Money and Credit in Capitalist Economies: The Endogenous Money ApproachThis 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. |
From inside the book
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Page 33
... banking institutions ' in the early Middle Ages : pawnbrokers , money changers , deposit bankers , and merchant bankers ( the elite ) ( Lopez 1979 , pp . 6-7 ) . As commerce grew , new opportunities emerged for the merchant bankers to ...
... banking institutions ' in the early Middle Ages : pawnbrokers , money changers , deposit bankers , and merchant bankers ( the elite ) ( Lopez 1979 , pp . 6-7 ) . As commerce grew , new opportunities emerged for the merchant bankers to ...
Page 36
... bankers did not play a big role as depositories - but did accept short term funds in order to make payments on behalf of the depositor ( ibid . , p . 96 ) . The crown had strict prohibitions on export of coin , so Italian bankers would ...
... bankers did not play a big role as depositories - but did accept short term funds in order to make payments on behalf of the depositor ( ibid . , p . 96 ) . The crown had strict prohibitions on export of coin , so Italian bankers would ...
Page 167
... bankers to raise the rate of interest charged on long term finance as the quantity of finance extended increases . Investment bankers , like commercial bankers , must be concerned with leverage ratios because repayment of loans is ...
... bankers to raise the rate of interest charged on long term finance as the quantity of finance extended increases . Investment bankers , like commercial bankers , must be concerned with leverage ratios because repayment of loans is ...
Contents
The Endogenous Approach to Money | 1 |
Money and Institutional Evolution | 24 |
Premodern financial institutions and the rise | 30 |
Copyright | |
15 other sections not shown
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Common terms and phrases
balance sheets bank liabilities bank notes Bank of England banking system borrowers capitalist cash cent central bank certificates of deposit Chapter circulation Column commercial banks commercial paper commitments commodity money constrained consumption country banks created credit money currency debt demand deposits demand for money discount rate discount window economy endogenous approach endogenous money approach endogenously determined excess reserves exogenous expansion expenditures Fed funds market fiat money financial assets financial institutions financial system firms flows foreign function giro hoards ibid income increase innovations investment Kaldor Keynes's Keynesian leverage ratios liquid assets liquidity preference theory loanable funds long term bonds markup means of payment medium of exchange Minsky Monetarism Monetarist monetary aggregates money demand money supply curve Moore off-balance sheet open market purchases portfolios quantity constraints rate of growth rate of interest repurchase agreements required reserves reserve requirements rise saving sector securitization spending surplus units term interest rates velocity