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Endogenous money: an heterodox synthesis (In French)




Firstable we shall present the contemporary genesis of endogenous money concept. In doing so we will show that endogenous money theory arised within the post-keynesian school of thought by simultaneously accepting some key points and spotlighting some weaknesses of the Keynesian theory. Thereafter, endogenous money had been a very controversial issue among post-keynesian litterature. We shall look back at the two major controversies that took place : at first between horizontalists and structuralists, then between the evolutionary and the revolutionary view on endogenous money.\r\nWe will see that despite the existence of numerous internal debates, post-keynesian’s endogenous money theory entails some conceptual and methodological limits. That’s why we shall intend to clarify this concept by including some heterodox theoretical inputs such as those made by French institutionalists and the regulation school for instance.\r\nIn that way, we will propose in the last part of this paper what we called an under-determined endogenous money theory, aimed at achieving an heterodox synthesis on this topic.

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  • Léo MALHERBE, 2017. "Endogenous money: an heterodox synthesis (In French)," Cahiers du GREThA 2017-08, Groupe de Recherche en Economie Théorique et Appliquée.
  • Handle: RePEc:grt:wpegrt:2017-08

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    References listed on IDEAS

    1. Jean-François Ponsot, 2005. "Stratégie monétaire des économies émergentes : les écueils de la dollarisation," Post-Print halshs-00098285, HAL.
    2. Asensio, Angel & Charles, Sébastien & Lang, Dany & Le Heron, Edwin, 2011. "Les développements récents de la macroéconomie post-keynésienne," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 10.
    3. L. Randall Wray, 2007. "Endogenous Money: Structuralist and Horizontalist," Economics Working Paper Archive wp_512, Levy Economics Institute.
    4. Pepita Ould Ahmed, 2015. "Contestations monétaires : une économie politique de la monnaie [dossier]," Post-Print ird-01487184, HAL.
    5. Pierre Alary & Jérôme Blanc & Ludovic Desmedt & Bruno Théret, 2016. "Théories françaises de la monnaie [Anthologie]," Post-Print halshs-01327709, HAL.
    6. Jacques Le Bourva, 1962. "Création de la monnaie et multiplicateur du crédit," Revue Économique, Programme National Persée, vol. 13(1), pages 29-56.
    7. Maurice Baslé, 2002. "Antécédents institutionnalistes méconnus ou connus de la théorie de la régulation," Post-Print halshs-00077091, HAL.
    8. 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.
    9. Stephen Rousseas, 1989. "On the Endogeneity of Money Once More," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 11(3), pages 474-478, March.
    10. Jean-François Ponsot, 2007. "La Théorie Post-keynésienne et la théorie de la régulation. Entretien avec Marc Lavoie," Post-Print halshs-00320665, HAL.
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    More about this item


    Endogenous money; Monetary creation; Bank loans; Post-Keynesian theory; Instituionalism; Regulation school;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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