Hardback
Credit, Interest Rates and the Open Economy
Essays on Horizontalism
9781840640984 Edward Elgar Publishing
The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.
More Information
Critical Acclaim
Contributors
Contents
More Information
The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy.
The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.
Credit, Interest Rates and the Open Economy is essential reading for those who wish to expand their theoretical understanding of international financial issues and will be of great interest to those involved in macroeconomics, money and banking and radical economics.
The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.
Credit, Interest Rates and the Open Economy is essential reading for those who wish to expand their theoretical understanding of international financial issues and will be of great interest to those involved in macroeconomics, money and banking and radical economics.
Critical Acclaim
‘This is a very pleasant volume on credit, interest rates, and the open economy. It would be useful to anyone interested in gaining knowledge of the major issues in the horizontalist interpretation of the endogenous money hypothesis.’
– Giuseppe Fontana, Eastern Economic Journal
‘This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or “horizontalism”) to the open economy and economic growth. Interested readers have a feast before them.’
– A.P. Thirlwall, University of Kent at Canterbury, UK
– Giuseppe Fontana, Eastern Economic Journal
‘This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or “horizontalism”) to the open economy and economic growth. Interested readers have a feast before them.’
– A.P. Thirlwall, University of Kent at Canterbury, UK
Contributors
Contributors: A. Câmara, M. Lavoie, B.J. Moore, E. Nell, F. Nogueira da Costa, A. Parguez, M. Pivetti, R. Realfonzo, L.-P. Rochon, J. Smithin, M. Vernengo
Contents
Contents: Preface: Anthony Thirlwall Introduction Part I: Setting the Record Straight 1. Some Reflections on Endogenous Money 2. Horizontalism Part II: Debates on Horizontalism 3. Money without Scarcity 4. Money Endogeneity and Monetary Non-Neutrality 5. Horizontalism and New Keynesian Economics Part III: Horizontalism and History of Thought Issues 6. The German Balance of Payments School and the Latin American Neo-Structuralists 7. Horizontalism and Inflation Accommodation 8. Notes on Hicks on Money and Monetary Theory 9. Bank Creation of Money and Endogenous Money Supply as the Outcome of the Evolution of the Banking System Part IV: Horizontalism and the Open Economy 10. The Reflux Mechanism and the Open Economy 11. Monetary Autonomy and Financial Integration 12. Foreign Exchange, Interest and Prices Index
