Money, Bank Credit, and Economic Cycles PDF Download
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Author: Jesús Huerta de Soto
Publisher: Ludwig von Mises Institute
ISBN: 1610163885
Category : Banks and banking
Languages : en
Pages : 938
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Book Description
Author: L. Albert Hahn
Publisher: Oxford University Press
ISBN: 0191034754
Category : Business & Economics
Languages : en
Pages : 260
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Book Description
L. Albert Hahn published the first edition of the Economic Theory of Bank Credit in 1920 and a radically revised third edition in 1930. Economic Theory of Bank Credit is a clear exposition of a theory of credit and stands in the tradition of Harley Withers, Henry Macleod, and Knut Wicksell. A theory of credit recognizes that banks are not only intermediaries of savings but in fact create money themselves. This idea is paired with a detailed account of the technical processes of the banking sector. In Part Two, Hahn provides an economic account of the effects of credit creation on the economy: banks vary their credit creation activity for various reasons and cause fluctuations in overall economic activity. Hahn therefore develops a monetary theory of the business cycle in the spirit of Schumpeter. The first and third editions draw different conclusions about central bank policy. The first edition is optimistic that an ever-lasting boom could be achieved, whilst the third edition sees the core function of central bank policy as smoothing economic fluctuations. This edition, translated into English for the first time, enables the reader to revisit this classic contribution to monetary theory. It features a complete translation of the first edition, key elements of the third edition, and a new introduction by Professor Harald Hagemann.
Author: Jesús Huerta de Soto
Publisher: Ludwig von Mises Institute
ISBN: 1610163885
Category : Banks and banking
Languages : en
Pages : 938
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Book Description
Author: Ludwig Von Mises
Publisher: Ludwig von Mises Institute
ISBN: 1610163222
Category : Credit
Languages : en
Pages : 507
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Book Description
Author: Mary Poovey
Publisher: University of Chicago Press
ISBN: 0226675327
Category : Business & Economics
Languages : en
Pages : 523
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Book Description
Banking, borrowing, investing, and even losing money - in other words, participating in the modern financial system - seem like routine activities of everyday life. This book looks at how this came to be the case by examining the history of financial instruments and representations of finance in 18th and 19th century Britain.
Author: Andreas Rahmatian
Publisher: Routledge
ISBN: 0429594844
Category : Law
Languages : en
Pages : 275
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Book Description
Money is a legal institution with principal economic and sociological consequences. Money is a debt, because that is how it is conceptualised and comes into existence: as circulating credit – if viewed from the creditor’s perspective – or, from the debtor’s viewpoint, as debt. This book presents a legal theory of money, based on the concept of dematerialised property. It describes the money creation or money supply process for cash and for bank money, and looks at modern forms of money, such as cryptocurrencies. It also shows why mainstream economics presupposes, but avoids an analysis of, money by effectively eliminating money from the microeconomic market model and declaring it as merely a neutral medium of exchange and unit of account. The book explains that money rather brings about and influences substantially the exchange or transaction it is supposed to facilitate only as a neutral medium. As the most liquid of all assets, money enables financialisation, monetisation and commodification in the economy. The central role of the banks in the money creation process and in the economy, and their strengthened position after the bank rescue measures in the wake of the financial crisis 2008-9 are also discussed. Providing a rigorous analysis of the most salient legal issues regarding money, this book will appeal to legal theorists, economists and anyone working in commercial or banking law.
Author: Carlos A. Peláez
Publisher: Springer
ISBN: 0230251250
Category : Business & Economics
Languages : en
Pages : 287
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Book Description
As the financial crisis engulfs the world economy, there is an ambitous agenda for regulatory reform. This book provides a comprehensive review of the analysis of finance, economics and the law and economics, illuminating past and current banking and financial regulation designed to prevent another credit/dollar crisis and global recession.
Author: Thomas A. Durkin
Publisher:
ISBN: 0195169921
Category : Business & Economics
Languages : en
Pages : 737
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Book Description
Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.
Author: L. Albert Hahn
Publisher: OUP Oxford
ISBN: 0191034746
Category : Business & Economics
Languages : en
Pages : 238
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Book Description
L. Albert Hahn published the first edition of the Economic Theory of Bank Credit in 1920 and a radically revised third edition in 1930. Economic Theory of Bank Credit is a clear exposition of a theory of credit and stands in the tradition of Harley Withers, Henry Macleod, and Knut Wicksell. A theory of credit recognizes that banks are not only intermediaries of savings but in fact create money themselves. This idea is paired with a detailed account of the technical processes of the banking sector. In Part Two, Hahn provides an economic account of the effects of credit creation on the economy: banks vary their credit creation activity for various reasons and cause fluctuations in overall economic activity. Hahn therefore develops a monetary theory of the business cycle in the spirit of Schumpeter. The first and third editions draw different conclusions about central bank policy. The first edition is optimistic that an ever-lasting boom could be achieved, whilst the third edition sees the core function of central bank policy as smoothing economic fluctuations. This edition, translated into English for the first time, enables the reader to revisit this classic contribution to monetary theory. It features a complete translation of the first edition, key elements of the third edition, and a new introduction by Professor Harald Hagemann.
Author: Liang Wang
Publisher: International Monetary Fund
ISBN: 1475572336
Category : Business & Economics
Languages : en
Pages : 54
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Book Description
We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We deliver closed-form solutions for money demand. We then show the model can simultaneously account for the price-change facts, cash-credit shares in micro payment data, and money-interest correlations in macro data. We analyze the effects of inflation on welfare, price dispersion and markups. We also describe nonstationary equilibria as self-fulfilling prophecies, which is standard, except here it entails dynamics in the price distribution.
Author: Geoffrey Ingham
Publisher: John Wiley & Sons
ISBN: 1509526854
Category : Political Science
Languages : en
Pages : 114
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Book Description
Few economic phenomena provoke as much confusion as money. From the first measures of value and the physical coins that circulated at the dawn human civilization to the era of ‘virtual’ money transmitted through cyberspace, it is ubiquitous and hugely important, yet economists cannot even agree on what it is. In this pithy, accessible book, Geoffrey Ingham cuts through this tangled web of debate to bring rare clarity. Ingham begins by examining the fundamental debate over the nature of money: is it fundamentally a natural, ‘neutral’ measure of pre-existing value produced by ‘real’ economic forces? Or is it a socially produced and politically manipulated force that creates new value? He proceeds to trace the import of these competing views for how we understand our contemporary monetary systems and their practical and policy-related implications, from their role in financial crises to proposals for reform. Students of political economy, economic sociology and monetary economics will find this book an invaluable primer, as will general readers wishing to understand how money shapes their lives, from the cash in their pocket to the numbers on their computer screen.
