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

Year 2019, Volume: 7 Issue: 4, 125 - 131, 27.08.2019

Dicle Özdemir

https://doi.org/10.18506/anemon.426782

Cited By: 1

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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