Money and Credit in Capitalist Economies: The Endogenous Money Approach

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E. Elgar, 1990 - Business & Economics - 326 pages
This widely acclaimed book argues that money is not the product of a simple deposit multiplier process. The impressive analysis includes discussions of the origins and nature of money and of the evolution of monetary institutions and theory. Unlike other recent works on 'endogenous money', this book incorporates liquidity preference theory within the analysis by carefully distinguishing money from liquidity and by showing how money, but not liquidity, is created on demand. This naturally leads to a role for liquidity preference in the determination of interest rates. Extensions then link money to financial instability, the expenditure multiplier, credit, saving, investment, development, deficits and growth.This controversial and provocative book will be essential reading for all economists and researchers concerned with monetary and macroeconomics. It will have particular appeal to post Keynesian economists.

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Contents

The Endogenous Approach to Money
1
Review of Evidence Supporting the Endogenous
8
Money and Institutional Evolution
24
Copyright

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About the author (1990)

L. Randall Wray, Professor of Economics, University of Missouri-Kansas City, US; Senior Scholar, Levy Economics Institute, US and Research Director, Centre for Full Employment and Price Stability, US

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