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Inicio  /  Finance and Society  /  Vol: 6 Núm: 1 Par: 0 (2020)  /  Artículo
ARTÍCULO
TITULO

Critical macro-finance: A theoretical lens

Daniela Gabor    

Resumen

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.

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