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Endogenous money in an era of financialization

Author

Listed:
  • Malcolm Sawyer

    (Emeritus Professor of Economics, University of Leeds, UK and IMK Fellow, Hans Böckler Foundation, Düsseldorf, Germany)

Abstract

The paper opens with a consideration of the historical developments on the nature and features of money and endogenous money, and the post-Keynesian revival of ideas of endogenous money. Particular attention is drawn to the work of Basil Moore in relation to endogenous money, including the location of that analysis with commercial banks (some of whose liabilities are transferable and widely accepted as a means of payment) and the post-Keynesian-inspired revival of endogenous money. There is a brief outline of the aspects of financialization since the late 1970s which have relevance for the analysis of banks and money. Some thoughts are offered on the impact which those changes of the financial system have for the analysis of banks and of money.

Suggested Citation

  • Malcolm Sawyer, 2020. "Endogenous money in an era of financialization," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 17(3), pages 356-366, November.
    • Handle: RePEc:elg:ejeepi:v:17:y:2020:i:3:p356-366
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    Citations

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    Cited by:

    1. Pawe³ Œliwiñski, 2023. "Endogenous money supply, global liquidity and financial transactions: Panel evidence from OECD countries," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 18(1), pages 121-152, March.

    More about this item

    Keywords

    financialization; endogenous money; banks; securitization; shadow banks;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G00 - Financial Economics - - General - - - General

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