Endogenous money and shareholders' funds in the classical theory of banking

IF 0.6 3区经济学 Q4 ECONOMICS

European Journal of the History of Economic Thought Pub Date : 1998-03-01 DOI:10.1080/10427719800000003

J. Boyer

引用次数: 11

Abstract

By its nature, bank money is endogenous, but its issuing is risky and presupposes the presence of banks' shareholders' funds. Shareholders' funds give banks the means of dealing with the difficulties involved in the process of money creation and which are inherent to the banking activity: convertibility constraint, credit and liquidity risks. Unlike the Richardian paradigm, Smith's 'real bill theory' and Thornton's 'lender of last resort theory' point out the functions of shareholder's funds. Therefore their monetary-banking approachs seem more complementary than contradictory. In other respects, the theory of endogenous money and credit introduces risks and capital in the analysis of exchange and lead to questioning the classical market theory constructed on the model of bartering

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经典银行理论中的内生货币与股东资金

从本质上讲，银行货币是内生的，但其发行存在风险，并以银行股东资金的存在为前提。股东资金为银行提供了处理货币创造过程中所涉及的困难的手段，这些困难是银行活动所固有的:可兑换性约束、信用和流动性风险。与理查范式不同，史密斯的“真实票据理论”和桑顿的“最后贷款人理论”指出了股东资金的功能。因此，他们的货币银行政策似乎是互补的，而不是矛盾的。在其他方面，内生货币和信用理论在交换分析中引入了风险和资本，并导致对建立在物物交换模型上的经典市场理论的质疑

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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来源期刊

European Journal of the History of Economic Thought Multiple-

CiteScore

1.50

自引率

28.60%

发文量

期刊介绍： The European Journal of the History of Economic Thought (EJHET), a peer-reviewed journal, has quickly established itself as a leading forum for lively discussion on a wide range of issues in the history of economic thought. With contributions from both established international scholars and younger academics, EJHET is entirely pluralist and non-partisan with regard to subjects and methodologies - it does not subscribe to any particular current of thought, nor relate to any one geographic zone. The Managing Editors and Editorial Board and Advisory Board members are drawn from throughout Europe and beyond, and are committed to encouraging scholars from around the world to contribute to international research and debate.