Money in finance

Research, Preprint, Book OPEN
L. Randall Wray
  • Publisher: Annandale-on-Hudson, NY: Levy Economics Institute of Bard College
  • Subject: E51 | financial institutions | E50 | E52 | B14 | B15 | E12 | financial innovation | liquidity | G14 | Robert Clower | money of account | chartalism | Hyman Minsky | E40 | E42 | B22 | G21 | financial instruments | Money; Money of Account; Finance; Financial Instruments; Financial Institutions; Financial Innovation; Financialization; Liquidity; Saving; State Money; Chartalism; Shadow Bank; Hyman Minsky; Securitization; Robert Clower | state money | securitization | saving | money | Economics and Finance, | financialization | shadow bank | B52 | finance
    • jel: jel:E42 | jel:B22 | jel:E40 | jel:G21 | jel:G14 | jel:E52 | jel:E51 | jel:B15 | jel:E12 | jel:B14 | jel:E50 | jel:B52
      ddc: ddc:330

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regula... View more
  • References (8)

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    Clower, Robert. 1965. “The Keynesian Counter-Revolution: A Theoretical Appraisal.” in F.H. Hahn and F.P.R. Brechling (eds.), The Theory of Interest Rates. London: Macmillan.

    Fisher, Irving. 1933. “The debt-deflation theory of great depressions.” Economica 1(4): 337-357.

    Keynes, John Maynard. 1964. The General Theory of Employment, Interest and Money. New York and London: Harcourt Brace Jovanovich.

    Minsky, Hyman P. 2008 [1986]. Stabilizing an Unstable Economy. New York: McGraw Hill.

    Wray, L. Randall. 2004. Credit and State Theories of Money: the contributions of A. Mitchell Innes. Cheltenham, UK: Edward Elgar.

    ----. 1990. Money and Credit in Capitalist Economies: the endogenous money approach. Aldershot. UK: Edward Elgar.

    ----. 1998. Understanding Modern Money: the key to full employment and price stability. Cheltenham, UK: Edward Elgar.

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