La financiación inicial y final en el circuito monetario y la teoría de la demanda efectiva

One remarkable aspect of modern heterodox theory is the detachment between demand-led growth models and endogenous money theories. This paper suggests a possible integration of the Keynesian theory of the multiplier (and the supermultiplier) with Keynes´s endogenous money and finance theories. Focussing upon Graziani´s version of the Monetary Circuit Theory (tcm), the paper is a contribution towards reconciling the preoccupation of this theory with initial production financing, and the concern of demand-side oriented heterodox growth theories with final financing of autonomous demand.