Fundamental Differences Between Post Keynesians in Determining Money Supply: Accommodationists and Structuralists

Abstract

The relationship between the slope of the money supply curve, the endogeneity of the money and the liquidity preference theory leads to a significant debate among the Post Keynesians. Even though both the accommodationists and the structuralists accept bank credit as equivalent to money, they do not agree with the assumption that the credit supply is determined in whole or in part by credit demand. More importantly, with regard to the concept of endogeneity of money, there are also different explanations in the form of "bank loan" as defined by the structuralists or "loan money" made by the accommodationists. The objective of this research is to examine the disaggrements between the structuralists and accommodationists, the two main branches of Post Keynesian theory, and to discuss these disagreements in terms of the Minsky's financial instability hypothesis, which sees liquidity preference and leveraged loans as the main reasons for financial instability.  

Keywords

• Money supply,Endogenous Money,Post Keynesian,Minsky,Horizontalists,Structuralists

Para Arzının Belirlenmesinde Post Keynesyenler Arasındaki Temel Ayrılıklar: Uyumcular ve Yapısalcılar

Abstract

Para arz eğrisinin eğimi ve paranın içselliği ile likidite tercihi teorisi arasındaki bağlantı Post Keynesyenler arasında önemli bir tartışma konusudur. Gerek uyumcu Post Keynesyen yaklaşım gerekse yapısalcı Post Keynesyen yaklaşım banka kredisini para ile eş değer olarak görseler de kredi arzının tamamen ya da kısmen kredi talebi ile belirlenip belirlenmediği hakkında farklı görüşlere sahiptirler. Daha da önemlisi paranın içselliği konusunda yapısalcıların “banka kredisi” ve uyumcuların “kredi parası” şeklinde şeklinde farklı tamımlama durumu da söz konusudur. Bu çalışmada söz konusu Post Keynesyen teorinin iki ana kolunu oluşturan uyumcular ve yapısalcılar arasındaki paranın içselliğine istinaden ortaya çıkan görüş ayrılıklarının temeli tartışılacak ve söz konusu ayrışma, likidite tercihi ve kaldıraçlı kredileri finansal istikrarsızlıkların ana nedeni olarak gören Minsky’nin finansal istikrarsızlık hipotezi açısından yeniden incelenecektir.

Keywords

• Para arzı,İçsel Para,Post Keynesyen,Minsky,Uyumcular,Yapısalcılar

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