Two Theories of Money Supply Endogeneity: Some Empirical Evidence

Endogenous Money in the Age of Financial Liberalization

“…1 During the same time, non-GDP transactions were also being discussed in terms of their impact on the transactions demand for money (Palley, 1995;Pollin and Schaberg;1998, Howells andHussein, 1997 Weiskopf (1979) and Pollin (1991), we compute growth rates by taking the log differences from one cycle midpoint to the next, averaged out for the number of years in that cycle, after ascribing the mean values of each variable for a given cycle to the midpoint of that cycle. 4 These include "service charges on deposits, income from fiduciary activities trading income, merchant credit, card fees, annual cardholder fees, fees from servicing mortgages, and income from loans that have been securitized" (Nelson and Owen, 1997;472).…”

“…But, despite the explosive increase in non-bank lending, it has hardly been a major topic of concern within the endogenous money literature. A debate that had its origin on the issue of how banks met their reserve requirements when they extended credit has instead remained the center of attention throughout much of the 1990s and even beyond (Pollin, 1991;Fontana, 2003;Lavoie, 2007;Dow, 2007). In much of these discussions, it is as though traditional banking is still the backbone of the credit system.…”

The Demand for Endogenous Money: A Lesson in Institutional Change

“…Neither was it the last of course. In later years Chick (1986), Dow (1993), Howells (1995), Kaldor (1982Kaldor ( , 1985, Lavoie (1984), Niggle (1991), Pollin (1991), Wray (1990) and others have all supported and refined this fundamental proposition. The greatest campaigner, however, has been Basil Moore whose 1985 book took the argument (and the evidence) to unprecedented levels of detail.…”

A dinâmica da taxa de lucro, da taxa de juros e do grau de utilização da capacidade produtiva em um modelo pós-keynesiano

“…A explicação para essa especificação incomum aos modelos pós-keynesianos é a suposição de que o mark-up bancário é determinado pela preferência pela liquidez dos bancos, de acordo com a assim chamada visão estruturalista da endogeneidade da oferta de moeda (cf. Pollin, 1991). Mudanças na posição de liquidez dos bancos são uma conseqüência direta do aumento da demanda por finance, devido ao crescimento dos gastos com investimentos, já que um fluxo constante de investimento pode ser atendido por um fundo rotativo (revolving fund) de ativos líquidos sob a administração dos bancos comerciais (cf.…”