6533b827fe1ef96bd12867c8

RESEARCH PRODUCT

The impact of multinational banking on domestic banking

subject

description

Post-Keynesians have made endogenous money a central argument in their theory of output. Indeed, production cannot be undertaken if access to finance, usually meaning bank credit, does not exist. Such access is needed if wages are to be paid, and inputs of production purchased. In a monetary economy, therefore, money is created at the demand of borrowers, supplied by banks.