Moeda endógena e passividade bancária : uma análise crítica da abordagem "horizontalista" e da teoria do circuito monetário
By: FREITAS, Maria Cristina Penido de
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ArticlePublisher: São Paulo : Editora 34, out./dez. 1999Revista de Economia Política = Brazilian Journal of Political Economy 19, 4, p. 114-133Abstract: The purpose of this article is to present a critical analysis of Post-Keynesian approachs that support the thesis of an extreme endogeneity of money creation. Neither horizontalists nor monetary circuit theorists give special attention to the dual and dialectic aspects of banks, profit oriented institutions which are responsible for money creation and for financial intermediation. Because of these aspects, banking competition is the core of financial instability and credit dynamics. Having as their main goal competition for profits, banks act procyclically helping to amplify the instability of the capitalist economy, and to stimulate financial speculation activities instead of industrial investments, which is the source of wealth and material reproduction in capitalist economies
The purpose of this article is to present a critical analysis of Post-Keynesian approachs that support the thesis of an extreme endogeneity of money creation. Neither horizontalists nor monetary circuit theorists give special attention to the dual and dialectic aspects of banks, profit oriented institutions which are responsible for money creation and for financial intermediation. Because of these aspects, banking competition is the core of financial instability and credit dynamics. Having as their main goal competition for profits, banks act procyclically helping to amplify the instability of the capitalist economy, and to stimulate financial speculation activities instead of industrial investments, which is the source of wealth and material reproduction in capitalist economies
Revista de Economía política 1999
v. 19, n. 4(76)
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