<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2025000400989</article-id>
<article-id pub-id-type="doi">10.20430/ete.v92i368.3173</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[El papel de la banca central en la circulación financiera desde una perspectiva heterodoxa]]></article-title>
<article-title xml:lang="en"><![CDATA[The role of central banking in financial circulation from a heterodox perspective]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Levy Orlik]]></surname>
<given-names><![CDATA[Noemi]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México Facultad de Economía ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<volume>92</volume>
<numero>368</numero>
<fpage>989</fpage>
<lpage>1011</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2025000400989&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2025000400989&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2025000400989&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La función de la banca central en el sistema capitalista se define por los supuestos de cada corriente de pensamiento teórico y la organización financiera dominante. La teoría heterodoxa postula que la demanda determina la oferta, con fuertes disensos en torno a la circulación financiera y la intervención del banco central en el sistema financiero. En este trabajo se revisan las propuestas de Keynes a partir del supuesto de la dominación del dinero-estatal, cuyas conclusiones son que el banco central tiene como objetivo estabilizar la liquidez del sector bancario y que la tasa de interés puede influir indirectamente en el ingreso y el empleo. Por otro lado, Kalecki parte del supuesto de que el dinero es privado y el sistema financiero es un reflejo de las fortalezas o debilidades del sector productivo. Así, el banco central sólo puede garantizar liquidez para las actividades capitalistas mediante títulos gubernamentales que inciden en la tasa de corto y largo plazos, sin que ésta afecte el gasto de la inversión y el empleo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The role of the central bank in the capitalist system is defined by the assumptions of each theoretical school of thought and the dominant financial organization. Heterodox theory claims that demand determines supply, with strong disagreements surrounding financial circulation and central bank intervention in the financial system. This paper reviews Keynes&#8217; proposals based on the assumption of state-dominated money, whose conclusions are that the central bank aims to stabilize the liquidity of the banking sector and that the interest rate can indirectly influence income and employment. Meanwhile, Kalecki starts from the assumption that money is private and the financial system is a reflection of the strengths or weaknesses of the productive sector. Thus, the central bank can only guarantee liquidity for capitalist activities through government securities that affect short- and long-term rates, without affecting investment spending and employment.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[demanda efectiva]]></kwd>
<kwd lng="es"><![CDATA[circulación financiera]]></kwd>
<kwd lng="es"><![CDATA[banco central]]></kwd>
<kwd lng="es"><![CDATA[Kalecki]]></kwd>
<kwd lng="es"><![CDATA[Keynes]]></kwd>
<kwd lng="en"><![CDATA[Effective demand]]></kwd>
<kwd lng="en"><![CDATA[financial circulation]]></kwd>
<kwd lng="en"><![CDATA[central bank]]></kwd>
<kwd lng="en"><![CDATA[Kalecki]]></kwd>
<kwd lng="en"><![CDATA[Keynes]]></kwd>
</kwd-group>
</article-meta>
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<source><![CDATA[Lectures on Political Economy: Money]]></source>
<year>1905</year>
<volume>II</volume>
<publisher-loc><![CDATA[Londres ]]></publisher-loc>
<publisher-name><![CDATA[Routledge]]></publisher-name>
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<ref id="B31">
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<person-group person-group-type="author">
<name>
<surname><![CDATA[Woodford]]></surname>
<given-names><![CDATA[M.]]></given-names>
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</person-group>
<source><![CDATA[Interest and Prices. Foundations of a Theory of Monetary Policy]]></source>
<year>2003</year>
<publisher-loc><![CDATA[Princeton ]]></publisher-loc>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
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</back>
</article>
