WHERE IS CREDIT IN THE PRICE SPECIE FLOW?

John Berdell, José M. Menudo
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Abstract

Standard models of the price specie flow do not consider credit. Yet Hume and preceding authors were reacting to the implosion of Law’s financial bubble. We delineate the anti-credit thesis contained within the evolution of eighteenth-century balance of payments analyses. A string of eighteenth-century authors argued over whether the balance of payments constituted a binding constraint on credit creation. As part of their analysis they considered how changes in the money supply might alter output, prices, employment, capital, and population. How new money entered the economy was often critical. We start with Law and then consider Melon, Gervaise, Vanderlint, Cantillon, Montesquieu, Hume, Steuart, Forbonnais, and Smith. In closing we pay particular attention to the idea that Hume and Smith effectively displaced preceding, often “mercantilist,” analyses of credit and the balance of payments.
信贷在价格投机流动中处于什么位置?
价格投机流动的标准模型并不考虑信贷。然而,休谟和之前的作者是在对罗氏金融泡沫的内爆做出反应。我们在十八世纪国际收支分析的演变过程中描述了反信贷论。18 世纪的一系列作者就国际收支是否对信贷创造构成约束展开了争论。作为分析的一部分,他们考虑了货币供应量的变化会如何改变产出、价格、就业、资本和人口。新货币如何进入经济往往至关重要。我们从罗开始,然后考虑梅隆、热尔韦斯、范德林特、康提隆、孟德斯鸠、休谟、斯图亚特、福尔邦纳和斯密。最后,我们要特别注意的是,休谟和斯密有效地取代了之前对信贷和国际收支的分析,通常是 "重商主义 "的分析。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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