Quantitative Easing: A Postmortem

Ivanova, Maria N.

doi:10.1080/08911916.2018.1517461

Cited by 8 publications

(7 citation statements)

References 31 publications

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“…However, the guardian role commonly attributed to commercial banks is weak. Despite an abundance of cheap credit during quantitative easing, it is questionable that banks absorb non-performing loans or support the so-called real economy (Ivanova, 2018). Importantly, their role in financial markets is fundamentally dependent on their ability to roll over USD debt, and thus on the Fed to provide USD-as became apparent in March 2020 (Greeley et al, 2020).…”

Section: Discussionmentioning

confidence: 99%

The managerial contradictions of extroverted financialization: the rise and fall of Deutsche Bank

Beck

2022

Socio-Economic Review

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Deutsche Bank was once an acclaimed US-style investment bank but is now struggling. The rise of US finance is often explained as an outcome of financial liberalization that motivated other banks to abandon their traditional industrial support to chase profit opportunities within global securities markets. This story, however, underestimates how the transition to US-led financialization was deeply entangled with managerial struggles and the contradictions of adopting US financial innovations from a peripheral position. By contrast, I use the concept of extroverted financialization to portray Deutsche Bank’s transformation as an outcome of its attempts to integrate new funding practices connected to US money markets, called liability management. I argue that this process generated a difficult-to-manage business model and, ultimately, Deutsche’s decline. Because of these extroverted strategies, the bank is now caught between opposing logics of banking, within neither of which it can regain its previous powerful position.

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Section: Discussionmentioning

confidence: 99%

The managerial contradictions of extroverted financialization: the rise and fall of Deutsche Bank

Beck

2022

Socio-Economic Review

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“…Reducing interest rate spreads through the so-called flattening of the yield curve for the purpose of lowering borrowing costs and boosting total spending in the economy became a major goal of monetary policy during the second period. That goal was pursued through the combination of forward guidance on the future path of the short-term interest rate and large-scale purchases of longer-term Treasury securities aimed at reducing the term premium (Ivanova 2018).…”

Section: The Limits Of Unconventional Monetary Policy: a Marxian Viewmentioning

confidence: 99%

“…Anything that could be construed as “monetary tightening,” including the Fed’s rather modest attempts at raising the policy rate, elicits fierce opposition by those who subscribe to that view. Countless econometric studies have purported to document the significant effects of unconventional monetary policy, particularly with regard to the suppression of government bond yields, which has allegedly lowered various interest rates below levels that would have prevailed otherwise (see e.g., Bernanke 2012; Gagnon and Hinterschweiger 2013; Gagnon 2016; Martin and Milas 2012; and Ivanova 2018 for an overview of different studies and estimates). The decline in the long-term government bond yields is an empirical fact.…”

Section: The Limits Of Unconventional Monetary Policy: a Marxian Viewmentioning

confidence: 99%

Marx’s Theory of Money: A Reappraisal in the Light of Unconventional Monetary Policy

Ivanova

2019

Review of Radical Political Economics

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This paper analyzes key aspects of Marx’s theory of money in order to reassert its continued relevance for understanding monetary developments in contemporary capitalism. Unlike theorists who become preoccupied with particular functions and forms of money, Marx develops a comprehensive concept of money integrating its various functions and emphasizing the socio-economic basis of its existence. Money performs different functions including a measure of value, a means of purchase/exchange, a means of payment, and a means of hoarding, which are independent of money’s concrete forms. The functions of money as a means of purchase and means of payment relate to each other as money (income) and credit (money), which are fundamentally different. The quantity and availability of credit (money) may be influenced by the activities of the central bank and the private banking system. Credit (money), however, can only become money (income) if and when it enters the domain of social production as an embodiment of the value of social labor and social purchasing power. This inextricable link between money and social production sets natural limits to the ability of monetary policy to influence both monetary and non-monetary developments in contemporary capitalism. An analysis grounded in Marx’s theory of money can provide insights into a range of contemporary monetary phenomena including hoarding, the rush to liquidity during financial crises, the scramble for government debt as a source of ultimate liquidity, and the limits to conventional and unconventional monetary policy. JEL Classification: E4, E5, B51, E6

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“…Diversas explicaciones sobre las causas de la cfg se han estudiado desde escuelas económicas heterodoxas, como las poskeyensianas, las cuales destacan las fallas reguladoras, una política macroeconómica ineficiente en términos de empleo y distribución de la riqueza y el ingreso [Palley, 2012], la fragilidad financiera inherente de estructuras financieras especulativas [Minsky, 1986]. Desde la perspectiva marxista, se destaca que las crisis revelan el carácter estructural de la superproducción capitalista [Bellamy-Foster y Magdoff, 2009], en especial por la hipertrofia de la esfera financiera en la creación de capital ficticio [Ivanova, 2018;Jessop, 2015] como característica de la financiarización del capitalismo contemporáneo [Lapavitsas, 2009] y del neoliberalismo [Dumenil y Levy, 2012].…”

Section: Introductionunclassified

Covid-19 y el desarrollo económico en América Latina: debates teóricos, dilemas de financiamiento y escenarios pospandémicos

2022

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En la presente obra se abordan los desdoblamientos de la pandemia por covid-19, tanto en la reflexión económica como en la economía de América Latina. Es así que reúne la apreciación de investigadores latinaomericanos que comparten una visión común sobre el funcionamiento del capitalismo y los trazos generales de las economías de la región, basados de manera importante en la combinación de la perspectiva estructuralista con los debates sobre la financiarización.

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Quantitative Easing: A Postmortem

Cited by 8 publications

References 31 publications

The managerial contradictions of extroverted financialization: the rise and fall of Deutsche Bank

The managerial contradictions of extroverted financialization: the rise and fall of Deutsche Bank

Marx’s Theory of Money: A Reappraisal in the Light of Unconventional Monetary Policy

Covid-19 y el desarrollo económico en América Latina: debates teóricos, dilemas de financiamiento y escenarios pospandémicos

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