Money and Credit in Capitalist Economies: The Endogenous Money Approach
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This 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.
Format:Hardcover
Language:English
ISBN:1852783567
ISBN13:9781852783563
Release Date:March 1990
Publisher:Edward Elgar Publishing
Length:352 Pages
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