著者
伯井 泰彦
出版者
長崎大学
雑誌
經營と經濟 : 長崎工業經營専門學校大東亞經濟研究所年報 (ISSN:02869101)
巻号頁・発行日
vol.76, no.2, pp.1-38, 1996-09

Why monetary control in capitalist economies fails? Endogenous money approach, according to Wray and taking Keynes's nominalist view into consideration, could answer this. Money is a balance sheet's script in transferring purchasing power, a term in which debt positions are described, and its asset item thus financed on demand by banking system. Historically and institutionally, endogenous money is a nominal asset that circulates in every sort of giro systems. Wallerstein's World-System might be reinterpreted in view of its wobbly circulation towards the World- (Giro) -System. Money supply cannot be controlled exogenously since it is determined by private decisions to enter into debt commitments for spending. Liabilities are contractually fixed but assets are indeterminate thus cyclically could fall. This nominalistic nature of monetary contracts is based on the characteristics discussed bellow. Such uncertainties in turn make liquidity preference volatile, whose constraints will emerge, as it were, quasi-exogenously. The latter is no way identified with the demande for money, nor met with the money supply. Financial instability in capitalism is therefore due to a dynamics between the endogeneity of money supply and the "quasi-ex-ogeneity" of liquidity preference. This view on monetary theory provides a compelling critique of financial liberalization.

言及状況

はてなブックマーク (1 users, 2 posts)

[MMT][ヴィクセル] 1996年に書かれた物らしい。こんな早くから着目してた人がいたんだな。
[MMT][ヴィクセル] 1996年に書かれた物らしい。こんな早くから着目してた人がいたんだな。

Twitter (6 users, 6 posts, 3 favorites)

ムーア-レイ論争 “貨幣供給は完全に内生的で,利子率は外生的だと見なすマーク アップ派(…)と,ケインズの流動性選好概 念をより広い幅の資産領域に拡張し,利子率も何らかの意味で内生的だと見なす流動性選好派(…)に大きく二分され,… https://t.co/dKhiY0dpgF
1996年に書かれた物らしい。こんな早くから着目してた人がいたんだな。 / “CiNii 論文 -  なぜ資本主義は貨幣を管理できないのか : L.Randall Wrayの内生的貨幣供給論をめぐって” https://t.co/wvg02J6EUh

収集済み URL リスト