Cahier 2017-08

Title:Endogenous money: an heterodox synthesis
Abstract: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.
Keyword(s):Endogenous money, Monetary creation, Bank loans, Post-Keynesian theory, Instituionalism, Regulation school
Auteur(s) :Léo MALHERBE
JEL Class.:E12, E42, E58, B25, B41, B5

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