This paper contrasts the conventional balance sheet approach to the analysis of economic disturbances in emerging markets with the alternative balance sheet approach that applies and extends Minsky's Financial Instability Hypothesis to (open) emerging market economies. Earlier balance sheet...

This paper contrasts the conventional balance sheet approach to the analysis of economic disturbances in emerging markets with the alternative balance sheet approach that applies and extends Minsky’s Financial Instability Hypothesis to (open) emerging market economies. Earlier balance...

This vital new Handbook is an authoritative volume presenting key issues in finance that have been widely discussed in the financial markets but have been neglected in textbooks and the usual compilations of conventional academic wisdom.

This paper focuses on economists' aspirations to apprehend the reality of the economy that they seek to study, while economic processes are largely beyond the boundaries of perception. It is recognized that engaging in dialogue with each other and with policymakers forces economists into...

The theory of capital market inflation argues that the values of long- term securities markets are determined by a disequilibrium inflow of funds into those markets. The resulting over-capitalization of companies leads to increased fragility of banking and undermines monetary policy and stable...

In Michal Kalecki's work, aggregate profits are shown to be the sum of gross investment, the government budget deficit, the export surplus, and the difference between capitalist consumption and worker savings. In his 1979 paper, Weintraub suggested that the consumption coefficient, the ratio of...

The emergence of the New Consensus in monetary policy has been followed by a renewal of interest in central banks’ operating procedures, and specifically in the role of open market operations. There is a general view that overnight interest rates are most effectively controlled by standing or...

Weintraub's consumption coefficient, the ratio of total consumer expenditure to income from employment, helps to elucidate trends in the sectoral and functional distributions of income. It simplifies and adds precision to Kaleckian macroeconomics by showing how distributions of income affect the...

This paper considers the position of the main Central and Eastern European countries seeking full membership of the European Union. It focuses on the prospects for membership of the European Monetary Union, both because this will be a crucial part of full membership of the Union for these...

In Kalecki's business cycle theory a fall in the rate of profit plays a key role in the onset of recession, causing a fall in investment. This paper shows how the falling rate of profit is an eventual corollary of the steady rate of capital accumulation, which Keynes saw as the key to securing...