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Erscheinungsjahr: 
2020
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[Journal:] Finance and Society [ISSN:] 2059-5999 [Volume:] 6 [Issue:] 1 [Year:] 2020 [Pages:] 45-55
Verlag: 
University of Edinburgh, Edinburgh
Zusammenfassung: 
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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