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Modern Monetary Theory and COVID-19 Crisis

In: Macroeconomic Responses to the COVID-19 Pandemic

Author

Listed:
  • Tihomir Domazet

    (University for Peace—ECPD Established by UN)

Abstract

Modern Monetary Theory (MMT) is part of post-Keynesian economics that summarize the money creation process as “loans create deposits” (banks) and “deposits create reserves” (central bank). MMT is distinguished from other approaches to macroeconomics because it synthesizes several traditions from heterodox economics focusing on describing monetary and fiscal operations in nations that issue a sovereign currency. The shift in interest pre-dates the COVID-19 crisis, but the virus has given MMT a huge boost—the world is on a crossroad that leads to a conclusion that exit strategy to the new global economics system is to be based on MMT.

Suggested Citation

  • Tihomir Domazet, 2021. "Modern Monetary Theory and COVID-19 Crisis," Springer Books, in: Neven Vidaković & Ivan Lovrinović (ed.), Macroeconomic Responses to the COVID-19 Pandemic, chapter 0, pages 291-317, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-75444-0_11
    DOI: 10.1007/978-3-030-75444-0_11
    as

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