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Critical macro-finance: A theoretical lens

Gabor, Daniela

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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.

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
Public URL


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