El papel de la banca central en la circulación financiera desde una perspectiva heterodoxa

Federico Novelo U.
Additional contact information
Federico Novelo U.: UAM

El Trimestre Económico, 2025, vol. 92 (4), issue 368, 989-1011

Abstract: The role of the central bank in the capitalist system is defined by the assumptions of each theoretical school of thought and the dominant financial organization. Heterodox theory claims that demand determines supply, with strong disagreements surrounding financial circulation and central bank intervention in the financial system. This paper reviews Keynes’ proposals based on the assumption of state-dominated money, whose conclusions are that the central bank aims to stabilize the liquidity of the banking sector and that the interest rate can indirectly influence income and employment. Meanwhile, Kalecki starts from the assumption that money is private and the financial system is a reflection of the strengths or weaknesses of the productive sector. Thus, the central bank can only guarantee liquidity for capitalist activities through government securities that affect short- and long-term rates, without affecting investment spending and employment.

Keywords: Effective demand; financial circulation; central bank; Kalecki; Keynes. (search for similar items in EconPapers)
JEL-codes: E52 E58 G21 (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.eltrimestreeconomico.com.mx/index.php/te/article/view/3173

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elt:journl:v:92:y:2025:i:368:p:989-1011

Ordering information: This journal article can be ordered from
Order print issues directly in our web page or with Guadalupe Galicia at Fondo de Cultura Económica, El Trimestre Económico, Carretera Picacho Ajusco 227, 2° piso, Col. Bosques del Pedregal, CP 14738, Tlalpan, Ciudad de México
http://www.eltrimestreeconomico.com.mx

DOI: 10.20430/ete.v92i368.3173

Access Statistics for this article

El Trimestre Económico is currently edited by Orlando Delgado Selley, Saúl Escobar Toledo, Jorge Isaac Egurrola and José Valenzuela Feijóo

More articles in El Trimestre Económico from Fondo de Cultura Económica
Bibliographic data for series maintained by Nuria Pliego Vinageras ().