The blind spot of endogenous money: global banking and the Eurodollar market

Rudy Bouguelli

Cambridge Journal of Economics, 2025, vol. 49, issue 4, 655-673

Abstract: Global banks play a crucial role in the international monetary and financial system. However, they pose ongoing challenges for both mainstream and heterodox economists. This paper provides a critical examination of the global banking literature. As such, it shows how the interpretation put forward by economists at the BIS has evolved over time. It argues that in spite of its increasing sophistication, it remains anchored in the loanable funds approach. The paper also highlights a significant gap in the heterodox literature. It demonstrates that post-Keynesians have yet to develop a satisfactory alternative based on the theory of endogenous money. The paper concludes by drawing attention to the pressing need for such an alternative.

Keywords: Global banking; Endogenous money; Loanable funds; Eurodollars (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1093/cje/beaf013 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
Working Paper: The blind spot of endogenous money: global banking and the Eurodollar market (2025)
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:oup:cambje:v:49:y:2025:i:4:p:655-673.

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Cambridge Journal of Economics is currently edited by Jacqui Lagrue

More articles in Cambridge Journal of Economics from Cambridge Political Economy Society Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().