Sorting out the issues: the two debates (1936/37; 1983-86) on Keynes's finance motive revisited

Soon after the publication of The general theory, Keynes engaged in a debate with Ohlin, Robertson and others as to the relation between investment, saving, finance and interest rates. In the course of this debate, Keynes c1arified his liquidity preference theory by arguing that investment expenditures could influence the interest rate through a fourth motive to demand money, the finance motive. This paper reconstructs Keynes's arguments and the criticisms he received from loanable funds theorists in the attempt to separate the issues that were at stake in the exchange. Logo apos a publicacao da Teoria Geral, Keynes envolveu-se em um debate com Ohlin, Robertson e outros a respeito da relacao entre investimento, poupanca, financiamento e taxa de juros. No curso do debate, Keynes clarificou sua teoria da preferencia pela liquidez argumentando que os gastos com in­ vestimento poderiam influenciar a taxa de juros atraves de um quarto motivo para demandar moeda, o motivo financeiro. Este texto recupera os argumentos de Keynes e as criticas que recebeu dos teoricos dos fundos emprestaveis, na tentativa de separar os temas que estavam em jogo.