O sistema financeiro e o financiamento do crescimento : uma alternativa pós-keynesiana à vião convencional
By: STUDART, Rogério
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ArticlePublisher: São Paulo : Nobel, jan./mar. 1993Revista de Economia Política = Brazilian Journal of Political Economy 13, 1, p. 101-119Abstract: Financial liberalization models have been for the last nineteen years the foundation of mainstream thinking on the role of financial markets and institutions in economic development and the basis for policy-making in many LDCs. This paper presents a critical appraisal of the financial liberalization literature and points to a alternative view based on Post Keynesian theory. That alternative view is bas-ed on three aspects of monetary economics. First savings does not provide finance: the role of savings is not related to the financing of capital accumulation, but to its funding. Second, capital accumulation increases banks fragility, which can be alleviated through funding. Finally, how we model the finance-investment-saving-funding circuit depends on institutions and conventions, which are evolving
Financial liberalization models have been for the last nineteen years the foundation of mainstream thinking on the role of financial markets and institutions in economic development and the basis for policy-making in many LDCs. This paper presents a critical appraisal of the financial liberalization literature and points to a alternative view based on Post Keynesian theory. That alternative view is bas-ed on three aspects of monetary economics. First savings does not provide finance: the role of savings is not related to the financing of capital accumulation, but to its funding. Second, capital accumulation increases banks fragility, which can be alleviated through funding. Finally, how we model the finance-investment-saving-funding circuit depends on institutions and conventions, which are evolving
Revista de Economia Política 1993
v. 13, n. 1(49)
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