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The Evolution of the Banking System and the Theory of Saving, Investment and Interest

In: On Money, Method and Keynes

Author

Listed:
  • Victoria Chick

    (University College London)

Abstract

The theory of saving and the rate of interest can — or at any rate should — never be independent of the state of development of financial institutions.1 In Chick (1983, ch. 9) it was argued that the reversal of causality in the saving-investment nexus proposed by Keynes (1936) should not be seen as correct theory in triumph over error but as a change in what constituted correct theory due to the development of the banking system.

Suggested Citation

  • Victoria Chick, 1992. "The Evolution of the Banking System and the Theory of Saving, Investment and Interest," Palgrave Macmillan Books, in: Philip Arestis & Sheila C. Dow (ed.), On Money, Method and Keynes, chapter 12, pages 193-205, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-21935-3_12
    DOI: 10.1007/978-1-349-21935-3_12
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    Cited by:

    1. Sieroń, Arkadiusz, 2019. "Endogenous versus exogenous money: Does the debate really matter?," Research in Economics, Elsevier, vol. 73(4), pages 329-338.
    2. Di Domenico, Lorenzo, 2021. "Stability and determinants of the public debt-to-GDP ratio: an Input Output – Stock Flow Consistent approach," MPRA Paper 109970, University Library of Munich, Germany.
    3. Karwowski, Ewa, 2017. "Corporate financialisation in South Africa: From investment strike to housing bubble," Economics Discussion Papers 2017-7, School of Economics, Kingston University London.
    4. Esteban Pérez Caldentey & Matias Vernengo, 2012. "Heterodox Central Bankers: Eccles, Prebisch and Financial Reform in 1930s," Working Paper Series, Department of Economics, University of Utah 2012_04, University of Utah, Department of Economics.
    5. Jan Toporowski, 2020. "Financialisation and the periodisation of capitalism: appearances and processes," Review of Evolutionary Political Economy, Springer, vol. 1(2), pages 149-160, August.
    6. Jan Toporowski, 2012. "The Monetary Theory of Kalecki and Minsky," Working Papers 172, Department of Economics, SOAS University of London, UK.
    7. Di Domenico, Lorenzo, 2021. "Stability and determinants of the public debt-to-GDP ratio: an Input Output – Stock Flow Consistent approach," MPRA Paper 110460, University Library of Munich, Germany.
    8. Alessia Lo Turco & Daniela Maggioni, 2017. "“Glocal” ties: banking development and SEs’ export entry," Small Business Economics, Springer, vol. 48(4), pages 999-1020, April.

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