Racjonowanie kredytu w ujęciu neokeynesizmu i postkeynesizmu

• Autorzy: Izabela Bludnik

Warianty tytułu

Credit Rationing: New Keynesian and Post-Keynesian Approach

• Języki publikacji: PL

Abstrakty

Zarówno neokeynesizm jak i postkeynesizm od wielu lat starają się zgłębić problem racjonowania kredytu, który oznacza, że rynek nie zaspokaja w pełni zgłaszanego przez prywatne podmioty popytu na pieniądz. Każde z podejść oferuje oryginalny wkład w analizę zachowań na rynkach finansowych, ale jednocześnie dokonania te oparte są na diametralnie odmiennych podstawach analitycznych. Wizja neokeynesowska wykazuje bardzo silne wpływy neoklasyczne, które są nie do pogodzenia z heterodoksyjnymi korzeniami postkeynesizmu. Z tego względu wykluczona jest możliwość prostej, mechanicznej integracji obu teorii, a nawet uznania ich za komplementarne. Przeprowadzone w artykule porównanie daje podstawę do stwierdzenia, że analiza postkeynesowska wykazuje większy stopień realizmu, a przez to większą moc eksplanacyjną w badaniach nad funkcjonowaniem rynku kredytowego i możliwością pojawiania się zjawiska racjonowania kredytu od teorii neokeynesowskiej. Wydaje się zatem, że w obliczu niesłabnącego zainteresowania problemem racjonowania kredytu postkeynesizm oferuje bardziej obiecujący kierunek dalszych badań niż teoria neokeynesowska. (abstrakt oryginalny)

EN

Both New Keynesianism and Post-Keynesianism have been studying for years a problem of credit rationing implying that not all of the private agents' demand for money is satisfied by the market. Each of them has its original contribution to the explanation of the behavior observed in the financial markets. Simultaneously, however, they are based on different analytical assumptions. New Keynesian perspective is strongly influenced by neoclassical economics and cannot be reconciled with Post-Keynesian heterodox background. For this reason it is impossible to integrate both theories or even perceive them as complementary. The comparison conducted in the paper proves that Post-Keynesian analysis shows a greater degree of realism and explanatory power than New Keynesian theory. Hence, it seems that in the face of continuing interest in credit rationing Post-Keynesianism can offer more promising directions of further researches than New Keynesianism. (original abstract)

Słowa kluczowe

PL

Podaż pieniądza; Rynek kredytów; Neokeynesizm; Asymetria informacji; Postkeynesizm

EN

Money supply; Credit market; Neokeynesian; Information asymmetry; Post-Keynesian economics

• Czasopismo: Ekonomista
• Rocznik: 2014
• Numer: nr 1
• Strony: 27--43

Twórcy

autor

Izabela Bludnik

• Uniwersytet Ekonomiczny w Poznaniu

Bibliografia

• Akerlof G.A., The Market For 'Lemons': Quality Uncertainty and the Market Mechanism, "Quarterly Journal of Economics" 1970, nr 84(3).
• Arestis P., Post-Keynesian Economics: Towards Coherence, "Cambridge Journal of Eco-nomics" 1996, nr 20(1).
• Bernanke B., Blinder A.S., Credit, Money, and Aggregate Demand, "American Economic Review" 1988, nr 78(2).
• Bernanke B., Gertler M., Gilchrist S., The Financial Accelerator in a Quantitative Business Cycle Framework, w: Handbook of Macroeconomics, red. J.B. Taylor, M. Woodford, Elsevier, North-Holland, Amsterdam 1999.
• Bertocco G., Do Information Asymmetries Constitute a Solid Foundation for the Elaboration of a Keynesian Theory of Credit and Financial Institutions?, Università Dell'Insubria, Facoltà di Economia, Working Paper nr 2001/19.
• Bludnik I., Negatywna selekcja na polskim rynku kredytów hipotecznych w latach 2007-2009, "Ruch Prawniczy, Ekonomiczny i Socjologiczny" 2010, nr 3.
• Bludnik I., Neokeynesizm. Analiza krytyczna, Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu, Poznań 2010a.
• Bludnik I.,Nowa synteza neoklasyczna w makroekonomii, "Bank i Kredyt" 2010b, nr 41(2).
• Chevalier J.A., Scharfstein D.S., Capital-Market Imperfections and Countercyclical Markups: Theory and Evidence, "American Economic Review" 1996, nr (86)4.
• Crotty J.R., Is New Keynesian Investment Theory Really 'Keynesian '? Reflections on Fazzari and Varìato, "Journal of Post Keynesian Economics" 1996, nr 18(3).
• Davidson F.,A Technical Definition of Uncertainty and the Longrun Non-Neutrality of Money, "Cambridge Journal of Economics" 1988, nr 12(3).
• Davidson P., Kregel J. A., Keynes's Paradigm: A Theoretical Framework for Monetary Analysis, w: Growth, Profits & Property. Essays in the Revival of Political Economy, red. E.J. Nell, Cambridge University Press, Cambridge 1980.
• Dow S.C., Horìzontalism: A Critique, "Cambridge Journal of Economics" 1996, nr 20(4).
• Dymski G.,A 'New View'of the Role of Banking Firms in Keynesian Monetary Theory, "Journal of Post Keynesian Economics" 1992, nr 14(3).
• Dymski G., Keynesian Uncertainty and Asymmetric Information: Complementary or Contradictory?, "Journal of Post Keynesian Economics" 1993, nr 16(1).
• Ees van H., Garretsen H., Financial Markets and the Complementarity of Asymmetric Information and Fundamental Uncertainty, "Journal of Post Keynesian Economics" 1993, nr 16(1).
• Greenwald B., Stiglitz J., Macroeconomic Models with Equity and Quantity Rationing, 1990, NBER Working Paper nr 3533.
• Holt R., What Is Post Keynesian Economics?, 1996, http://cc.shu.edu.tw/~tsungwu/holt.htm, 2012-08-01.
• Jaffee D.M., Russell T., Imperfect Information, Uncertainty, and Credit Rationing, Quarterly Journal of Economics" 1976, nr 90(4).
• Keen S., Debunking Macroeconomics, "Economic Analysis & Policy" 2011, nr 41(3).
• Lavoie M., Foundations of Post-Keynesian Economic Analysis, Edward Elgar, Aldershot 1992.
• Lavoie M., Introduction to Post-Keynesian Economics, Palgrave Macmillan, New York 2006.
• Mankiw N.G., The Allocation of Credit and Financial Collapse, "Quarterly Journal of Economics" 1986, nr 101(3).
• Minsky H.P., Stabilizing an Unstable Economy, Yale University Press, New Haven 1986.
• Moore B.J., Horizontalists and Verticalists, Cambridge University Press, Cambridge 1988.
• Muth J.E, Rational Expectations and the Theory of Price Movements, "Econometrica" 1961, nr 29(3).
• Neal P., Credit Rationing and Uncertainty: Complementarity in Post Keynesian and New Keynesian Monetary Economics?, School of Economics Working Papers, The University of Adelaide 1994, nr 1994-01.
• Palley XL, Competing Views of the Money Supply Process: Theory and Evidence, "Metro-economics" 1994, nr 45(1).
• Piegay P., The New and Post Keynesian Analyses of Bank Behaviour: Consensus and Disagreement, "Journal of Post Keynesian Economics" 1999/2000, nr 22(2).
• Ramskogler P., Credit Money, Collateral and the Solvency of Banks: A Post Keynesian Analysis of Credit Market Failures, "Review of Political Economy" 2011, nr 23(1).
• Rotheim R.J., Credit Rationing, w: A Handbook of Alternative Monetary Economics, red. P. Arestis, M. Sawyer, Edward Elgar, Cheltenham 2006.
• Rothschild M., Stiglitz J., Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information, "Quarterly Journal of Economics" 1976, nr 90(4).
• Simon H.A., From Substantive to Procedural Rationality, w: Method and Appraisal in Economics, red. S.J. Latsis, Cambridge University Press, Cambridge 1976.
• Stiglitz J.E., Weiss A., Credit Rationing in Markets with Imperfect Information, "American Economic Review" 1981, nr 71(3).
• Stiglitz J.E., Weiss A., Asymmetric Information in Credit Markets and It's Implications for Macro-Economics, "Oxford Economic Papers" 1992, nr 44(4).
• Studart R., The State, the Markets and Development Financing, "CEPAL Review" 2005, April.
• Tobin J., Keynesian Models of Recession and Depression, " American Economic Review" 1975, nr 65(2).
• Wolfson M.H.,^4 Post Keynesian Theory of Credit Rationing, "Journal of Post Keynesian Economics" 1996, nr 18(3).
• Wolfson M.H., Credit Rationing, w: The Elgar Companion to Post Keynesian Economics, red. J.E. King, Edward Elgar, Cheltenham 2003.
• Wray L.R., Money and Credit in Capitalist Economies, Edward Elgar, Aldershot 1990.