Abstract

LORENTE, Luis. Financing, distribution and growth. Rev.econ.inst. [online]. 2020, vol.22, n.42, pp.65-107. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v22n42.04.

Recent history and the institutional evolution of economies leads to criticisms of some aspects of Modern Monetary Theory about the origin of money, as well as the role of the public deficit, and taxes. This paper proposes a precise definition of the financialization process. based on the mobility of business management. It also discusses its impact on income distribution and its consequences for innovation and economic growth, and raises the need for taxes to redistribute income. A concept of private deficit is also proposed based on the creation of means of payment by the banking system, which leads to defend credit orientation policies. It concludes with several macroeconomic policy proposals.

JEL: B52, E02, E31, E42, E44, H22, H62, L21, O33, O43

Keywords : institutions, growth, monetary policy, fiscal policy, technical change and macroeconomics, Modern Monetary Theory, inflation, hyperinflation.

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