The paper critically examines the dominant neoclassical views on the adoption of mandatory Fully Funded (FF) pension schemes as a partial or complete substitute for the unfunded Pay-as-you-go (PAYG) type. According to this view, such a transition will have the positive real effect of endowing...

Spanish Abstract: Un aspecto notable de la teoría heterodoxa moderna es la separación entre los modelos de crecimiento basados en la demanda y las teorías del dinero endógeno. Este artículo sugiere una posible integración entre la teoría keynesiana del multiplicador (y el...

The paper provides an account of the meaning and implications of TARGET2 in the eurozone (EZ) balance of payments crisis. In this context, it discusses Hans-Werner Sinn's thesis about a stealth bail-out of the EZ periphery by the ECB from a heterodox perspective. Financial liberalisation, a...

In his 'Comments', Tom Michl defends the proposal for a fully funded pension scheme based on a saving-led 'classical growth model' against my Keynesian contention that a higher saving supply would be deflationary in both the short run and the long run. Michl adds a further argument that an...