Credit Theory Of Money

Author : Liang Wang,Randall Wright,Lucy Qian Liu
Publisher : International Monetary Fund
Page : 54 pages
File Size : 44,7 Mb
Release : 2017-01-27
Category : Business & Economics
ISBN : 9781475572339

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Money and Credit by Liang Wang,Randall Wright,Lucy Qian Liu Pdf

We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We deliver closed-form solutions for money demand. We then show the model can simultaneously account for the price-change facts, cash-credit shares in micro payment data, and money-interest correlations in macro data. We analyze the effects of inflation on welfare, price dispersion and markups. We also describe nonstationary equilibria as self-fulfilling prophecies, which is standard, except here it entails dynamics in the price distribution.

Author : Ludwig Von Mises
Publisher : Ludwig von Mises Institute
Page : 507 pages
File Size : 44,7 Mb
Release : 1953
Category : Credit
ISBN : 9781610163224

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The Theory of Money and Credit by Ludwig Von Mises Pdf

Author : L. Randall Wray
Publisher : Edward Elgar Publishing
Page : 296 pages
File Size : 53,8 Mb
Release : 2004-01-01
Category : Business & Economics
ISBN : 1843769840

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Credit and State Theories of Money by L. Randall Wray Pdf

In 1913 and 1914, A. Mitchell Innes published a pair of articles that stand as two of the best pieces written in the twentieth century on the nature of money. Only recently rediscovered, these articles are reprinted and analyzed here for the first time.

Author : Andreas Rahmatian
Publisher : Routledge
Page : 260 pages
File Size : 49,7 Mb
Release : 2019-10-28
Category : Law
ISBN : 9780429594847

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Credit and Creed by Andreas Rahmatian Pdf

Money is a legal institution with principal economic and sociological consequences. Money is a debt, because that is how it is conceptualised and comes into existence: as circulating credit – if viewed from the creditor’s perspective – or, from the debtor’s viewpoint, as debt. This book presents a legal theory of money, based on the concept of dematerialised property. It describes the money creation or money supply process for cash and for bank money, and looks at modern forms of money, such as cryptocurrencies. It also shows why mainstream economics presupposes, but avoids an analysis of, money by effectively eliminating money from the microeconomic market model and declaring it as merely a neutral medium of exchange and unit of account. The book explains that money rather brings about and influences substantially the exchange or transaction it is supposed to facilitate only as a neutral medium. As the most liquid of all assets, money enables financialisation, monetisation and commodification in the economy. The central role of the banks in the money creation process and in the economy, and their strengthened position after the bank rescue measures in the wake of the financial crisis 2008-9 are also discussed. Providing a rigorous analysis of the most salient legal issues regarding money, this book will appeal to legal theorists, economists and anyone working in commercial or banking law.

Author : Charles Rist
Publisher : Routledge
Page : 571 pages
File Size : 43,8 Mb
Release : 2016-11-10
Category : Business & Economics
ISBN : 9781315440941

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History of Monetary and Credit Theory by Charles Rist Pdf

Originally published in 1940, this book traces the development of theories concerning currency and credit from the beginning of the eighteenth century to the middle of the twentieth. It provides a comprehensive account of the political and economic conditions in which the theories and controversies arose, with the result that the work has become a classic in its field.

Author : Alain Parguez,Seccareccia, Mario,University of Ottawa. Department of Economics
Publisher : Department of Economics, University of Ottawa = Dép. de science économique, Univeristé d'Ottawa
Page : 30 pages
File Size : 48,8 Mb
Release : 1999
Category : Credit control
ISBN : 0889272700

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Credit theory of money by Alain Parguez,Seccareccia, Mario,University of Ottawa. Department of Economics Pdf

Author : Alfred Mitchell-Innes
Publisher : Unknown
Page : 48 pages
File Size : 53,9 Mb
Release : 1914
Category : Electronic
ISBN : 1646793633

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The Credit Theory of Money by Alfred Mitchell-Innes Pdf

"[What is Money? and The Credit Theory of Money is] the best pair of articles on the nature of money written in the twentieth century." -L. Randall Wray, professor of Economics, Bard College (2004) The Credit Theory of Money (1914) is one of two important articles written by British economist Alfred Mitchell-Innes about money and credit. Together with Mitchell-Innes' other article, What is Money? (also available from Cosimo Classics), it influenced Modern Monetary Theory, which states that governments can print as much money as they need without having to borrow or tax to finance spending. The Credit Theory of Money is essential reading for students of monetary theories and economic history.

Author : Henry Dunning Macleod
Publisher : Unknown
Page : 356 pages
File Size : 45,6 Mb
Release : 1889
Category : Banks and banking
ISBN : HARVARD:32044081960056

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The Theory of Credit by Henry Dunning Macleod Pdf

Author : Ludwig von Mises
Publisher : Simon and Schuster
Page : 460 pages
File Size : 52,9 Mb
Release : 2013-08-01
Category : Business & Economics
ISBN : 9781626365223

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The Theory of Money and Credit by Ludwig von Mises Pdf

“It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments.” – from The Theory of Money and Credit Originally published in 1912, Ludwig von Mises’s The Theory of Money and Credit remains today one of economic theory’s most influential and controversial treatises. Von Mises’s examination into monetary theory changed forever the world of economic thought when he successfully integrated “macroeconomics” into “microeconomics” —previously deemed an impossible task —as well as offering explanations into the origin, value and future of money. One hundred years later, von Mises and the Austrian school of economic theory are still fiercely debated by world economists in their search for the solution to America’s current financial crisis. His theorems continue to inspire politicians and market experts who aim to raise up the common man and reduce the financial power of governments. In a preface added in 1952, von Mises urges the people of the world to see economic truth: “The great inflations of our age are not acts of God. They are man-made or, to say it bluntly, government-made. They are the off-shoots of doctrines that ascribe to governments the magic power of creating wealth out of nothing and of making people happy by raising the ‘national income.’” “The best book on money ever written.” —Murray Rothbard, economist and historian “The greatest economist of the twentieth century.” —Sandeep Jaitly, economist

Author : John Smithin
Publisher : Rowman & Littlefield
Page : 258 pages
File Size : 55,7 Mb
Release : 2018-09-15
Category : Business & Economics
ISBN : 9781498542821

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Rethinking the Theory of Money, Credit, and Macroeconomics by John Smithin Pdf

This book provides a comprehensive re-working of the basic principles of monetary macroeconomics in an alternative monetary model (AMM) of economic growth, the business cycle, inflation and income distribution. These principles differ considerably from those advanced in the standard macroeconomics literature and in textbooks. However, the latter have been demonstrably unsuccessful in the promotion of usable macroeconomic policy advice for the past several years, actually decades. A different approach is needed. In particular, the new approach takes seriously the vital role of credit creation and endogenous money in capitalism. It does not imagine that all of the difficult questions of economic policy-making may be resolved within a paradigm that conceptualizes economic activity as merely a question of barter exchange. The result is a blueprint for a set of growth-friendly macroeconomic policies which will promote full employment, financial stability and higher real wages – essentially for the benefit of the long-suffering middle and working classes rather for the chamber of commerce and financial interests.

Author : Jesús Huerta de Soto
Publisher : Ludwig von Mises Institute
Page : 938 pages
File Size : 55,5 Mb
Release : 2006
Category : Banks and banking
ISBN : 9781610163880

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Money, Bank Credit, and Economic Cycles by Jesús Huerta de Soto Pdf

Author : P. Korteweg,P.D. van Loo
Publisher : Springer Science & Business Media
Page : 118 pages
File Size : 49,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461342458

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The market for money and the market for credit by P. Korteweg,P.D. van Loo Pdf

In most Keynesian-type macroeconomic models the financial sector is modelled in terms of money demand, money supply and money market equilibrium. The market equations for private and government debt, i.e. credit, are implicit in these models by virtue of Walras' Law and need not be explicitly specified. Market equations for existing physical capital, or shares in capital, are absent from these models on the tacit assumption that physical capital cannot be traded and, consequently, has no market price. Money in these models is a substitute for private and government debt, not for current output, let alone for physical capital (or claims thereon). Models with these characteristics have three basic weaknesses. They narrow down the monetary transmission mechanism to a small subset of assets. Moreover, they produce downward-biased estimates of the degree of controllability of money in open economies if money and claims on physical capital are actually substitutes. Finally, these models are ill-suited to analyze adequately the effects of open market operations and of financing government budget deficits which change the stocks of money and debt.

Author : Anonim
Publisher : Ludwig von Mises Institute
Page : 265 pages
File Size : 46,6 Mb
Release : 2024-07-03
Category : Electronic
ISBN : 9781610163316

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Theory of Money and Credit Study Guide, The by Anonim Pdf

Author : Geoffrey Ingham
Publisher : John Wiley & Sons
Page : 112 pages
File Size : 44,9 Mb
Release : 2020-01-08
Category : Political Science
ISBN : 9781509526857

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Money by Geoffrey Ingham Pdf

Few economic phenomena provoke as much confusion as money. From the first measures of value and the physical coins that circulated at the dawn human civilization to the era of ‘virtual’ money transmitted through cyberspace, it is ubiquitous and hugely important, yet economists cannot even agree on what it is. In this pithy, accessible book, Geoffrey Ingham cuts through this tangled web of debate to bring rare clarity. Ingham begins by examining the fundamental debate over the nature of money: is it fundamentally a natural, ‘neutral’ measure of pre-existing value produced by ‘real’ economic forces? Or is it a socially produced and politically manipulated force that creates new value? He proceeds to trace the import of these competing views for how we understand our contemporary monetary systems and their practical and policy-related implications, from their role in financial crises to proposals for reform. Students of political economy, economic sociology and monetary economics will find this book an invaluable primer, as will general readers wishing to understand how money shapes their lives, from the cash in their pocket to the numbers on their computer screen.

Author : L. Albert Hahn
Publisher : Oxford University Press
Page : 160 pages
File Size : 41,9 Mb
Release : 2015-10-08
Category : Business & Economics
ISBN : 9780191034756

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Economic Theory of Bank Credit by L. Albert Hahn Pdf

L. Albert Hahn published the first edition of the Economic Theory of Bank Credit in 1920 and a radically revised third edition in 1930. Economic Theory of Bank Credit is a clear exposition of a theory of credit and stands in the tradition of Harley Withers, Henry Macleod, and Knut Wicksell. A theory of credit recognizes that banks are not only intermediaries of savings but in fact create money themselves. This idea is paired with a detailed account of the technical processes of the banking sector. In Part Two, Hahn provides an economic account of the effects of credit creation on the economy: banks vary their credit creation activity for various reasons and cause fluctuations in overall economic activity. Hahn therefore develops a monetary theory of the business cycle in the spirit of Schumpeter. The first and third editions draw different conclusions about central bank policy. The first edition is optimistic that an ever-lasting boom could be achieved, whilst the third edition sees the core function of central bank policy as smoothing economic fluctuations. This edition, translated into English for the first time, enables the reader to revisit this classic contribution to monetary theory. It features a complete translation of the first edition, key elements of the third edition, and a new introduction by Professor Harald Hagemann.