Some Unexplored Financial Issues in the Monetary Circuit since the Financial Crisis
Bibliographic record
Abstract
This article aims to extend the theory of the monetary circuit by taking into account the so-called financialization of the economy. While the existing literature on the subject includes the financialization of households in the classic circuit, which increasingly supplements income from work with consumer loans and for the purchase of housing, not much space has been dedicated to other aspects of financialization. In the article, we examine the growing tendency of non-financial companies to borrow from banks for reasons that go beyond the financing of working capital and investment. In particular, they also borrow to finance mergers and acquisitions, dividends and above all, share buybacks. In addition, banks grant loans to non-bank financial institutions that buy the securities issued by companies and then resell them to the companies themselves for capital gains. Non-bank financial institutions now have access to both direct central bank funding and the ability to deposit with the central bank. The central bank will be inserted in this circuit too.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.004 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.003 |
| Science and technology studies | 0.001 | 0.006 |
| Scholarly communication | 0.004 | 0.005 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.003 | 0.004 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".