Mario Amendola and Jean‐Luc Gaffard

in Out of Equilibrium

Published in print July 1998 | ISBN: 9780198293804
Published online November 2003 | e-ISBN: 9780191595851 | DOI:

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Money is essential in structural changes taking place through out‐of‐equilibrium processes. The restructuring of productive capacity, the backbone of these processes, implies distortions of the production process such that inputs are no longer consistent in time with outputs, costs with proceeds, and decisions with the resources available to finance them. In this context, money provides a bridge through time that makes it possible to re‐establish the consistency in time of processes and activities that would otherwise no longer be viable.

Keywords: Financial constraint; Liquidity; Monetary control; Substitution and complementarity

Chapter.  10782 words. 

Subjects: Macroeconomics and Monetary Economics

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