Publications

7 publications found, searching for 'Jan Toporowski '

• Policy Notes No. 5 July 10, 2020

  Debt Management and the Fiscal Balance

  Jan Toporowski
  Abstract

  In this policy note, Jan Toporowski provides an analysis of government debt management using fiscal principles derived from the work of Michał Kalecki. Dividing the government’s budget into a “functional” and “financial” budget, Toporowski demonstrates how a financial budget balance—servicing government debt from taxes on wealth and profits that do not affect incomes and expenditures […]

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• Policy Notes No. 7 May 28, 2009

  “Enforced Indebtedness” and Capital Adequacy Requirements

  Jan Toporowski
  Abstract

  The capital adequacy requirements for banks, enshrined in international banking regulations, are based on a fallacy of composition—namely, the notion that an individual firm can choose the structure of its financial liabilities without affecting the financial liabilities of other firms. In practice, says author Jan Toporowski, capital adequacy regulations for banks are a way of […]

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• Working Paper No. 549 November 14, 2008

  Excess Capital and Liquidity Management

  Jan Toporowski
  Abstract

  These notes present a new approach to corporate finance, one in which financing is not determined by prospective income streams but by financing opportunities, liquidity considerations, and prospective capital gains. This approach substantially modifies the traditional view of high interest rates as a discouragement to speculation; the Keynesian and Post-Keynesian theory of liquidity preference as […]

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• Working Paper No. 485 December 14, 2006

  The Balance Sheet Approach to Financial Crises in Emerging Markets

  Jan Toporowski, and Giovanni Cozzi
  Abstract

  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 studies are found to be flawed because of a failure to disaggregate firms’ balance sheets. Examination […]

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• Working Paper No. 480 November 27, 2006

  Methodology and Microeconomics in the Early Work of Hyman P. Minsky

  Jan Toporowski
  Abstract

  This paper reviews the recently published doctoral thesis of Hyman P. Minsky, summarizing its main contributions to methodology and microeconomics. These were aspects of economics with which Minsky is not usually associated, but which lie at the foundation of his later work. They include critical remarks on Cambridge economics. The paper then draws out some […]

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• Working Paper No. 279 September 01, 1999

  Monetary Policy in an Era of Capital Market Inflation

  Jan Toporowski
  Abstract

  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 overcapitalization of companies leads to increased fragility of banking and undermines monetary policy and stable relationships between short- and long-term interests rates, such as that postulated by Keynes […]

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• Working Paper No. 115 May 01, 1994

  The Economic Consequences of Weintraub’s Consumption Coefficient

  Anthony J. Laramie, Douglas Mair, and Jan Toporowski
  Abstract

  No further information available.

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