Resumen

LEVY ORLIK, Noemi. The role of central banking in financial circulation from a heterodox perspective. El trimestre econ [online]. 2025, vol.92, n.368, pp.989-1011.  Epub 08-Dic-2025. ISSN 2448-718X.  https://doi.org/10.20430/ete.v92i368.3173.

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’ 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.

Palabras llave : Effective demand; financial circulation; central bank; Kalecki; Keynes.

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