John Maynard Keynes's scientific contributions
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Publications (5)
Citations
... In the history of theories of fi nance the Effi cient Market Hypothesis (EMH) became a milestone in the 70's and grounded for the establishment of the Capital Asset Pricing Model (CAPM) The fundamentals of the price insurance theory of hedging were established by Keynes [18], Kaldor [16] and Blau [5] who discussed hedging in terms of risk avoidance and insurance. According to the hypothesis the loss of the hedger on the completed hedge transaction is realised as insurance premium by the risk-assuming speculator. ...
... In other words, such measures could then partially offset the negative side effects derived from these currencies inconvertibility. 3 In the other hand, it is also widely recognized that mainstream econom-1 See Keynes (1980a;1980b;1980c). 2 The term 'peripheral economies' is frequently used to design economies that: a) liberalized the capital account; b) adopt a regime of dirty fl oating exchange rate; and c) whose currencies are inconvertible at international level. 3 Some keynesian theorists have adapted Keynes' (1936) portfolio theory to an open economy in order to theoretically ground the use of capital controls (Andrade;Prates, 2013;Kaltenbrunner, 2015). ...
... More specifically, fiscal policy should focus on expanding expenditures in both social programs and public investments to frame good conventions and boost the economic activity. Governments should seek fiscal responsibility, as Keynes (1980) recommended, 8 although this should not be pursued as an end in itself, but on the criterion of countercyclical fiscal policy management. Additionally, fiscal responsibility contributes to avoid bad conventions. ...
... There would be a private arrangement within the walls of the bank to clear these against each other before the balance of demand was released to the open exchange market. " (Johnson (1978), pp 307–308) ...
