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
Results 1-3 of 51
Page 194
... commitments to a payment stream before they have obtained means of payment . A well functioning capitalist economy requires that means of payment can be acquired as necessary at reasonable terms to enable economic units to meet commitments ...
... commitments to a payment stream before they have obtained means of payment . A well functioning capitalist economy requires that means of payment can be acquired as necessary at reasonable terms to enable economic units to meet commitments ...
Page 213
... commitments Banks frequently engage in ' commitments to finance which do not show up as actual funds lent or borrowed ' ( Minsky , 1986b , p . 229 ) . Banks are increasingly involved in making markets for nonbank credit through ...
... commitments Banks frequently engage in ' commitments to finance which do not show up as actual funds lent or borrowed ' ( Minsky , 1986b , p . 229 ) . Banks are increasingly involved in making markets for nonbank credit through ...
Page 241
... Commitments to make or purchase loans 2. Futures and Forward Contracts -Commitments to Purchase -Commitments to Sell 1985 1986 1987 543,248 572,079 613,767 57,227 99,761 122,668 40,475 76,686 137,562 3. When - issued Securities -Commitments ...
... Commitments to make or purchase loans 2. Futures and Forward Contracts -Commitments to Purchase -Commitments to Sell 1985 1986 1987 543,248 572,079 613,767 57,227 99,761 122,668 40,475 76,686 137,562 3. When - issued Securities -Commitments ...
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
Other editions - View all
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