Daniela Gabor Daniela.Gabor@uwe.ac.uk
Professor in Economics
Critical macro-finance: A theoretical lens
Gabor, Daniela
Authors
Abstract
This forum contribution outlines four propositions of the critical macro-finance approach: (1) US-led financial globalization has structurally evolved around market-based finance, driven by the production of new asset classes and the Americanization of national financial systems with changing practices for producing liquidity; (2) global finance is a set of interconnected, hierarchical balance sheets, increasingly subject to time-critical liquidity; (3) credit creation in market-based finance involves new forms of money (systemic liabilities); and (4) market-based finance structurally requires a derisking state, for both systemic liabilities and for new asset classes. The precise contours of the derisking state are determined through political struggles.
Citation
Gabor, D. (2020). Critical macro-finance: A theoretical lens. Finance and Society, 6(1), 45-55. https://doi.org/10.2218/finsoc.v6i1.4408
Journal Article Type | Article |
---|---|
Acceptance Date | Apr 1, 2020 |
Online Publication Date | May 28, 2020 |
Publication Date | May 28, 2020 |
Deposit Date | Nov 9, 2020 |
Publicly Available Date | Nov 11, 2020 |
Journal | Finance and Society |
Print ISSN | 2059-5999 |
Publisher | Finance and Society |
Peer Reviewed | Peer Reviewed |
Volume | 6 |
Issue | 1 |
Pages | 45-55 |
DOI | https://doi.org/10.2218/finsoc.v6i1.4408 |
Public URL | https://uwe-repository.worktribe.com/output/6726597 |
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Critical macro-finance: A theoretical lens
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