منابع مشابه
The Money Supply in Macroeconomics
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...
متن کاملPrivate Supply of Fiat Money
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 ...
متن کاملEndogenous supply of fiat money
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...
متن کاملMoney Supply in Bahrain , 1974 – 2007
Bahrain is a very small oil-exporting country in the Middle East with a fixed exchange rate against the US dollar and has no restricton capital flows. Because its economy evolves around the oil sector, its economy is thought to be vulnerable to oil price movements. It is feared that the recent oil price hike would feed from foreign assets to monetary base and money supply to inflation. Empirica...
متن کاملMoney Supply-Inflation Relationship in Postcommunist Russia
Numerous empirical studies have been devoted to analyses of diverse inflation processes and have demonstrated consistent patterns for money price relationships for various market economies. While these propositions may be valid for market economies, they do not seem to be holding for the majority of transition economies. Except for Russia and Poland, no systematic pattern for the money price re...
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ژورنال
عنوان ژورنال: African Journal of Economic Policy
سال: 2006
ISSN: 1116-4875
DOI: 10.4314/ajep.v12i1.24251