Paranın orijini, para arzı içselliği ve ödemeler bilançosu ilişkisi: Post Keynesyen yaklaşım

Year 2020, , 824 - 839, 01.10.2020

Yelda Tekgül

https://doi.org/10.25287/ohuiibf.735910

Abstract

Para nesnesinin orijini ile ilgili tartışmalar ortodoks ve heterodoks olarak iki ayrı akımda temsil edilmektedir. Ortodoks akım Metalist yaklaşım olarak ifade edilirken paraya mübadele aracı olarak bakmakta, heterodoks akım ise Cartalist olarak adlandırılmakta ve para olarak tanımlanan nesnede otorite olgusunu öne çıkarmaktadır. Ortodoks akım para arzını halkın para tutma tercihlerine göre merkez bankası tarafından artırılıp azaltılabilen stok ve dışsal bir değişken olarak görmekte ve para sadece işlem amaçlı talep edilmektedir. Bu akım içerisinde yer alan ve ödemeler bilançosunu analize katan Mundell-Fleming Modeli (MFM), para arzını sadece sabit döviz kuru sisteminde içsel kabul etmektedir. Çalışmada amacımız açık bir ekonomide para arzının içselliğini, yatırım ve üretim sürecinin tamamen parasal bir ekonomi içerisinde gerçekleştiğine dayandıran ve heteredoks akım içerisinde yer alan Post Keynesyen iktisat (PKİ) çerçevesinde ele almaktır. Bu çerçevede açık ekonomiler için alternatif bir açıklama getiren telafi etme tezi (compensation thesis), Post Keynesyenlerin para arzının içselliği açıklamalarında önemli bir yer tutmaktadır. Telafi etme tezi, para arzının içselliği konusunda MFM’den tamamen farklı yeni bir açılım getirmiştir. Bu açılımda overdraft (açık kredi) ve asset-based (varlığa dayalı) olarak iki tür finansal sistem tanımlanmaktadır. PK’de her iki sistemde de para arzının içselliği geçerliliğini sürdürebilmektedir. Bu görüşler MFM’de ele alınan para arzının içselliği yaklaşımına karşı çıkmakta ve aynı zamanda esnek kur sisteminde varlığını sürdüren para arzının dışsallığı da kabul görmemektedir.

Keywords

Ödemeler Bilançosu, Mundell-Fleming Modeli, Para Arzının İçselliği

The origin of the money, endogeneity of money supply and balance of payments: Post Keynesian approach

Abstract

Discussions about the origin of the money object are represented in two separate streams as orthodox and heterodox. Orthodox flow is expressed as a Metallist approach while looking at money as a means of exchange, heterodox flow is called Cartalist and emphasizes the phenomenon of authority in the object defined as money. Orthodox current sees the money supply as an inventory and external variable that can be increased and decreased by the central bank (CB) according to the money holding preferences of the people and money is demanded only for transaction purposes. The Mundell-Fleming Model (MFM), which is included in this flow and adds the balance of payments to analysis, accepts the money supply only endogenously in the fixed exchange rate system. The aim of this study is to explain the endogenity of money supply in an open economy within the framework of Post Keynesian economics (PKI), which is based on the fact that the investment and production process takes place in a purely monetary economy. In this framework, compensation thesis which provides an alternative explanation for open economies has brought about a new expansion that is completely different from the MFM. In this expansion, two types of financial systems are defined as overdraft and asset-based. The endogeneity of the money supply in both systems in the PK can continue to be valid. These opinions oppose the endogeneity approach of the money supply discussed in MFM, and concurrently, the externality of the money supply which exists in the flexible exchange system is not accepted.

Keywords

Balance of Payments, Mundell-Fleming Model, Endogeneity of Money Supply

References

• Arestis P. and Eichner A.S. (1988) The Post Keynesian and Institutionalist Theory of Money and Credit, Journal of Economic Issues, Vol. 22, No. 4, pp. 1003-1021
• Davidson, P. (1982) International Money and the Real World, Macmillan, London
• Eichner, A. (1976) The Megacorps and Oligopoly: Micro Foundations of Macro Dynamics, Cambridge University Press, Cambridge
• Eichner, A. and Kregel, J.A (1975) An Essay on Post Keynesian Theory: A New Paradigm in Economics, Journal of Economic Literature, Vol. XIII, No.4
• Fleming, M. (1962) Domestic Financial Policies under Fixed and under Floating Exchange Rates, IMF Staff Papers, Vol. 9, No. 3, pp. 369-380
• Friedman, M. and Anna, S. (1960) A Monetary History of the United States, 1867-1960 Princeton, NJ: Princeton University Press
• Goodhart, C.A.E. (1984) Monetary Theory and Practice: The UK Experience, Macmillan (London).
• Goodhart, C.A.E (1998) The two concepts of Money: implications for the analysis of optimal currency areas, European Journal of Political Economy, Vol. 14, 407-432
• Hicks, J. (1974) The Crisis in Keynesian Economics, Oxford: Basil Blackwell
• Innes, A. M. (1913) What is Money, Banking Law Journal, May:377-408
• Keynes, J.M. [1930] (1976) A Treatise on Money, Volumes I and II, New York: Harcourt, Brace & Company
• Lavoie, M. (1984) The Endogenous Flow of Credit and the Post Keynesian Theory of Money, Journal of Economic Issues 18 (September), pp. 771-97.
• Lavoie, M. (1992) Foundations of Post Keynesian Economic Analysis, Edward Elgar Publishing
• Lavoie, M. (2000) The Reflux Mechanism in The Open Economy, paper prepared for the book Credit, Effective Demand and the Open Economy: Essays in the Horizontalist Tradition, Ed. Louis-Philippe Rochon and Matias Vernengo, to be published by Edward Elgar.
• Lavoie, M. (2006) Introduction to Post Keynesian Economics, Palgrave Macmillan
• Lavoie, M. & G. Rodríguez (2006) The ‘compensation’ thesis, as exemplified by the case of the Chinese central bank, miemeo, Ottawa: University of Ottawa
• Lavoie, M. and Wang, P. (2012), The ‘compensation’ thesis, as exemplified by the case of the Chinese central bank, International Review of Applied Economics, 26 (3), May, 287-302
• Marx, K. (1970) A Contribution to the Critique of Political Economy, New York International Publishers
• Minsky, H. (1986) Stabilizing an Unstable Economy, London: Yale University
• Moore, B. (1986) How Credit the Drives Money Supply: The Significance of Institutional Developments, Journal of Economic Issues, June
• Mundell, R. (1963) Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates, The Canadian Journal of Economics and Political Science, Vol. 29, No. 4, pp. 475-485
• Nurkse, R. (1944) International Currency Experience: Lessons of the Inter-War Period, League of Nations (Geneva) Quiggin, A. H. (1949) A Survey of Primitive Money: The Beginnings of Currency, London: Methuen
• Rochon, L.P. (2010) Alfred Eichner, Post Keynesians, and Money’s Endogeneity: Filling in the Horizontalist Black Box, in Money and Macrodynamics, Alfred Eichner and Post Keynesian Economics, Ed. M..Lavoie, L.P.Rochon, M. Seccareccia, M.E. Sharpe Inc, Armond, New York
• Shaikh, A. (2016) Capitalism, Oxford University Press
• Snowdon, B. And Howard, V. (2005) Modern Macroeconomics, Edward Elgar Publishing Limited, UK
• Tekgül, Y. (2019) Hume’un İktisat Anlayışı ve Çağdaş İktisada Yansımaları, Nobel Yayınevi, Ankara
• Wray L.R. (2003) The Neo-Cartalist Approach to Money in Stephanie A.Bell and Edward J.Nell, The State, the Market, and the Euro: Cartalism vs. Metallism in the Theory of Money, 89-110, Cheltenham, UK: Edward Elgar
• Wray L.R. (2014) From the State Theory of Money to Modern Money Theory: An Alternative to Economic Orthodoxy, Levy Economics of Bard College, Working Paper