Politická ekonomie
Politická ekonomie
Politická ekonomie
TEORETICKÝ ČASOPIS • ISSN 0032-3233 (Print) • ISSN 2336-8225 (Online)

Politická ekonomie Vol. 63 No. 1

Politicko-ekonomické varianty vyhlazování hospodářského cyklu v soudobých úvěrových ekonomikách

DOI: https://doi.org/10.18267/j.polek.986

[plný text (PDF)]

Jiří Štekláč

The article formulates the general political-economic possibilities for smoothing of business cycles under the realistic assumptions of the current credit-economy. Firstly it endeavours to explain the mechanism of the financial and real economy functioning with an emphasis on banking sector. The initial theoretical model is considered as unrealistic but proper for demonstration of the consequences of money endogeneity, mechanism of banking financing and dependency of economic growth on credit growth and savings. On the basis of this explanation the article identifies the real causes of credit cycles in the current credit-economy and performs some relevant empirical evidence. The causes include insufficient credit growth, significant concentration of monetary assets, disproportionate development between inflation and excess money growth, deregulation, transmission of credit risk, deleveraging of private sector and imperfect steering of interest rates. Subsequently, author constitutes the basic political-economic tools which could possibly eliminate (or at least mitigate) both the deep and shallow recessions in ex-ante and ex-post periods. The study concludes that possible political-economic tools are following: traditional and non-traditional monetary policy, fiscal expansion, redistribution through progressive taxation, microeconomic and macroeconomic regulation. The entire study is based on US data.

JEL klasifikace: E32, E51, E61, G21

Reference:
ABRAMS, CH. 2012. FASB‘s Failure to Regulate Off-Balance Sheet Special-Purpose Entities and the Downfall of Securitization. Asper Review of International Business and Trade Law. Vol. 12, 2012, pp. 39–74.

AMERICAN BANKRUPTCY INSTITUTE. 2013 [28. 12. 2013] Dostupné na www.abiworld.org/

BLECHOVÁ, B. 2012. Progresivní nebo „rovná“ daň – ekonomické i politické dilema. Politická ekonomie. 2012, Vol. 60, No. 5, pp. 649–667.

CAPGEMINI – RBC WM. 2013. World Wealth Report 2013. Capgemini, RBC Wealth Management.

ČNB. 2013. Banking sector liquidity management and the Single Treasury Account. ČNB: Factsheet, 2013.

DE GRAUWE, P.; POLAN, M. 2005. Is Infl ation Always and Everywhere a Monetary Phenomenon?

The Scandinavian Journal of Economics. 2005, Vol. 107, No. 2, pp. 239–259.

EMMER, R. 1959. A Concept of Hoarding. The Review of Economics and Statistics. 1959, Vol. 41, No. 2, Part 1, pp. 162–169.

FELLNER, W. 1943. Monetary Policies and Hoarding in Periods of Stagnation. Journal of Political Economy. 1943, Vol. 51, No. 3, pp. 191–205.

FONTANA, G. 2004. Rethinking Endogenous Money: A Constructive Interpretation of the Debate

between Horizontalists and Structuralists. Metroeconomica. 2004, Vol. 55, No. 4, pp. 367–385.

FRASER. 1943. Banking and Monetary Statistics 1914-1941. Washington, D. C.: Federal Reserve Archive, 1943.

FRASER. 1976. Banking and Monetary Statistics 1941-1970. Washington, D. C.: Federal Reserve Archive, 1976.

FRED – Federal Reserve Bank of St. Louis. 2013 [30. 12. 2013], http://research.stlouisfed.org/

FRIEDMAN, M.; FRIEDMAN, R. 1990. Free to Choose: A Personal Statement. Harcourt Brace

Jovanovich, 1990. ISBN 0156334607.

FRIEDMAN, M.; SCHWARTZ, A. J. 1963. A monetary history of the United States 1867–1960.

Princeton University Press, 1963. ISBN 0-691-00354-8.

FUJII, M.; KAWAI, M. 2010. Lessons from Japan’s Banking Crisis, 1991-2005. ADBI Working

Paper 222. Tokyo: Asian Development Bank Institute.

GRAZIANI, A. 2003. The monetary theory of production. Cambridge: Cambridge University Press. 2003. ISBN 9780511493546

JONÁŠ, J. 2008. Počátky amerického bankovnictví a jeho regulace, 1776–1836. Národohospodárský obzor. 2008, No. 3–4, pp. 4–31.

KALDOR, N. 1972. The Irrelevance of Equilibrium Economics. The Economic Journal, 1972, Vol. 82, No. 328, pp. 1237– 255.

KEYNES, J. M. 1936. The General Theory of Employment, Interest and Money. Macmillan

Cambridge University Press (for Royal Economic Society), 1936.

KOO, R. C. 2011. The Holy Grail of Macroeconomics: Lessons from Japans Great Recession. John Wiley & Sons, 2011. ISBN 1118179188, 256 s.

KOVANDA, L. 2010. Kritický realismus: ontologická báze postkeynesovské ekonomie. Politická

ekonomie. 2010, Vol. 58, No. 5, pp. 608–622.

KROGSTRUP, S.; REYNARD, S.; SUTTER, B. 2012. Liquidity Effects of Quantitative Easing on

Long-Term Interest Rates. Swiss National Bank Working Papers, 2012-2, ISSN 1660-7724.

KULAKSIZOGLU, KULAKSIZOGLU. 2009. The U.S. Excess Money Growth and Infl ation Relation

in the Long-Run: A Nonlinear Analysis. MPRA Paper No. 23780

LIN, L. 1937. Are time deposits money? The American Economic Review. 1937, Vol. 27, No. 1,

pp. 76–86.

LOWN, C.; MORGAN, D. P. 2006. The Credit Cycle and the Business Cycle: New Findings Using

the Loan Offi cer Opinion. Journal of Money, Credit and Banking. 2006, Vol. 38, No. 6,

pp. 1575–1597.

MANDEL, M.; TOMŠÍK, V. 2012. Regulace bankovního sektoru z pohledu ekonomické teorie.

Politická ekonomie. 2011, Vol. 59, No. 1, pp. 59–79.

MANKIW, G. 2001. Macroeconomics. 5th Edition. University of Harvard. ISBN 0716752379.

MCCALLUM, B.; NELSON, E. 2010. Money and Infl ation: Some Critical Issues. FEDS Working Paper No. 2010-57

MINSKY, H. 1986. Stabilizing an Unstable Economy: A Twentieth Century Fund Report. New Haven and London: Yale University Press, 1986. ISBN 0-300-03386-9.

MINSKY, H. 1992. The Financial Instability Hypothesis. The Jerome Levy Economics Institute of Bard

College. Working Paper No. 74, May, 1992. ISSN 1547-366X.

MITTNER, J. 2006. Příčiny dlouhodobého klesání úrokových měr. Working paper – DWS. Online:

nf.vse.cz/download/veda/workshops/endogenita.pdf‎.

PATOMÄKI, H. 2013. What Next? An Explanation of the 2008-2009 Slump and Two Scenarios of the

Shape of Things to Come. In GILLS, B. K. Globalization in Crisis: Rethinking Globalizations.

Routledge, 2013. ISBN 1317985656, 344 p.

RAPPOPORT, P.; WHITE, E. N. 1994. Was the Crash of 1929 Expected? The American Economic

Review. 1994, Vol. 84, No. 1, pp. 271–281.

ROBERTSON, D. H. 1933. Saving and Hoarding. The Economic Journal. 1933, Vol. 43, No. 171,

pp. 399–413.

ROCHON, L. P. 1999. The Creation and Circulation of Endogenous Money: A Circuit Dynamique

Approach. Journal of Economic Issues. 1999; Vol. 33, No. 1, pp. 1–21.

ROCHON, L.-P.; ROSSI, S. 2006. Endogenous money: The evolutionary versus revolutionary views.

Gennaio 2006, No. 14.

ROTHBARD, M. N. 1997. The Logic of Action One: Method, Money, and the Austrian School.

Cheltenham, UK: Edward Elgar Publishing, 1997. ISBN 1858980151

SHIN, S. H. 2008. Securitisation and Financial Stability. The Economic Journal. 119 (March 2008),

pp. 309–332.

SVOBODA, M. 2002. Pojem fundamentální nejistoty v postkeynesovské ekonomické teorii.

Diplomová práce, vedoucí: M. Sojka. Praha: Vysoká škola ekonomická, 2002.

SCHUMPETER, J. A. 1934. The Theory of Economic Development. Boston: President and Fellows

of Harvard College, 1934.

ŠTEKLÁČ, J. 2013a. The Ontological Refl ection of the Monetary Theories. Business & Information

Technology. 2013, Vol. 3, No. 1, pp. 20–40.

ŠTEKLÁČ, J. 2013b. Vliv fi nančních institucí a mechanismu peněžního oběhu na hospodářské cykly: případ USA. Acta Oeconomica Pragensia, 2013, Vol. 21, No. 6, pp. 21–44.

TAX FOUNDATION. 2013 [30. 12. 2013], Dostupné na www.taxfoundation.org/.

WHALEN, C. J. 2008. The Credit Crunch: A Minsky Moment. Studi e Note di Economia. 2008, Vol. 13,No. 1, pp. 3–21.