Endogeneity of Money Supply: Evidence From Turkey
نویسندگان
چکیده
منابع مشابه
Endogeneity of Money and the State in Marx’s theory of Non-commodity Money
Moseley and Saros’s MELT in case of inconvertible paper money In developing Marx’s non-commodity theory of money which is largely an uncultivated area in Marxian economics, one of the crucial issues at stake is to establish the monetary expression of labour time (MELT) in case of inconvertible paper money consistently with Marx’s theory in general and not rejecting his labour theory of value in...
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The Marxian notion of value is a complex theoretical construct, which replaces the Classical semi-empirical category of “labour expended” with an inherently monetary economic theory: Value discloses a historically specific social relation (the “market economy” or capitalism) which manifests itself in money. The value of a commodity cannot be determined as such, but only through its form of appe...
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The question of whether private money is viable in the absence of any external control is an old one. We address it in an economy with decentralized trade and information where a self-interested agent, the bank, has the monopoly over the provision of fiat money and is not limited on how much it can issue over time. The assumption of decentralized information is a crucial one and sets this work ...
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We consider whether reputation concerns can discipline the behavior of a long-lived selfinterested agent who has a monopoly over the provision of fiat money. We obtain that when this agent can commit to a choice of money supply, there is a monetary equilibrium where it never overissues. We show, however, that such equilibria do not exist when there is no commitment. This happens because the inc...
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The notion that the quantity of money in an economy might be endogenously determined has a long history. Even so, it has never been part of mainstream economic thinking which has remained dominated by the view that the policymaker somehow controls the stock of money and that interest rates are market-determined. However, the need to design and operate a monetary policy that works for modern eco...
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ژورنال
عنوان ژورنال: International Journal of Finance & Banking Studies (2147-4486)
سال: 2017
ISSN: 2147-4486
DOI: 10.20525/ijfbs.v6i1.680