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 93
... central bank ) will the money supply curve become flatter . Returning to the exogenous approach , orthodoxy admits that the money supply curve is not now completely exogenous . Monetarists argue that misguided monetary policy has ...
... central bank ) will the money supply curve become flatter . Returning to the exogenous approach , orthodoxy admits that the money supply curve is not now completely exogenous . Monetarists argue that misguided monetary policy has ...
Page 184
... central bank's ability to influence the interest rate , because central bank quantity constraints are less effective in an environment with auction markets and central bank willingness to guarantee virtually all financial instruments ...
... central bank's ability to influence the interest rate , because central bank quantity constraints are less effective in an environment with auction markets and central bank willingness to guarantee virtually all financial instruments ...
Page 291
... central bank to provide state finance . The power of the central bank to do so was enhanced by providing special powers which would ultimately make the liabilities of the central bank more desirable than privately issued liabilities ...
... central bank to provide state finance . The power of the central bank to do so was enhanced by providing special powers which would ultimately make the liabilities of the central bank more desirable than privately issued liabilities ...
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