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The Creators of Inside Money

E-BookPDF1 - PDF WatermarkE-Book
167 Seiten
Englisch
Springer International Publishingerschienen am26.06.20181st ed. 2018
The book explores the endogenous creators of inside money, the commercial banks, and their key role in igniting the 2007-8 monetary crisis and the aftermath of the Great Recession. This is an area of study overlooked by the traditional approach in the form of neo-classical analysis, a body of theory based on a barter system of exchange. Money has evolved from a construct of barter to become a medium of exchange based on fiat money and loan creation by the banking system, underpinned by legal tender, and therefore, a creature of law. It is not a phenomenon exogenously controlled by the monetary authorities and simply assumed to be a 'veil' over the real economy, which just determines the absolute price level.

This monograph, in the eyes of the student, represents critical thinking and the realization of a more precise formulation of the endogenous money supply with various features systematically added in an attempt to derive a fully dynamic model of the monetary system, which will be straightforward to visualize and contrast with the benchmark approach.









D. Gareth Thomas is a Senior Lecturer in Economics at the University of Hertfordshire where he has been since 1990. He received a BA (Hons.) degree in Social Sciences from the Central London Polytechnic (now the University of Westminster), and a MSc degree in Economics from Birkbeck College, University of London, alongside a Postgraduate Certificate in Education from St. Mary's College, Institute of Education, University of London. Finally, he received a PhD in the econometric modelling of real investment from the University of Hertfordshire. Prior to joining the Hertfordshire Business School, he was a schoolteacher and the Head of Economics at Longdean School, Hemel Hempstead. His research interests include econometrics and monetary and health economics. He is the author of a number of research articles and has presented at numerous conferences. In 2010, he was highly commended for teaching excellence as Tutor of the Year by the University of Hertfordshire.mehr
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Produkt

KlappentextThe book explores the endogenous creators of inside money, the commercial banks, and their key role in igniting the 2007-8 monetary crisis and the aftermath of the Great Recession. This is an area of study overlooked by the traditional approach in the form of neo-classical analysis, a body of theory based on a barter system of exchange. Money has evolved from a construct of barter to become a medium of exchange based on fiat money and loan creation by the banking system, underpinned by legal tender, and therefore, a creature of law. It is not a phenomenon exogenously controlled by the monetary authorities and simply assumed to be a 'veil' over the real economy, which just determines the absolute price level.

This monograph, in the eyes of the student, represents critical thinking and the realization of a more precise formulation of the endogenous money supply with various features systematically added in an attempt to derive a fully dynamic model of the monetary system, which will be straightforward to visualize and contrast with the benchmark approach.









D. Gareth Thomas is a Senior Lecturer in Economics at the University of Hertfordshire where he has been since 1990. He received a BA (Hons.) degree in Social Sciences from the Central London Polytechnic (now the University of Westminster), and a MSc degree in Economics from Birkbeck College, University of London, alongside a Postgraduate Certificate in Education from St. Mary's College, Institute of Education, University of London. Finally, he received a PhD in the econometric modelling of real investment from the University of Hertfordshire. Prior to joining the Hertfordshire Business School, he was a schoolteacher and the Head of Economics at Longdean School, Hemel Hempstead. His research interests include econometrics and monetary and health economics. He is the author of a number of research articles and has presented at numerous conferences. In 2010, he was highly commended for teaching excellence as Tutor of the Year by the University of Hertfordshire.
Details
Weitere ISBN/GTIN9783319902579
ProduktartE-Book
EinbandartE-Book
FormatPDF
Format Hinweis1 - PDF Watermark
FormatE107
Erscheinungsjahr2018
Erscheinungsdatum26.06.2018
Auflage1st ed. 2018
ReiheProgress in Mathematics
Seiten167 Seiten
SpracheEnglisch
IllustrationenXXIII, 167 p. 37 illus.
Artikel-Nr.3458498
Rubriken
Genre9200

Inhalt/Kritik

Inhaltsverzeichnis
1;The Creators of Inside Money;2
1.1;Preface;6
1.2;Contents;18
1.3;List of Figures;20
1.4;List of Tables;22
2;Chapter 1 The Need for a Financial System?;23
2.1;1.1 Introduction;23
2.2;1.2 Saving and Lending;25
2.3;1.3 Borrowing;26
2.4;1.4 Lending, Borrowing and Wealth;26
2.5;1.5 Financial Institutions;27
2.6;1.6 Financial Markets;27
2.7;1.7 The Real Economy and the Financial System;29
2.7.1;1.7.1 All Money is a Matter of Belief;33
2.8;References and Further Reading;35
3;Chapter 2 The Money Supply;37
3.1;2.1 Introduction;37
3.2;2.2 The Beginnings of a Monetary Analysis;38
3.3;2.3 Modelling the Interaction of Agents;42
3.4;2.4 Conclusion/Summary;49
3.5;References and Further Reading;50
4;Chapter 3 The Adjustment Process of the Money Multiplier and the Loanable Funds Model;51
4.1;3.1 Introduction;51
4.2;3.2 The Geometric Mechanism and the Rounds;51
4.3;3.3 The Loanable Supply Function;55
4.4;3.4 The Loanable Demand Function and the Equilibrium in the Market;56
4.5;3.5 Money in an Open Economy;60
4.6;3.6 Conclusion/Summary;62
4.7;Further Reading;64
5;Chapter 4 The Demand for Money: Another Piece of the Jigsaw Puzzle;65
5.1;4.1 Introduction;65
5.2;4.2 The Demand for Money;67
5.3;4.3 The Inventory Approach;68
5.4;4.4 The Precautionary Motive;73
5.5;4.5 The Speculative Demand for Money;74
5.6;4.6 Money Demand and the Rate of Inflation;78
5.7;4.7 The Monetarists Revival of the Quantity Theory of Money;79
5.8;4.8 The Determination of the Rate of Interest on Savings;81
5.9;4.9 Conclusion/Summary;83
5.10;References and Further Reading;83
6;Chapter 5 The Rate of Interest and the New Monetary Theory of Loanable Funds;85
6.1;5.1 Introduction;85
6.2;5.2 Definition and Composition of Nominal Interest Rates;86
6.3;5.3 Classical Version of Interest Determination: Loanable Funds Theory (LFT);86
6.4;5.4 The Real Rate of Interest in LFT;87
6.5;5.5 The Introduction of the Rate of Inflation;88
6.6;5.6 The Fisher Effect;90
6.7;5.7 Liquidity Preference Theory (LPT);90
6.8;5.8 An Alternative Theory: The New Loanable Funds Theory;92
6.9;5.9 Conclusion/Summary;97
6.10;References and Further Reading;97
7;Chapter 6 The Term Structure of Interest Rates;99
7.1;6.1 Introduction;99
7.2;6.2 The Effect of Term;99
7.3;6.3 The Effect of Risk;102
7.4;6.4 The Expectations Theory;103
7.5;6.5 The Segmented Markets Theory;105
7.6;6.6 The Liquidity Premium and the Preferred Habitat Theories;105
7.7;6.7 Using the Term Structure of Interest Rates in the New Loanable Funds Theory;107
7.8;6.8 Conclusion/Summary;109
7.9;Appendix A: An Econometric Case Study: Does the Expectations Theory Exist?;109
7.10;References and Further Reading;117
8;Chapter 7 The Loanable Funds Cycle and the Variability of the Deposit Base;118
8.1;7.1 Introduction;118
8.2;7.2 The Loanable Funds Cycle;119
8.3;7.3 Three Types of Borrowers;120
8.4;7.4 Inflation and Expansion;124
8.5;7.5 Sowing the Seeds for a Crisis;125
8.6;7.6 Deflation and Stagnation;126
8.7;7.7 Recovery and Growth;132
8.8;7.8 Conclusions/Summary;133
8.9;Appendix A;135
8.10;Appendix B: A Portfolio Theory of Loanable Funds: Default and Risk;136
8.11;References and Further Reading;142
9;Chapter 8 A Catastrophe Theory of the Endogenous Cycle of Loanable Funds;143
9.1;8.1 Introduction;143
9.2;8.2 The Catastrophe Theory of the Endogenous Cycle of Loanable Funds;145
9.3;8.3 The Conclusions to Be Drawn;157
9.4;References and Further Reading;158
10;Chapter 9 Rebuilding the Theoretical Model of Inflation on Credit with Loanable Funds;160
10.1;9.1 Introduction;160
10.2;9.2 The Theories of Inflation;161
10.3;9.3 The Proposed Theoretical Model of Inflation with Loanable Funds;163
10.4;9.4 Conclusions/Summary;170
10.5;Appendix;171
10.6;References and Further Reading;172
11;Chapter 10 The Conclusions and the Policy Recommendations;174
11.1;10.1 Introduction;174
11.2;10.2 Stability of an Asymmetrical Economy;174
11.3;10.3 The Possibility of More Stabilisers;177
11.4;10.4 The Conclusion;178
12;Index;180mehr

Autor

D. Gareth Thomas is a Senior Lecturer in Economics at the University of Hertfordshire where he has been since 1990. He received a BA (Hons.) degree in Social Sciences from the Central London Polytechnic (now the University of Westminster), and a MSc degree in Economics from Birkbeck College, University of London, alongside a Postgraduate Certificate in Education from St. Mary's College, Institute of Education, University of London. Finally, he received a PhD in the econometric modelling of real investment from the University of Hertfordshire. Prior to joining the Hertfordshire Business School, he was a schoolteacher and the Head of Economics at Longdean School, Hemel Hempstead. His research interests include econometrics and monetary and health economics. He is the author of a number of research articles and has presented at numerous conferences. In 2010, he was highly commended for teaching excellence as Tutor of the Year by the University of Hertfordshire.
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