The credit-led supply of deposits and the demand for money: Kaldor's reflux mechanism as previously endorsed by Joan Robinson

Article Abstract:

The reflux principle can be regarded as the main mechanism by which the deposits arising from bank advances are equated to desired money balances. An investigation of this issue reveals that N. Kaldor's reflux mechanism had been highlighted by Joan Robinson, another key member of the Cambridge School. This mechanism applies when agents reimburse their debt, when they buy bonds from banks and when they purchase bonds from firms and prompt them to issue new securities. It can be argued that post-Keynesians do not really disagree about the relative significance of the reflux mechanism.

Money demand

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On Kaldor and pensions

Article Abstract:

The issues of differential saving propensities, Kaldor, managerialism and pensions are examined, with a restating of the 'Kaldorian Saving Function' and expansion to consider saving via occupational pension funds. Recent UK data was used to test the extended hypothesis and compare it with Kaldor's own. Solid support was found for the Kaldorian hypothesis and the extended Corporate Capitalism Saving Function.

Pensions

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What accounts for the Chilean saving 'miracle'?

Article Abstract:

Research into the state of the Chilean economy since the mid-1980s is presented. Increases in personal saving are examined in the context of Chilean development from 1940-96 and models of investment and saving are presented.

Chile, Economic policy, Investments

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