Credit, Money and Macroeconomic Policy. A Post Keynesian Approach

2011

International audience

Reforming the international financial and monetary system: from Keynes to Davidson and Stiglitz

2004

International audience; With the usual debates trumpeting the usual merits of fixed versus flexible exchange rates, or some various incarnations thereof, the authors draw attention to Keynes's original plan for an international clearing union. The paper takes a close look at Joseph Stiglitz's recent suggestions to deal with financial crises along with Paul Davidson's Keynes-Post Keynesian clearinghouse. In the former case, the analysis is left wanting: the author offers nothing more than simple solutions to a system in need of dramatic changes. On the other hand, Davidson's analysis of the current state of affairs requires more than mere "plumbing" and addresses the root causes of the crise…

Reforming the international payment system : an assessment

2006

Money creation and the state : A critical assessment ofchartalism

2004

International audience; The article discusses various issues related to money creation and the state. Chartalists believe that attempts at separating the central bank's and the treasury's functions is merely confused discussion. Indeed, as economist L. Wray clearly states in response to previous critiques, it should be obvious, but it usually does not appear to be so that central bank liabilities do not differ in any significant degree from treasury liabilities; in other words, they can treat both as essentially high powered money or liabilities of the state. In this sense, Wray proposes to simply consolidate the central bank and the treasury, calling the conglomerate the State, and combine…

L'économie d'échange, une fable? La contribution de James Steuart à la théorie de l'économie monétaire de production.

2005

Post-Keynesian Principles of Economic Policy

2006

Regional currencies and regional monetary zones in Latin America : what prospects ?

2009

9 p.; This paper aims at drawing lessons from Keynes's plan presented at the Bretton Woods conference, in order to help improving current regional monetary agreements in Latin America. Some promoters of the Bank of the South and the New Financial Architecture in Latin America are proposing to implement a regional clearing system designed to allow a multilateral offsetting of the liabilities and assets generated in the reciprocal transactions of member countries in words that the British economist certainly would not have denied. This system would be very different from current regional payments aggreements that maintain an implicit reference to the US dollar as reserve or payment currency.