TY  - BOOK
AU  - Gurley,John G.
AU  - Shaw,Edward S.
TI  - Money in a theory of finance
AV  - HG173 .G8
U1  - 332 
PY  - 1960///
CY  - Washington,D.C.
PB  - Brookings Institution
KW  - Finance
KW  - Money
N1  - Includes bibliographical footnotes and index
N2  - 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
ER  -