By Philip Arestis
This significant new guide contains over 30 contributions that discover the whole variety of fascinating and fascinating paintings on funds and finance, at the moment occurring inside of heterodox economics. there are various subject matters and features of other financial and monetary economics yet significant ones will be pointed out. the 1st matters the nature of cash: cash is credits created throughout the economic climate in the method of personal loan construction. the second one subject is that cash is endogenous and never exogenous. Contributions to the instruction manual disguise the origins and nature of cash, specified analyses of endogenous cash, surveys of empirical paintings on endogenous funds and the character of economic coverage while cash is endogenous. the second one topic makes a speciality of the economic system, and the belief that it truly is in general topic to volatility, instability and main issue. This guide will certainly function the final word consultant to the complete spectrum of different financial economics. Philip Arestis and Malcolm Sawyer have played a useful activity in compiling a accomplished guide, written by way of prime experts, that should be required examining via higher point undergraduate and postgraduate scholars learning funds, finance and macroeconomics in addition to heterodox and financial economists extra normally.
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Additional resources for A Handbook of Alternative Monetary Economics (Elgar Original Reference)
Example text
Davidson, P. (1989), ‘On the endogeneity of money once more’, Journal of Post Keynesian Economics, 11(3), 488–90. Docherty, P. (2005), Money and Employment: A Study of the Theoretical Implications of Endogenous Money, Cheltenham, UK and Northampton, MA, USA: Edward Elgar. C. (1996), ‘Horizontalism: a critique’, Cambridge Journal of Economics, 20(4), 497–508. C. C. Harcourt and P. Riach (eds), The Second Edition of Keynes’s General Theory, London: Routledge, pp. 61–78. S. (1986), ‘The demand for money further considered’, Toward a New Economics: Essays in PostKeynesian and Institutionalist Theory, London: Macmillan, pp.
Parguez, A. and Seccareccia, M. (2000), ‘The credit theory of money: the monetary circuit approach’, in J. , London: Routledge, pp. 101–23. Pivetti, M. (1988), ‘On the monetary explanation of distribution: a rejoinder to Nell and Wray’, Political Economy: Studies in the Surplus Approach, 4(2), 275–83. Pollin, R. (1991), ‘Two theories of money supply endogeneity: some empirical evidence’, Journal of Post Keynesian Economics, 13(3), 366–96. Pollin, R. ’, in G. J. Nell (eds), Money in Motion: The Post Keynesian and Circulation Approaches, London: Macmillan, pp.
Since bankers will always do their utmost to minimize their reserve requirements’. In a world with zeroreserve requirements, hence without reserve restraints, we shall still observe both liability management and financial innovation. These are features of any banking system, even when the central bank is pegging interest rates. 28 Alternative monetary economics The impossibility of an excess supply of money Kaldor and Trevithick’s (1981) and Moore’s (1988) intuition – that there can never be an excess supply of money, a claim often associated with the reflux principle – has often been questioned from various quarters, but this claim is vindicated by Godley’s model and method.