Teoria obiegu pieniężnego w warunkach finansjalizacji

• Autorzy: Marek Ratajczak , Izabela Bludnik

Warianty tytułu

Monetary Circuit Theory Under Financialization

• Języki publikacji: PL

Abstrakty

Celem artykułu jest krytyczna analiza tradycyjnej wersji heterodoksyjnej teorii obiegu pieniężnego, sformułowanej w latach 60. i 70. XX w., oraz późniejszych prób jej modyfikacji pozwalających na uwzględnienie narastającej finansjalizacji i zmian otoczenia zachodzących pod jej wpływem. W artykule pokazano, że makroekonomiczne modele obiegu pieniężnego zaczęły przybierać zaawansowaną postać głównie pod wpływem kryzysu z lat 2007-2009. Dzięki temu znacznie lepiej oddają stopień skomplikowania i wagę relacji finansowych we współczesnych gospodarkach rynkowych. Równocześnie jednak wielopłaszczyznowość finansjalizacji oraz wciąż jeszcze stosunkowo mało rozwinięty poziom jej analizy powodują, że próby wbudowania finansjalizacji do takich koncepcji jak teoria obiegu pieniężnego są z założenia bardzo trudne i narażone na zarzut zbytniego upraszczania rzeczywistości. W rezultacie w odniesieniu do dzisiejszych modeli obiegu pieniężnego z uwzględnioną finansjalizacją można sformułować zastrzeżenia, które osłabiają zarówno ich moc eksplanacyjną, jak i szanse na konkurowanie z modelami głównego nurtu.(abstrakt oryginalny)

EN

The aim of the article is to critically analyze the traditional version of the heterodox theory of monetary circuit formulated in the 1960s and 1970s as well as its subsequent modifications enabling to take into account the growing financialization and the changes undergoing in the environment under its influence. The article shows that macroeconomic models of monetary circuit have begun to take on an advanced form, mainly due to the crisis of 2007-2009. As a result, they are much better suited to reflect the level of complexity and the importance of financial relationships in today's market economies. At the same time, however, the multifacetedness of financialization and the fact that this phenomenon has so far been rather insufficiently analyzed make the attempts to incorporate financialization into concepts such as the money circuit theory very difficult and subject to over-simplification. As a result, today's money circuit models that include financialization may raise doubts that undermine both their explanatory power and chances to compete with the mainstream models. (original abstract)

Słowa kluczowe

PL

Finansjeryzacja; Postkeynesizm

EN

Financialization; Post-Keynesian economics

• Czasopismo: Studia Ekonomiczne / Polska Akademia Nauk. Instytut Nauk Ekonomicznych
• Rocznik: 2017
• Numer: nr 2 (93)
• Strony: 239--259

Twórcy

autor

Marek Ratajczak

• Uniwersytet Ekonomiczny w Poznaniu

autor

Izabela Bludnik

• Uniwersytet Szczeciński

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