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Towards a Non-Conventional Circuit Approach: Credit, Microcredit and Property Rights

In: The Monetary Theory of Production

Author

Listed:
  • Lilia Costabile

Abstract

In the circuit approach, as developed by Augusto Graziani (1980, 1988, 1996, 2004), credit plays a fundamental role, as firms open up the monetary circuit by buying the services of labour, in exchange for the money which they receive as credit from the banking system. Graziani’s approach assumes that the banking sector adopts conventional principles, thus ensuring that some agents have privileged access to credit, while others undergo severe ‘credit rationing’.

Suggested Citation

  • Lilia Costabile, 2005. "Towards a Non-Conventional Circuit Approach: Credit, Microcredit and Property Rights," Palgrave Macmillan Books, in: Giuseppe Fontana & Riccardo Realfonzo (ed.), The Monetary Theory of Production, chapter 13, pages 203-216, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52307-4_14
    DOI: 10.1057/9780230523074_14
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    Cited by:

    1. Andrea Pacella, 2008. "The Effects Of Labour Market Flexibility In The Monetary Theory Of Production," Metroeconomica, Wiley Blackwell, vol. 59(4), pages 608-632, November.

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