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Money in a theory of finance /

By: Contributor(s): Material type: TextTextPublication 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 Monograph & others CBN HQ Library General Stacks Non-fiction 332 GUR (Browse shelf(Opens below)) Available 31008100144324

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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