Wilhelm Lautenbach’s credit mechanics – a precursor to the current money supply debate

the caspian sea s role in energy supply to china

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The Credit Money and State Money Approaches

Money, credit and banking

In monetary models in which agents are subject to trading shocks there is typically an ex-post inefficiency in that some agents are holding idle balances while others are cash constrained. This inefficiency creates a role for financial intermediaries, such as banks, who accept nominal deposits and make nominal loans. We show that in general financial intermediation improves the allocation and t...

Marx’s objections to credit theories of money

right, or the power of demanding services in general, which may, or may not be commodities’ (Ibid: 35). The most advanced form of such transferable debt had no intrinsic value, typically paper, so the intrinsic value of silver or gold as money was ‘secondary’ (Ibid: 45). Gold and silver were only the most civilised of a lineage of representatives of labour, including shells and chocolate — clea...

Credit Supply to Bankrupt Households

The rate of households filing for personal bankruptcy soared in the past two decades, spurring extensive investigations on its causes and policy implications. Recent research suggests that the driving factor may be the sharp decrease in the cost of providing credit, especially unsecured credit cards, to the borrowers that would be not served by traditional lenders (e.g., Livshits, MacGee, and T...