Money in a theory of finance /

By:

Gurley, John G

Contributor(s):

Shaw, Edward S

Material type: Text

TextPublication details: Washington,D.C. : Brookings Institution, c1960.Description: xiv, 371 p. :illSubject(s):

DDC classification:

332 GUR

LOC classification:

HG173 .G8

Summary: THE recent volume by Gurley and Shaw presents a theory of the role of financial institutions in a growing economy. A neoclassical world is assumed in which prices are flexible, employment is full, and money illusion is absent. The authors' procedure is to begin with a rudimentary economy which contains only one financial market, that for money, and one financial institution, the government monetary system. Their second model adds a financial market for homogeneous business bonds, issued by private firms, which are purchased by both the government banking system and the public. The third model introduces a third financial market: that for non-monetary indirect assets which are issued by a group of nonmonetary financial intermediaries that purchase business bonds. In a final chapter the governmental monetary system is replaced by a private banking system, and the quantity of money outstanding reflects profit considerations of the private banking system, which is subject to control by a central bank.

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Holdings
Item type	Current library	Collection	Call number	Status	Date due	Barcode
Monograph & others	CBN HQ Library General Stacks	Non-fiction	332 GUR (Browse shelf(Opens below))	Available		31008100144324

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Includes bibliographical footnotes and index.

THE recent volume by Gurley and Shaw presents a theory of the role of financial institutions in a growing economy. A neoclassical world is assumed in which prices are flexible, employment is full, and money illusion is absent. The authors' procedure is to begin with a rudimentary economy which
contains only one financial market, that for money, and one financial institution, the government monetary system. Their second model adds a financial market for homogeneous
business bonds, issued by private firms, which are purchased by both the government banking system and the public.
The third model introduces a third financial market: that for non-monetary indirect assets which are issued by a group of nonmonetary financial intermediaries that purchase business bonds. In a final chapter the governmental monetary system is replaced by a private banking system, and the quantity of money outstanding reflects profit considerations of the private banking system, which is subject to control by a central bank.

rpm 25/04/2018

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