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. |
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Page 223
... 7.15 Summary of Federal Reserve Open Market Transactions 239 7.16 Commercial Paper and Banker's Acceptances 240 7.17 Commitments and Contingencies of Commercial Banks 241 Table 7.1 Monetary aggregates 2 3 5 6 ( M1 223 Appendix.
... 7.15 Summary of Federal Reserve Open Market Transactions 239 7.16 Commercial Paper and Banker's Acceptances 240 7.17 Commitments and Contingencies of Commercial Banks 241 Table 7.1 Monetary aggregates 2 3 5 6 ( M1 223 Appendix.
Page 240
The Endogenous Money Approach L. Randall Wray. Table 7.16 Commercial paper and banker's acceptances ( millions of dollars ) 1 Commercial and 2 Acceptances Finance Company Paper Outstanding , Held by 1959 3202 Accepting Banks 319 1960 ...
The Endogenous Money Approach L. Randall Wray. Table 7.16 Commercial paper and banker's acceptances ( millions of dollars ) 1 Commercial and 2 Acceptances Finance Company Paper Outstanding , Held by 1959 3202 Accepting Banks 319 1960 ...
Page 246
... commercial paper market , which grew rapidly in 1970. After Penn Central was forced to default on its commercial paper , the Fed was forced to intervene to protect the commercial paper market . Since 1970 , it has been standard practice ...
... commercial paper market , which grew rapidly in 1970. After Penn Central was forced to default on its commercial paper , the Fed was forced to intervene to protect the commercial paper market . Since 1970 , it has been standard practice ...
Contents
The Endogenous Approach to Money | 1 |
Money and Institutional Evolution | 24 |
Premodern financial institutions and the rise | 30 |
Copyright | |
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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