The process of deregulation involving much of the world economy over the last few decades has led to significant changes also in the financial markets. The evolution has taken place in a context characterized by a different approach to monetary policy and by the new light in which the role of the central bank is viewed. This paper assesses the implications of such changes and examines their theoretical basis, taking as a starting point the contributions from the theoretical mainstream which have represented its founda-tions. The limitations springing from the specifically monetary analysis which characterizes the dominant theory suggest that it may be advisable to take alternative forms of analysis into consideration. It is in this perspective that we proceed on the basis of the monetary theory of production, founded on an acknowledgement of the monetary nature of the capitalist economy and of the central role played in it by credit money.

Deregulation of the financial markets and the endogenous nature of money supply: Some considerations in the light of the monetary theory of production

FIGUERA, Stefano
2011

Abstract

The process of deregulation involving much of the world economy over the last few decades has led to significant changes also in the financial markets. The evolution has taken place in a context characterized by a different approach to monetary policy and by the new light in which the role of the central bank is viewed. This paper assesses the implications of such changes and examines their theoretical basis, taking as a starting point the contributions from the theoretical mainstream which have represented its founda-tions. The limitations springing from the specifically monetary analysis which characterizes the dominant theory suggest that it may be advisable to take alternative forms of analysis into consideration. It is in this perspective that we proceed on the basis of the monetary theory of production, founded on an acknowledgement of the monetary nature of the capitalist economy and of the central role played in it by credit money.
deregulation; money supply; monetary theory of production
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/20.500.11769/44097
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