IDEAS home Printed from https://ideas.repec.org/a/rei/ecoins/v18y2016i35p47-78.html
   My bibliography  Save this article

La financiación inicial y final en el circuito monetario y la teoría de la demanda efectiva

Author

Listed:
  • Sergio Cesaratto

Abstract

Un aspecto notable de la teoría heterodoxa moderna es la separación entre los modelos de crecimiento basados en la demanda y las teorías del dinero endógeno. Este artículo sugiere una posible integración entre la teoría keynesiana del multiplicador (y el supermultiplicador) y las teorías del dinero endógeno y la financiación de Keynes. Centrándose en la versión de la teoría del circuito monetario (tcm) de Graziani, es una contribución para reconciliar la preocupación de la TCM por la financiación inicial de la producción y la preocupación de las teorías del crecimiento heterodoxas orientadas a la demanda por el financiamiento final de la demanda autónoma.

Suggested Citation

  • Sergio Cesaratto, 2016. "La financiación inicial y final en el circuito monetario y la teoría de la demanda efectiva," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 18(35), pages 47-78, July-Dece.
    • Handle: RePEc:rei:ecoins:v:18:y:2016:i:35:p:47-78
    as

    Download full text from publisher

    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/scesaratto35.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Giancarlo Bertocco, 2005. "The Role of credit in a Keynesian monetary economy," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 489-511.
    2. Olivier Allain, 2015. "Tackling the instability of growth: a Kaleckian-Harrodian model with an autonomous expenditure component," Cambridge Journal of Economics, Oxford University Press, vol. 39(5), pages 1351-1371.
    3. Fontana, Giuseppe & Sawyer, Malcolm, 2016. "Towards post-Keynesian ecological macroeconomics," Ecological Economics, Elsevier, vol. 121(C), pages 186-195.
    4. Louis-Philippe Rochon, 1999. "The Creation and Circulation of Endogenous Money: A Circuit Dynamique Approach," Journal of Economic Issues, Taylor & Francis Journals, vol. 33(1), pages 1-21, March.
    5. Claude Gnos & Louis-Philippe Rochon, 2002. "Money Creation and the State : A Critical Assessment of Chartalism," International Journal of Political Economy, Taylor & Francis Journals, vol. 32(3), pages 41-57.
    6. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115.
    7. Marc Lavoie, 2013. "The Monetary and Fiscal Nexus of Neo-Chartalism: A Friendly Critique," Journal of Economic Issues, Taylor & Francis Journals, vol. 47(1), pages 1-32.
    8. Eckhard Hein, 2012. "Finance-dominated capitalism, re-distribution, household debt and financial fragility in a Kaleckian distribution and growth model," PSL Quarterly Review, Economia civile, vol. 65(260), pages 11-51.
    9. Bossone, Biagio, 2001. "Circuit theory of banking and finance," Journal of Banking & Finance, Elsevier, vol. 25(5), pages 857-890, May.
    10. Claudio Borio, 2014. "The international monetary and financial system: its Achilles heel and what to do about it," BIS Working Papers 456, Bank for International Settlements.
    11. Basil J. Moore, 1983. "Unpacking the Post Keynesian Black Box: Bank Lending and the Money Supply," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 5(4), pages 537-556, July.
    12. Claude Gnos, 2007. "French Circuit Theory," Chapters, in: Philip Arestis & Malcolm Sawyer (ed.), A Handbook of Alternative Monetary Economics, chapter 6, Edward Elgar Publishing.
    13. Giancarlo Bertocco, 2014. "Global Saving Glut and Housing Bubble: A Critical Analysis," Economia politica, Società editrice il Mulino, issue 2, pages 195-218.
    14. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    15. Olivier Allain, 2013. "Tackling the instability of growth: A Kaleckian model with autonomous demand expenditures," Post-Print halshs-00821080, HAL.
    16. Marc Lavoie, 1992. "Foundations of Post-Keynesian Economic Analysis," Books, Edward Elgar Publishing, number 275.
    17. Dalziel, Paul C & Harcourt, Geoffrey C, 1997. "A Note on 'Mr. Meade's Relation' and International Capital Movements," Cambridge Journal of Economics, Oxford University Press, vol. 21(5), pages 621-631, September.
    18. Sergio Cesaratto & Gary Mongiovi, 2015. "Pierangelo Garegnani, the Classical Surplus Approach and Demand-led Growth: Introduction to the Symposium," Review of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 103-110, April.
    19. Sergio Cesaratto, 2013. "The implications of TARGET2 in the European balance of payments crisis and beyond," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(3), pages 359-382.
    20. Sergio Cesaratto, 2015. "Neo-Kaleckian and Sraffian Controversies on the Theory of Accumulation," Review of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 154-182, April.
    21. McLeay, Michael & Radia, Amar & Thomas, Ryland, 2014. "Money creation in the modern economy," Bank of England Quarterly Bulletin, Bank of England, vol. 54(1), pages 14-27.
    22. Fabio Freitas & Franklin Serrano, 2015. "Growth Rate and Level Effects, the Stability of the Adjustment of Capacity to Demand and the Sraffian Supermultiplier," Review of Political Economy, Taylor & Francis Journals, vol. 27(3), pages 258-281, July.
    23. Louis-Philippe Rochon & Sergio Rossi (ed.), 2003. "Modern Theories of Money," Books, Edward Elgar Publishing, number 2506.
    24. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2, December.
    25. Malcolm Sawyer, 2014. "Bank-based versus market-based financial systems: a critique of the dichotomy," Working papers wpaper19, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    26. Jakab, Zoltan & Kumhof, Michael, 2015. "Banks are not intermediaries of loanable funds – and why this matters," Bank of England working papers 529, Bank of England.
    27. Eladio Febrero, 2008. "The Monetization of Profits in a Monetary Circuit Framework," Review of Political Economy, Taylor & Francis Journals, vol. 20(1), pages 111-125.
    28. Ulrich Bindseil & Philipp J. König, 2013. "Basil J. Moore's Horizontalists and Verticalists: an appraisal 25 years later," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(4), pages 383—390-3, October.
    29. Aldo Barba & Massimo Pivetti, 2009. "Rising household debt: Its causes and macroeconomic implications--a long-period analysis," Cambridge Journal of Economics, Oxford University Press, vol. 33(1), pages 113-137, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sergio Cesaratto, 2017. "Initial and Final Finance in the Monetary Circuit and the Theory of Effective Demand," Metroeconomica, Wiley Blackwell, vol. 68(2), pages 228-258, May.
    2. Sergio Cesaratto, 2017. "Beyond the traditional monetary circuit: endogenous money, finance and the theory of long-period effective demand," Department of Economics University of Siena 757, Department of Economics, University of Siena.
    3. Sergio Cesaratto & Stefano di Bucchianico, 2020. "Endogenous money and the theory of long-period effective demand," Bulletin of Political Economy, Bulletin of Political Economy, vol. 14(1), pages 1-38, June.
    4. Sergio Cesaratto, 2016. "The modern revival of the Classical surplus approach: implications for the analysis of growth and crises," Department of Economics University of Siena 735, Department of Economics, University of Siena.
    5. Louis-Philippe Rochon & Sergio Rossi, 2013. "Endogenous money: the evolutionary versus revolutionary views," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(2), pages 210-229, January.
    6. Eckhard Hein & Valeria Jimenez, 2022. "The macroeconomic implications of zero growth: a post-Keynesian approach," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 19(1), pages 41-60, April.
    7. Sergio Cesaratto, 2016. "When Robertson was Keynesian and Keynes Robertsonian: a discussion between D.H.R. and J.M.K. in the early 1930s and the problems with the Monetary Circuit Theory. A note," Department of Economics University of Siena 732, Department of Economics, University of Siena.
    8. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
    9. Gahn, Santiago José, 2021. "On the adjustment of capacity utilisation to aggregate demand: Revisiting an old Sraffian critique to the Neo-Kaleckian model," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 325-360.
    10. Li, Boyao, 2022. "The macroeconomic effects of Basel III regulations with endogenous credit and money creation," MPRA Paper 113873, University Library of Munich, Germany.
    11. Daniele Girardi & Riccardo Pariboni, 2019. "Normal utilization as the adjusting variable in Neo‐Kaleckian growth models: A critique," Metroeconomica, Wiley Blackwell, vol. 70(2), pages 341-358, May.
    12. Phil Armstrong, 2020. "Can Heterodox Economics Make a Difference?," Books, Edward Elgar Publishing, number 19964.
    13. Antoine Monserand, 2019. "Degrowth in a neo-Kaleckian model of growth and distribution? A theoretical compatibility and stability analysis," CEPN Working Papers 2019-01, Centre d'Economie de l'Université de Paris Nord.
    14. Lorenzo Di Domenico, 2021. "Multiplicity and not necessarily heterogeneity: implications for the long-run degree of capacity utilization," Working Papers PKWP2116, Post Keynesian Economics Society (PKES).
    15. Mauro Caminati & Serena Sordi, 2019. "Demand‐led growth with endogenous innovation," Metroeconomica, Wiley Blackwell, vol. 70(3), pages 405-422, July.
    16. Joana David Avritzer & Lídia Brochier, 2022. "Household credit-financed consumption and the debt service ratio: tackling endogenous autonomous demand in the Supermultiplier model," Working Papers PKWP2219, Post Keynesian Economics Society (PKES).
    17. Antoine Monserand, 2019. "Degrowth in a neo-Kaleckian model of growth and distribution? A theoretical compatibility and stability analysis," CEPN Working Papers hal-02012632, HAL.
    18. Richters, Oliver & Siemoneit, Andreas, 2017. "Consistency and stability analysis of models of a monetary growth imperative," Ecological Economics, Elsevier, vol. 136(C), pages 114-125.
    19. Pariboni, Riccardo & Girardi, Daniele, 2018. "A(nother) Note on the Inconsistency of Neo-Kaleckian Growth Models," Centro Sraffa Working Papers CSWP31, Centro di Ricerche e Documentazione "Piero Sraffa".
    20. Eckhard Hein, 2018. "Autonomous government expenditure growth, deficits, debt, and distribution in a neo-Kaleckian growth model," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 41(2), pages 316-338, April.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rei:ecoins:v:18:y:2016:i:35:p:47-78. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Paola Rodríguez (email available below). General contact details of provider: https://edirc.repec.org/data/feextco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.