scholarly journals THE MONEY SUPPLY AND POST KEYNESIAN MONETARY THEORY

1986 ◽  
Author(s):  
ΔΕΣΠΟΙΝΑ ΜΕΝΓΚΟΥΣΗ
Keyword(s):  
Money Supply ◽  
Monetary Theory

Cultural Consequences of Monetary Interventions

2016 ◽  
Vol 22 (1) ◽  
Author(s):  
Jörg Guido Hülsmann
Keyword(s):  
Twentieth Century ◽  
Money Supply ◽  
Monetary Theory ◽  
Credit Expansion ◽  
Demand For Money ◽  
Cultural Implications

AbstractHayek and Keynes are usually perceived as antipodes in one of the grand macroeconomic debates of the twentieth century. But they also agreed on some basic issues of monetary theory, most notably on the harmful character of money hoarding and the desirability of a flexible money supply to offset or neutralise changes in the demand for money. In our paper we highlight some of the cultural implications of a permanent expansion of the money supply. We will focus on the specific case of credit expansion (

scholarly journals Les post-keynésiens et la monnaie endogène

2009 ◽  
Vol 58 (1-2) ◽  
pp. 191-221 ◽  
Author(s):  
Marc Lavoie
Keyword(s):  
Monetary Policy ◽  
Money Supply ◽  
Central Banks ◽  
Monetary Theory ◽  
Production Economy ◽  
Rate Of Growth ◽  
Endogenous Process

Abstract This paper attempts to identify the peculiar aspects of post-Keynesian monetary theory. In a modern production economy, the growth of the stock of money is an essentially endogenous process. It results from the Financial needs of firms to pay out incomes to households. It follows that monetary policy is asymmetrical: central banks cannot increase the rate of growth of the money supply, they can only restrain it. Hence, inflation is never and nowhere a monetary phenomenon.

Do Japanese Economic Puzzles Validate Modern Monetary Theory?

2019 ◽  
Vol 11 (04) ◽  
pp. 98-107
Author(s):  
Yuqing XING
Keyword(s):  
Exchange Rates ◽  
Money Supply ◽  
Public Debt ◽  
Monetary Theory ◽  
Financial Capacity ◽  
Successful Experiment ◽  
Financial Obligations ◽  
Dramatic Growth

Modern monetary theory (MMT) claims that a monetary sovereign government has an unlimited financial capacity to purchase whatever it wishes and fulfil its future financial obligations. It is impossible for a monetary sovereign government to be insolvent or go bankrupt. MMT advocates often cite Japan as a successful experiment of the MMT, because it is the economy that has the highest public debt among the OECD (Organisation of Economic Co-operation and Development) economies and experienced dramatic growth in high-powered money supply since 2013, but has low inflation, stable yen exchange rates and zero interest.

Faktor-Faktor Yang Mempengaruhi Nilai Tukar Dollar Amerika Serikat Terhadap Rupiah Tahun 2000–2013

2017 ◽  
Vol 1 (2) ◽  
pp. 177-191
Author(s):  
Rizki Rahma Kusumadewi ◽  
Wahyu Widayat
Keyword(s):  
Time Series ◽  
Exchange Rate ◽  
Money Supply ◽  
Time Series Data ◽  
The United States ◽  
Economic Conditions ◽  
Series Data ◽  
Arch Model ◽  
United States Dollar ◽  
The Exchange Rate

Exchange rate is one tool to measure a country’s economic conditions. The growth of a stable currency value indicates that the country has a relatively good economic conditions or stable. This study has the purpose to analyze the factors that affect the exchange rate of the Indonesian Rupiah against the United States Dollar in the period of 2000-2013. The data used in this study is a secondary data which are time series data, made up of exports, imports, inflation, the BI rate, Gross Domestic Product (GDP), and the money supply (M1) in the quarter base, from first quarter on 2000 to fourth quarter on 2013. Regression model time series data used the ARCH-GARCH with ARCH model selection indicates that the variables that significantly influence the exchange rate are exports, inflation, the central bank rate and the money supply (M1). Whereas import and GDP did not give any influence.

National Currency Appreciation and Growth of the Russian Economy

2004 ◽  
pp. 95-111
Author(s):  
T. Zolotoukhina
Keyword(s):  
Economic Growth ◽  
Exchange Rate ◽  
Money Supply ◽  
Capital Flows ◽  
National Currency ◽  
Economic Factors ◽  
Exchange Market ◽  
Russian Economy ◽  
Macroeconomic Indicators

The problem of interaction between Russian currency appreciation and positive dynamics of macroeconomic indicators is studied. Main economic factors of ruble appreciation are analyzed. Consequences of the Russian Central Bank's policy directed to oppose ruble appreciation and problems in financial area due to the increase of money supply through the exchange market are considered. Influence of exchange rate appreciation on economic growth, inflation, export, import, capital flows are discussed. It is concluded that Russian ruble appreciation stimulates an increase in efficiency of the Russian economy.

Investment Processes in the Russian Economy

2004 ◽  
pp. 4-27 ◽  
Author(s):  
V. Lisin
Keyword(s):  
Economic Growth ◽  
Exchange Rate ◽  
Money Supply ◽  
Capital Flows ◽  
Economic Factors ◽  
Exchange Market ◽  
Russian Economy ◽  
Macroeconomic Indicators

The problem of interaction between Russian currency appreciation and positive dynamics of macroeconomic indicators is studied. Main economic factors of ruble appreciation are analyzed. Consequences of the Russian Central Bank's policy directed to oppose ruble appreciation and problems in financial area due to the increase of money supply through the exchange market are considered. Influence of exchange rate appreciation on economic growth, inflation, export, import, capital flows are discussed. It is concluded that Russian ruble appreciation stimulates an increase in efficiency of the Russian economy.

Is money the creation of the state or the market? (On the “modern monetary theory” as described in the textbook by W. Mitchell, L. R. Wray and M. Watts “Macroeconomics”)

2020 ◽  
pp. 121-134
Author(s):  
S. A. Andryushin
Keyword(s):  
Public Debt ◽  
Scientific Community ◽  
Full Employment ◽  
Term Effect ◽  
Scientific Concept ◽  
Monetary Theory ◽  
Left Wing ◽  
Medium Term ◽  
Short Term ◽  
Stimulation Of

In 2019, a textbook “Macroeconomics” was published in London, on the pages of which the authors presented a new monetary doctrine — Modern Monetary Theory, MMT, — an unorthodox concept based on the postulates of Post-Keynesianism, New Institutionalism, and the theory of Marxism. The attitude to this scientific concept in the scientific community is ambiguous. A smaller part of scientists actively support this doctrine, which is directly related to state monetary and fiscal stimulation of full employment, public debt servicing and economic growth. Others, the majority of economists, on the contrary, strongly criticize MMT, arguing that the new theory hides simple left-wing populism, designed for a temporary and short-term effect. This article considers the origins and the main provisions of MMT, its discussions with the mainstream, criticism of the basic tenets of MMT, and also assesses possible prospects for the development of MMT in the medium term.

The end of Alchemy of Finance and Sovereign Money (on the books by M. King “The end of Alchemy: Money, Banking and the Future of the Global Economy” and by J. Huber “Sovereign Money. Beyond Reserve Banking”)

2017 ◽  
pp. 131-141 ◽  
Author(s):  
V. Yefimov
Keyword(s):  
Economic Policy ◽  
Central Bank ◽  
Institutional Theory ◽  
Money Supply ◽  
Government Spending ◽  
Global Economy ◽  
Private Banks ◽  
Money Creation ◽  
Ministry Of Finance ◽  
Reserve Banking

The review discusses the institutional theory of money considered in the books by King and Huber, and the conclusions that follow from it for economic policy. In accordance with this theory, at present the most of the money supply is created not by the Central Bank but by private banks. When a bank issues a loan, new money is created, and when the loan is repaid this money is destructed. The concept of sovereign money involves the monopoly of money creation of the central bank. In this case the most of newly created money is handed over to the ministry of finance to implement government spending.

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