the accomodationist, structuralist or liquidity preference viewpoints. Data used are quarterly series from 1977 to 2007 and we used vector error-correction model for long-run and short-run causality tests. We found that money supply is endogenous in Australia even when the central bank targeted monetary aggregates during the period 1977 to 1993.

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12

Camera, Gabriele, Dror Goldberg, and Avi Weiss. "Endogenous Market Formation and Monetary Trade: An Experiment." Journal of the European Economic Association 18, no. 3 (April 29, 2019): 1553–88. http://dx.doi.org/10.1093/jeea/jvz020.

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Abstract The theory of money assumes decentralized bilateral exchange and excludes centralized multilateral exchange. However, endogenizing the exchange process is critical for understanding the conditions that support the use of money. We develop a “traveling game” to study the emergence of decentralized and centralized exchange, theoretically and experimentally. Players located on separate islands can either trade locally, or pay a cost to trade elsewhere, so decentralized and centralized markets can both emerge in equilibrium. The former minimize trade costs through monetary exchange; the latter maximizes overall surplus through nonmonetary exchange. Monetary trade emerges when coordination is problematic, whereas centralized trade emerges otherwise. This shows that to understand the emergence of money it is important to amend standard theory such that the market structure is endogenized.

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13

Palley, Thomas I. "Horizontalists, verticalists, and structuralists: the theory of endogenous money reassessed." Review of Keynesian Economics 1, no. 4 (October 2013): 406–24. http://dx.doi.org/10.4337/roke.2013.04.03.

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14

Wray, L. Randall. "Endogenous Money and a Liquidity Preference Theory of Asset Prices." Review of Radical Political Economics 23, no. 1-2 (March 1991): 118–25. http://dx.doi.org/10.1177/048661349102300116.

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15

Boyer, Jérôme de. "Endogenous money and shareholders' funds in the classical theory of banking." European Journal of the History of Economic Thought 5, no. 1 (March 1998): 60–84. http://dx.doi.org/10.1080/10427719800000003.

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16

Dalziel, Paul. "A Post Keynesian Theory of Asset Price Inflation with Endogenous Money." Journal of Post Keynesian Economics 22, no. 2 (December 1999): 227–45. http://dx.doi.org/10.1080/01603477.1999.11490238.

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Fontana, Giuseppe. "The Making of Monetary Policy in Endogenous Money Theory: An Introduction." Journal of Post Keynesian Economics 24, no. 4 (July 2002): 503–9. http://dx.doi.org/10.1080/01603477.2002.11490340.

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18

Asensio, Angel. "Insights on endogenous money and the liquidity preference theory of interest." Journal of Post Keynesian Economics 40, no. 3 (July 3, 2017): 327–48. http://dx.doi.org/10.1080/01603477.2017.1319248.

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19

Missaglia, Marco, and Patricia Sanchez. "Liquidity preference in a world of endogenous money: A short-note." Cuadernos de Economía 39, no. 81 (July 1, 2020): 595–612. http://dx.doi.org/10.15446/cuad.econ.v39n81.78536.

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We argue that even in the case that banks are able to maintain the interest rate at a level that they want (the most “radical” version of the theory of endogenous money), liquidity preference continues to constitute a key element when determining the real equilibrium of the economy. In a framework of endogenous money, the Keynesian theory of liquidity preference still constitutes a theory that determines level of income. Financial markets matter, and the Kaldorian idea that liquidity preference “ceases to be of any importance” can only be defended under a set of very restrictive assumptions.

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20

Wang, Guogang. "Marx’s monetary theory and its practical value." China Political Economy 2, no. 2 (December 2, 2019): 182–200. http://dx.doi.org/10.1108/cpe-10-2019-0026.

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Purpose Marx’s monetary theory is an important part of Marxist economics and an irreplaceable milestone in the intellectual history of the monetary theory. The purpose of this paper is to summarize the main content of Marx’s monetary theory from three aspects: the source and nature of money, the function of money and the historical significance of money. Design/methodology/approach Moreover, this paper also gives an extended understanding of Marx’s monetary theory from four perspectives: the endogenous credit mechanism of money, the functions of money and demands for money, the financial function of money and the economic and social functions of money. Findings Lastly, the present paper discusses the practical significance of Marx’s monetary theory from three perspectives, namely, the inspection of “Bitcoin” from the nature and function of money, the definition of demands and the division of supplies at the monetary level, and the prevention of systemic financial risks and the focus of financial supervision. Originality/value Marx’s monetary theory is an important part of Marxist economics and an irreplaceable milestone in the intellectual history of the monetary theory. However, for a long time, the contribution of Marx has rarely been mentioned in the intellectual history of monetary theory. Even the book, Political Economy (On Capitalism), has been only summarily concerned with the source and function of money in Marx’s monetary theory, rather than revealing Marx’s outstanding contribution in the monetary theory and the financial connotation of Marx’s monetary theory, and expounding its practical significance.

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21

Cepni, Oguzhan, and Ibrahim Ethem Guney. "Endogeneity of Money Supply: Evidence From Turkey." International Journal of Finance & Banking Studies (2147-4486) 6, no. 1 (February 18, 2017): 1. http://dx.doi.org/10.20525/ijfbs.v6i1.680.

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<p>There is a long discussion among academics and central bankers about the theories of money supply. According to the exogenous view, central banks have the full control over money supply via policy actions including the adjustments of interest rates and reserve ratios, both of which alter commercial banks’ lending decisions. However, the theory of endogenous money supply emphasizes the role of demand for bank loans in money creation. More specifically, banks create money by meeting the demand of economic agents. In this study, we investigate which of the money supply theories holds in Turkish economy for the period 2006-2015 by employing cointegration and causality tests. Our findings show that the causality runs from bank loans to money supply both in the short and long terms, which supports the endogenous view in a sense that central bank and the banks fully meet the total demand for money in Turkish economy.</p>

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22

Kurose, K. "Rate of profit and interest in a growth theory with endogenous money." Cambridge Journal of Economics 28, no. 6 (November 1, 2004): 889–901. http://dx.doi.org/10.1093/cje/beh041.

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23

Deleidi, Matteo. "Post‐Keynesian endogenous money theory: Horizontalists, structuralists and the paradox of illiquidity." Metroeconomica 71, no. 1 (August 19, 2019): 156–75. http://dx.doi.org/10.1111/meca.12271.

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24

Lavoie, Marc, and Severin Reissl. "Further insights on endogenous money and the liquidity preference theory of interest." Journal of Post Keynesian Economics 42, no. 4 (February 11, 2019): 503–26. http://dx.doi.org/10.1080/01603477.2018.1548286.

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25

Brillant, Lucy. "HICKS’S THEORY OF THE SHORT-TERM RATE OF INTEREST AND THORNTON’S AND HAWTREY’S INFLUENCES." Journal of the History of Economic Thought 41, no. 03 (June 3, 2019): 393–410. http://dx.doi.org/10.1017/s1053837218000482.

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John Richard Hicks proposed an endogenous theory of money from the 1960s until his final book, A Market Theory of Money (1989). He developed a theory of credit and a theory of short-term rates of interest that had been neglected in his earlier writings such as “Mr. Keynes and the ‘Classics’” (1937). In that early article, Hicks concentrated on the market for cash balances and the motives for the demand for money, while leaving aside the money market and the clearing function of banks. In the 1960s, Hicks was largely inspired by Henry Thornton (1802) and Ralph George Hawtrey (1913, 1919). The originality of this paper is to interpret the short-term rates as the price of liquidity and to examine Hicks’s fight against restrictive monetary policies in the 1960s to the 1970s in Britain.

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Lavoie, Marc. "Rethinking monetary theory in light of Keynes and the crisis." Brazilian Keynesian Review 2, no. 2 (January 31, 2017): 174–88. http://dx.doi.org/10.33834/bkr.v2i2.96.

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The purpose of the present paper is to examine the main changes that have occurred or that need to occur in monetary economics, and to do this in light of what Keynes told us 80 years ago in his General Theory, or even more than 85 years ago when he wrote the Treatise on Money. Inflation targeting and central bank independence are re-examined, as are the standard views of the money multiplier and of the fractional-reserve system. Unconventional monetary policies, although previously suggested by Keynes, appear to be a disguised return to Monetarism and the actual impact of quantitative easing must be understood in light of a theory of endogenous money with monetary implementation occurring within a framework where the target interest rate is set at the floor of the corridor.

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Svartzman, Romain, Dominique Dron, and Etienne Espagne. "From ecological macroeconomics to a theory of endogenous money for a finite planet." Ecological Economics 162 (August 2019): 108–20. http://dx.doi.org/10.1016/j.ecolecon.2019.04.018.

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28

Docherty, Peter. "Prudential bank regulation: a post-Keynesian perspective." European Journal of Economics and Economic Policies: Intervention 17, no. 3 (April 28, 2020): 399–412. http://dx.doi.org/10.4337/ejeep.2020.0060.

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Banks play an important role in the post-Keynesian theory of endogenous money but post-Keynesians have not paid much attention to the prudential regulation of banks. Do post-Keynesian insights into the role of banks cast any light on the way they ought to be regulated, or can the conventional treatment of prudential bank regulation be grafted onto post-Keynesian theory without any significant modification? This paper begins a process of reflection on these questions. It argues that conventional prudential regulation theory can be utilised by post-Keynesians but with important modifications including a renewed emphasis on liquidity and greater recognition of endogenously generated systemic risk. A post-Keynesian approach to prudential bank regulation is shown to be characterised by both liquidity and capital requirements, as well as by a macroprudential framework that facilitates the counter-cyclical adjustment of these requirements in response to endogenous variations in systemic risk.

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Choudhury, Masudul Alam. "Micro-money, finance and real economy interrelationship in the framework of Islamic ontology of unity of knowledge and the world-system of social economy." International Journal of Social Economics 45, no. 2 (February 12, 2018): 445–62. http://dx.doi.org/10.1108/ijse-11-2016-0340.

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Purpose The purpose of this paper is to explain the structure of Islamic monetary transformation into 100 percent reserve requirement monetary system in terms of the foundational epistemology of the unity of divine knowledge (tawhid). This approach is a scholarly originality in the field of epistemological formalism concerning Islamic theory and perspectives in economic reasoning in comparative perspectives. Design/methodology/approach The role of micro-money pursuing projects and real economic exchange relations is shown to arise by a natural causality in the ethical social economy (SE). This results in a microeconomic perspective of the quantity theory of money with ethical and social implications. A comparative study of endogenous money in the quantity theory of money points out significant differences between the theory of endogenous money in Islam and mainstream methodologies. A formal model of micro-money and its organismic endogenous relationship with the real economy is formulated with the goal of realizing social well-being, economic stabilization, and sustainability of development regimes. Findings This is a conceptual paper, though with the potential for continued work in applying the theory of micro-money in the Islamic methodological perspective of unity of knowledge. This is an original contribution of this paper. Islamic economists have not been able to produce a rigorous theory of micro-money. They have also not been able to situate the study of Islamic economics with its specific contribution to the field of the nature of money in project-specific financing of Islamic projects by the money-finance-real economy inter-causal relations. Thus, the findings of this paper, though of the conceptual nature, open doors to a vast field of methodological development and its application to the problem of micro-money modeling. Such a conceptual finding arising from the methodological theory of unity of knowledge and applied to the topic of micro-money along with some examples of potentiality of these approaches constitutes a vastly original field of findings as contribution. Thereby, an analytical model is established in the Islamic social economy (ISE) perspective. The model is used to explain monetary transmission and functioning of monetary policy with instruments that avoid interest rate and comply with Islamic financing requirements. The resulting model of money, finance, and real economy (MFE) systemic interrelationship in reference to the epistemology of unity of knowledge leads into the construction of a 100 percent reserve requirement monetary system with the gold-backed micro-money as currency complementing real economic transactions. Research limitations/implications The present paper is of a conceptual type based on the essential ontological and epistemological foundation of Islamic social and economic thought and bearing a deeply scientific implication. The conceptual part of this paper becomes a study in the foundations. The second part follows into the study of application in the real world of micro-money in terms of financing projects. Micro-money pursues projects in the Islamic economy due to its very nature of ethical and social choices. The paper shows that such a micro-money transmission is realized by the money-finance-real economy integrated model. Thereby, some real-world examples of such transformations are given. All these together substantiate the conceptual-analytical-empirical nature of the study conducted. Practical implications The development of the micro-money transmission system of generalized circular causation interrelations between MFE activities as a return to 100 percent reserve requirement monetary system with the gold standard is the profound theory that has been propounded. Its applied perspectives are implied through the MFE-model wherein micro-money pursues social projects. Furthermore, the possibility and practicality of such a conceptual model of micro-money and its transmission mechanism in the real economy are established by real-world examples of kinds of micro-money that are found to circulate or are recommended by some studies in the literature. Social implications The conceptual part of the paper presents a model of generalized epistemological model of unity of knowledge characterizing the MFE circular causal interrelations as the organismic meaning of social ethics and evolutionary learning. The social implications are the epistemic foundations of the derived model in the midst of choices of life-fulfillment projects that micro-money finances and the economy sustain. Originality/value This is an original paper premised on the general and the specific Islamic epistemological criterion of unity of knowledge as a generalized system theory. It is now particularized to the case of money and real economy by using the Islamic perspective of creating conditions to regenerate resources continuously in SE with ethical implications. The paper is equally informative to all who like to understand the social and ethical nature of endogenous relations between money and the real economy as two great institutions of the national economy. These together bestow well-being to the society at large in the construction of SE. Specific attention in this regard is given to ISE.

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30

Farmer, Roger E. A. "THE EVOLUTION OF ENDOGENOUS BUSINESS CYCLES." Macroeconomic Dynamics 20, no. 2 (July 3, 2014): 544–57. http://dx.doi.org/10.1017/s1365100514000248.

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This paper distinguishes two kinds of endogenous business cycle models: EBC1 models, which display dynamic indeterminacy, and EBC2 models, which display steady-state indeterminacy. Both strands of the literature have their origins in the sunspot literature that developed at the University of Pennsylvania in the 1980s. I argue that EBC1 models are part of the evolution of modern macroeconomics that has classical roots dating back to the 1920s. EBC2 models provide a microfoundation for one of the most important ideas to emerge from Keynes's (1936)General Theory of Employment, Interest and Money: that high involuntary unemployment can persist as part of the steady-state equilibrium of a market economy.

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Musella, Marco. "Moneta e politica monetaria nella teoria di Kaldor*." Journal of Public Finance and Public Choice 7, no. 1 (April 1, 1989): 99–109. http://dx.doi.org/10.1332/251569298x15668907344730.

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Abstract This article focusses on the foundations of Kaldor’s monetary theory. It deals with his view that in modern economic systems the supply of money is an endogenous variable while the demand for money tends to be unstable.These ideas were presented in several essays written in the early 1980’s which emphasized Kaldor’s disagreement with monetarism. The theoretical background of his views was however also presented in previous contributions.Finally the article underlines the implications of Kaldor’s view on money for the role of monetary authorities in macroeconomic stabilization policy.

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Feldman, Germán D. "Early marginalist ideas on money: some neglected exceptions to the quantity theory." Erasmus Journal for Philosophy and Economics 6, no. 1 (May 20, 2013): 28. http://dx.doi.org/10.23941/ejpe.v6i1.118.

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The quantity theory of money (QTM) is an important building block of neoclassical economics. This has led scholars to believe that all monetary accounts proposed by marginalist economists are inherently based on the QTM. However, within the bimetallic controversy of the last quarter of the 19th century, there were some neoclassical proposals which departed from the framework of the QTM. In this article, I analyse three of these accounts: Alfred Marshall's symmetallism, Irving Fisher's compensated dollar plan, and Knut Wicksell's inconvertible paper standard. These monetary arrangements—especially the first two of them—have rarely been studied in the literature. Still, their relevance should not be neglected in current times in which the economics profession—both orthodox and heterodox approaches—has moved towards an endogenous money view. The proposals studied also show that the neutrality of money does not necessarily imply the QTM, as it is often suggested.

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Ellermann, Christoph, Fabian Lindner, Severin Reissl, and Ruben Tarne. "A third era of credit theory? Endogenous money from Wolfgang Stützel's balance mechanics perspective." European Journal of Economics and Economic Policies: Intervention 14, no. 1 (April 2017): 13–22. http://dx.doi.org/10.4337/ejeep.2017.01.02.

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Lavoie, Marc. "Les post-keynésiens et la monnaie endogène." Articles 58, no. 1-2 (January 19, 2009): 191–221. http://dx.doi.org/10.7202/601019ar.

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Abstract This paper attempts to identify the peculiar aspects of post-Keynesian monetary theory. In a modern production economy, the growth of the stock of money is an essentially endogenous process. It results from the Financial needs of firms to pay out incomes to households. It follows that monetary policy is asymmetrical: central banks cannot increase the rate of growth of the money supply, they can only restrain it. Hence, inflation is never and nowhere a monetary phenomenon.

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CUADRAS-MORATÓ, XAVIER, and RANDALL WRIGHT. "MONEY AS A MEDIUM OF EXCHANGE WHEN GOODS VARY BY SUPPLY AND DEMAND." Macroeconomic Dynamics 1, no. 4 (December 1997): 680–700. http://dx.doi.org/10.1017/s1365100597005026.

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Models of the exchange process based on search theory can be used to analyze the features of objects that make them more or less likely to emerge as money in equilibrium. These models illustrate the trade-off between endogenous acceptability (an equilibrium property) and intrinsic characteristics of goods, such as storability or recognizability. We look at how the relative supply and demand for various goods affect their likelihood of becoming money. Intuitively, goods in high demand and/or low supply are more likely to appear as commodity money, subject to the qualification that which object ends up circulating as a medium of exchange depends at least partly on convention. Welfare properties and fiat money are discussed.

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Tily, Geoff. "Tily’s ‘semantic pirouettes’ and Lavoie’s post-‘Keynesianism’: a comment on M. Lavoie “Rethinking monetary theory in the light of Keynes and the crisis”." Brazilian Keynesian Review 3, no. 2 (January 31, 2018): 160. http://dx.doi.org/10.33834/bkr.v3i2.148.

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<span>In a recent paper in your journal, Marc Lavoie contests remarks I have made about Keynes and endogenous money. I would like very much to respond, and have drafted the following text.</span>

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Chen, Yulu, Jack Hou, MA Yong, and Chengsi Zhang. "A general theory of macrofinance: Towards a new paradigm." Panoeconomicus 64, no. 5 (2017): 547–70. http://dx.doi.org/10.2298/pan151201036c.

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The 2008 international financial crisis triggered retrospection on both theory and policy, reaching a macroeconomic consensus that the financial system plays an important role in the macro economy and macroeconomic theory must be restructured to incorporate endogenous financial factors. Reflecting on the inherent flaws of traditional mainstream economics, this paper puts forward a ?macrofinance? proposition as a new paradigm for macro financial analysis. As a scientific methodology based on systematic logic, the major feature of the macrofinance framework is that we must analyze the financial system as a core part of a complete and endogenous analytical framework, instead of only focusing on the money or credit. The goal of ?macrofinance? is to return to scientific economic methodologies by analyzing the inherent laws of modern financial systems to set up a comprehensive theoretical framework that unifies the financial sector with the real economy and combines theory and policy practice.

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Deleidi, Matteo. "Post Keynesian endogenous money theory: A theoretical and empirical investigation of the credit demand schedule." Journal of Post Keynesian Economics 41, no. 2 (October 13, 2017): 185–209. http://dx.doi.org/10.1080/01603477.2017.1338967.

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Rachman, M. Aulia. "Analysis of money supply Indonesia: The vector autoregression model approach." Indonesian Journal of Islamic Economics Research 1, no. 1 (September 12, 2019): 37–49. http://dx.doi.org/10.18326/ijier.v1i1.2794.

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Endogenous money is a major component of the Post Keynesian economy. This refers to the theory that the existence of money in an economy is driven by real economic upheaval. In this study examines the effect of macroeconomic variables on the amount of money in circulation in Indonesia during the period of global economic recession in 2008 and 2016. The analytical tool used was the Vector Autoregression (VAR) in the period January 2006 - July 2016. From the results of the study, that the variable Amount Money Supply, BI Rate, Exchange Rates, Government Revenues and Inflation have a long-term cointegration relationship. VAR estimation results in the short run show that M2 and BI Rate have a positive effect on M2 movement, Government Revenues and Inflation have a negative effect on M2.

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Bonizzi, Bruno, and Annina Kaltenbrunner. "Critical macro-finance, Post Keynesian monetary theory and emerging economies." Finance and Society 6, no. 1 (May 28, 2020): 76–86. http://dx.doi.org/10.2218/finsoc.v6i1.4411.

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In our contribution to this forum, we suggest that critical macro-finance (CMF) scholars and Post Keynesian monetary theorists would profit from a more explicit engagement with each other. Post Keynesian scholars would benefit from the detailed empirical insights that CMF provides, particularly through its analysis of non-bank financial institutions and the conceptual focus on liquidity and liabilities. Meanwhile, the CMF literature would benefit from more explicit grounding in earlier Post Keynesian concepts. In particular, the theory of liquidity preference, the concept of the liquidity premium, and the theory of endogenous money highlight macroeconomic issues missing from CMF scholarship.

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Liu, Lucy Qian, Liang Wang, and Randall Wright. "ON THE “HOT POTATO” EFFECT OF INFLATION: INTENSIVE VERSUS EXTENSIVE MARGINS." Macroeconomic Dynamics 15, S2 (June 2, 2011): 191–216. http://dx.doi.org/10.1017/s1365100511000046.

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Conventional wisdom is that inflation makes people spend money faster, trying to get rid of it like a “hot potato,” and this is a channel through which inflation affects velocity and welfare. Monetary theory with endogenous search intensity seems ideal for studying this. However, in standard models, inflation is a tax that lowers the surplus from monetary exchange and hence reduces search effort. We replace search intensity with a free entry (participation) decision for buyers—i.e., we focus on the extensive rather than intensive margin—and prove buyers always spend their money faster when inflation increases. We also discuss welfare.

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Knodell, Jane. "The long road to accommodative central banking: the US case." European Journal of Economics and Economic Policies: Intervention 17, no. 3 (April 28, 2020): 325–38. http://dx.doi.org/10.4337/ejeep.2020.0061.

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For Basil Moore and post-Keynesians who have followed him in developing the theory of endogenous money, accommodative central-bank behavior is a logical necessity in credit-money economies. Such central banks have no choice but to accommodate the banking system's demand for liquidity. Accommodative central banking evolved through a historical process, as this paper shows for the specific case of the US economy. The road to accommodative central banking was a long one in the US, marked by failed experiments with alternative institutional regimes: the Second Bank of the US of the early national period, the urban clearing-houses of the late nineteenth century, and the early Federal Reserve.

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Castillo Polanco, Luis Alfredo, and Ted P. Ted P. "The process of endogenous liquidity in developing economies: the case of Mexico." Review of Keynesian Economics 7, no. 3 (July 2019): 369–87. http://dx.doi.org/10.4337/roke.2019.03.07.

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The Post-Keynesian theory of endogenous money is typically used to explain the operations in advanced economies like the US. While the core ideas are relevant for all market economies, developing economies have additional features which complicate the process. These may include: the local currency is not accepted as a means of payment for international transactions, so the banking system (including the central bank) requires foreign currency reserves (balance-of-payments constraint); hard currency reserves are needed to provide ‘credibility’ for circulation of domestic currency; stock and bond markets are not well developed, so other financial instruments are necessary to complete the finance-funding process; and institutional differences regarding monetary control. We use the case of Mexico to show how these features of developing economies can complicate the endogenous-money process. For Mexico the process is constrained by the use of the US dollar as both a store of value and a reserve for the banking system. As a consequence, the interest rate is determined by the demand for the alternative sources of liquidity creation, and therefore a credit-financed expansion will necessitate an increase in the interest rate which can lead to a recession or other crisis scenarios.

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Kraft, Evan. "The Soft-Budget Constraint and the Theory of Endogenous Money: A Note on Szego’s Critique of Kornai." Journal of Post Keynesian Economics 16, no. 1 (September 1993): 153–61. http://dx.doi.org/10.1080/01603477.1993.11489974.

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TEGLIO, ANDREA, MARCO RABERTO, and SILVANO CINCOTTI. "THE IMPACT OF BANKS' CAPITAL ADEQUACY REGULATION ON THE ECONOMIC SYSTEM: AN AGENT-BASED APPROACH." Advances in Complex Systems 15, supp02 (September 2012): 1250040. http://dx.doi.org/10.1142/s0219525912500403.

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Since the start of the financial crisis in 2007, the debate on the proper level leverage of financial institutions has been flourishing. The paper addresses such crucial issue within the Eurace artificial economy, by considering the effects that different choices of capital adequacy ratios for banks have on main economic indicators. The study also gives us the opportunity to examine the outcomes of the Eurace model so to discuss the nature of endogenous money, giving a contribution to a debate that has grown stronger over the last two decades. A set of 40 years long simulations have been performed and examined in the short (first five years), medium (the following 15 years) and long (the last 20 years) run. Results point out a non-trivial dependence of real economic variables such as the gross domestic product (GDP), the unemployment rate and the aggregate capital stock on banks' capital adequacy ratios; this dependence is in place due to the credit channel and varies significantly according to the chosen evaluation horizon. In general, while boosting the economy in the short run, regulations allowing for a high leverage of the banking system tend to be depressing in the medium and long run. Results also point out that the stock of money is driven by the demand for loans, therefore supporting the theory of endogenous nature of credit money.

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Arestis, Philip, and Ana González. "The housing market-bank credit relationship: Some thoughts on its causality." Panoeconomicus 61, no. 2 (2014): 145–60. http://dx.doi.org/10.2298/pan1402145a.

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The dominance of the orthodox paradigm over the last decades prior to the ?great recession? left no room for the notion of ?endogenous money? in the development of economic theory. However, this alternative direction of the causality of demand for money-credit and economic activity has been present in the heterodox economic thought since the 1930s and should be reconsidered in the current situation. In this context, the numerous episodes of housing bubbles, which have been taking place since 2007, create the perfect ?environment? to explore the notion of ?dynamic monetized production economy?. Our theoretical framework is estimated econometrically by using a sample of 6 developed economies which spans from 1970 to 2011. The non-stationary ?nature? of our data recommends the use of cointegration techniques (S?ren Johansen 1995) in order to estimate our models.

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Gedeon, Shirley J. "A Comment on and Extension of Lavoie’s “The Endogenous Flow of Credit and the Post Keynesian Theory of Money”." Journal of Economic Issues 19, no. 3 (September 1985): 837–43. http://dx.doi.org/10.1080/00213624.1985.11504419.

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Vernengo, Matías. "Classical Political Economy and the Evolution of Central Banks: Endogenous Money and the Fiscal-Military State." Review of Radical Political Economics 50, no. 4 (July 4, 2018): 660–67. http://dx.doi.org/10.1177/0486613418773754.

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The paper analyzes briefly the changing ideas on the role of money and banks from William Petty to Thomas Tooke, including the works of Adam Smith, David Ricardo, and Karl Marx. It analyzes the role of ideas in shaping the evolution of central bank regulation. Particular importance is given to the Bank of England’s inconvertibility period, from 1797 to 1821, and the ensuing debate in shaping Robert Peel’s Bank Act of 1844, which is often seen as the birth of modern central banking. The importance of the Say’s Law, and the inexistence of an alternative theory of the determination of output, is shown to play an essential role in the policy prescriptions of the so-called Bullionist authors, who won the debates that shaped central banking practices in the nineteenth century. The paper concludes with a brief analysis of what is a central bank according to the dominant (marginalist) mainstream of the profession, and what an alternative conception based on what may be termed classical-Keynesian political economy would be. JEL Classification: B10, N20, E58

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Pérezts, Mar, Eric Faÿ, and Sébastien Picard. "Ethics, embodied life and esprit de corps: An ethnographic study with anti-money laundering analysts." Organization 22, no. 2 (December 5, 2014): 217–34. http://dx.doi.org/10.1177/1350508414558726.

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Our highly sensitive ethnographic study with anti-money-laundering analysts delves into the understudied link between embodiment and ethics in organizations. We begin by reclaiming the importance of bodies and embodiment in the business ethics literature, which largely assumes preeminence of the mind over the body. We then draw on French phenomenologist Michel Henry’s theory of the subjective body to advance our understanding of ethics as endogenous embodied practice rooted in life. Through the experiential realities of our ethnographic work, we show how the two interrelated dimensions in which embodiment occurs (subjective body and organic body) operate at two interrelated levels (subjective and intersubjective experience) to advance theory on the implications of corporeal ethics in organizations. More specifically, by reclaiming and specifying the ontologically embodied and shared dimensions of ethical subjectivity in life, we show the emergence and development of an esprit de corps, which allows embodying collective ethical practice while resisting to continuous external pressures.

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Mouatt, Simon. "Can Sequential and Non-Dualistic Interpretation of Marx's Monetary Thought be Synthesized with the Post-Keynesian Endogenous Money Paradigm?" Critique 39, no. 2 (April 11, 2011): 233–46. http://dx.doi.org/10.1080/03017605.2011.561629.

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