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Postkeynesovské pojetí nezávislosti centrální banky a fungování komerčních bank
[Post-keynesian approach to independence of central bank and function of commercial banks]

Author

Listed:
  • Zdeněk Chytil

Abstract

The post-Keynesian approach to the nature of money brings some other conclusion to the monetary policy, independence of a central bank and function of commercial banks. The source money is created by demand of businessmen especially. Loans create deposits, deposits create reserves. Central bank plays two roles: lender of last resort and inflation supervisor. Creditting by commercial banks and their credit policy in post-Keynesian economics is considered as credit rationing. If the role of central bank - lender of last resort - is not connected with changes of regulation, which reduce new practice of financial markets to avoid regulation, the influence of central bank to fight with inflation declines. Post-Keynesian economics is not directed against competence and independence of central bank. On the contrary, it welcomes the more direct influence of central bank on commercial banks and other financial institutions, however, with use of alternative limiting facilities.

Suggested Citation

  • Zdeněk Chytil, 2003. "Postkeynesovské pojetí nezávislosti centrální banky a fungování komerčních bank [Post-keynesian approach to independence of central bank and function of commercial banks]," Politická ekonomie, Prague University of Economics and Business, vol. 2003(5).
    • Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:5:id:423
    DOI: 10.18267/j.polek.423
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    Cited by:

    1. Aliev, Timur (Алиев, Тимур) & Flegontova, Tatiana (Флегонтова, Татьяна) & Kuznetsova, A (Кузнецова, А.) & Pyzhikov, Nikita (Пыжиков, Никита) & Ivashentsov, G (Ивашенцов, Г.) & Ponomareva, Olga (Понома, 2018. "Activation of the Integration Agenda of the Eaec in the Context of Changing the Regional Architecture in the Apr [Активизация Интеграционной Повестки Еаэс В Условиях Изменения Региональной Архитект," Working Papers 031834, Russian Presidential Academy of National Economy and Public Administration.

    More about this item

    Keywords

    central bank; money supply; Post-Keynesian economics; money endogeneity; credit rationing; independence of central bank; commercial banks;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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