1,720,961 research outputs found
A note on “Rethinking liquidity creation: Banks, shadow banks and the elasticity of finance”
No full textInternational audienc
The blind spot of endogenous money: global banking and the Eurodollar market
No full textInternational audienceGlobal 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
Quatre essais sur la théorie de la monnaie endogène : shadow banking, activité internationale des banques et politique monétaire
No full textCette thèse traite du shadow banking, des flux de capitaux bancaires et de l'évolution récente de la politique monétaire de la Fed. L'idée étant de proposer une interprétation alternative de ces phénomènes, basée sur la théorie de la monnaie endogène. La thèse se structure en deux parties, composées de deux chapitres chacune. La première partie porte sur les transformations récentes du système bancaire. Le premier chapitre entend montrer que le concept de shadow banking repose implicitement sur l'approche des fonds prêtables. L'analyse des principaux auteurs de la littérature et les préconisations réglementaires qui en découlent y sont donc critiquées. Une conception alternative du shadow banking, fondée sur la théorie de la monnaie endogène, est ensuite proposée. La même approche est mobilisée dans le deuxième chapitre à propos de l'activité internationale des banques et des flux de capitaux bancaires. Une analyse des principaux auteurs de la littérature montre qu'en dépit d'évolutions théoriques positives, le système bancaire international est toujours appréhendé à l'aune des fonds prêtables. Notre analyse, qui repose sur la causalité inversée, incite à relativiser l'importance des flux de capitaux bancaires. La deuxième partie de la thèse traite de la politique monétaire de la Fed sur une période qui va de la crise de 2008 à celle du COVID-19. Le premier chapitre de cette partie apporte un éclairage sur la crise intervenue sur le marché des repos en Septembre 2019 en replaçant ces événements dans le contexte de normalisation de la politique monétaire de la Fed. Pour ce faire, nous revenons sur l'évolution du cadre opérationnel de la Fed depuis la crise de 2008. Les principes de normalisation, les problèmes qu'ils ont soulevés et l'expérience concrète de normalisation sont ensuite examinés. Le dernier chapitre propose une analyse de l'ensemble des mesures que la Fed a prises pour faire face à la crise du COVID-19. Pour comprendre l'action de la Fed, nous replaçons ses interventions dans leur contexte en insistant sur les problèmes qu'elle a cherché à résoudre. Nous montrons ainsi que l'action de la Fed a permis d'éviter un effondrement du système financier états-unien. Mais cette expérience risque de contribuer à l'accentuation du processus de remise en question du rôle des banques centrales qui a été amorcé en 2008.This thesis deals with shadow banking, cross-border bank capital flows and the recent evolution of the Fed's monetary policy. The idea is to propose an alternative interpretation of these phenomena, based on the theory of endogenous money. The thesis is structured in two parts, each consisting of two chapters.The first part concerns recent transformations of the banking system. The first chapter purports to show that the concept of shadow banking implicitly relies on the loanable funds approach. The analysis of the main authors of the literature and the regulatory proposals that arise it are therefore criticized. An alternative conception of shadow banking, based on the theory of endogenous money, is then proposed.The same approach is adopted in the second chapter that deals with global banking and cross-border bank capital flows. An analysis of the main authors of the literature shows that the international banking system is still seen through the lens of the loanable funds. Our analysis, which is based on the reversed causality, suggests that the importance of bank capital flows should not be over overestimated.The second part of the thesis focuses on the Fed's monetary policy over a period that range from the Global Financial Crisis to the COVID-19 crisis. The first chapter of this part sheds light on the repo crisis of September 2019 by placing these events in the context of monetary policy normalization. It starts by reviewing the evolution of the Fed's operational framework since the 2008 crisis. Normalization principles, the issues that arose from them and the actual process of normalization are then examined.The last chapter analyzes the Fed's overall response to the COVID-19 crisis. To explain the Fed's interventions, we put them in their context by considering the problems it sought to solve. It is shown that these measures prevented a collapse of the US financial system. But this experience may contribute to the intensification of the challenged faced by central banks concerning their role
After the Accord: A History of Federal Reserve Open Market Operations, the US Government Securities Market, and Treasury Debt Management from 1951 to 1979
No full textInternational audienc
From One Crisis to Another (2008–2020): A Transformative Decade for the Fed
No full textInternational audienc
Is shadow banking really akin to banking? A critical analysis in light of monetary theory
No full textInternational audienc
La política monetaria de la FED frente a la crisis de la covid-19: entre continuidad y ruptura
No full textCet article se propose d’analyser l’ensemble des mesures prises par la Fed pour faire face à la crise de la covid-19. Pour expliquer l’action de la Fed, nous replaçons ses interventions dans leur contexte en tenant compte des problèmes qu’elle a cherché à résoudre. Dans un premier temps, la Fed a abaissé son taux directeur à deux reprises pour le ramener à zéro. À la mi-mars, plusieurs marchés cruciaux sont devenus dysfonctionnels. La Fed a donc repris ses programmes de rachats d’actifs et rétabli des facilités de crédit et de liquidité qu’elle avait mis en place en 2008. Puis elle a étendu son champ d’intervention en créant de nouvelles facilités. Ces mesures ont permis d’éviter un effondrement du système financier américain. Mais elles risquent d’accentuer le processus de remise en question du rôle des banques centrales.This paper analyzes the measures taken by the Fed to deal with the covid-19 crisis. To explain the Fed’s interventions, we put them in their context by considering the problems it sought to solve. The Fed started by lowering its target rate to bring it back to the zero lower bound. In mid-March, several crucial markets became dysfunctional. Consequently, the Fed resumed its large-scale asset purchase programs and restored several credit and liquidity facilities introduced in 2008. It then expanded the scope of its interventions by creating new facilities. These measures prevented a collapse of the U.S. financial system. But they are likely to intensify the challenge faced by central banks concerning their role.Este artículo se propone analizar el conjunto de medidas adoptadas por la FED para hacer frente a la crisis de la covid-19. Para explicar las acciones de la FED, nosotros resituamos las intervenciones en su contexto teniendo en cuenta los problemas que ella busco resolver. En un primer tiempo la FED bajo su tasa en dos momentos para hacerla acercar a cero. A mediados de marzo 2020,icjos mercados estratégicos se convirtieron en disfuncionales.LA FED entonces retomó sus programas de compras de activos y restableció las facilidades del crédito y de liquidez que ella había puesto en marcha en 2008. Después ella extendió su campo de intervención creando nuevas facilidades. Estas medidas han permitido evitar el derrumbe del sistema financiero norteamericano. Pero ellas corren el riesgo de acentuar el proceso de puesta en cuestión del papel de los bancos centrales
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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