IDEAS home Printed from https://ideas.repec.org/a/mes/postke/v31y2009i3p523-541.html
   My bibliography  Save this article

Three difficulties with neo-chartalism

Author

Listed:
  • Eladio Febrero

Abstract

Neo-chartalists have made three assertions that deserve qualification: (1) money has value because the state accepts it for the payment of taxes, (2) the state has the ability to determine its value, and (3) private bank money can be understood as a "leverage" of fiat money. Conversely, we believe that money is accepted in the last instance because it is useful for cancelling bank debt; the power of the state to determine its purchasing power is limited, and bank deposits are not a leverage of fiat money. These criticisms do not challenge the validity of the whole approach but aim to make it clearer.

Suggested Citation

  • Eladio Febrero, 2009. "Three difficulties with neo-chartalism," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 31(3), pages 523-541, April.
    • Handle: RePEc:mes:postke:v:31:y:2009:i:3:p:523-541
    as

    Download full text from publisher

    File URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=XL252671K8802957
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Robert S. Kravchuk, 2020. "Post‐Keynesian Public Budgeting & Finance: Assessing Contributions From Modern Monetary Theory," Public Budgeting & Finance, Wiley Blackwell, vol. 40(3), pages 95-123, September.
    2. Avgeris Nikolaos & Katrakilidis Constantinos, 2013. "A Dynamic Panel, Empirical Investigation on the Link between Inflation and Fiscal Imbalances. Does Heterogeneity Matter?," Prague Economic Papers, Prague University of Economics and Business, vol. 2013(2), pages 147-162.
    3. Reynold F. Nesiba, 2013. "Do Institutionalists and post-Keynesians share a common approach to Modern Monetary Theory (MMT)?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 44-60.

    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:mes:postke:v:31:y:2009:i:3:p:523-541. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MPKE20 .

    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.