Search results for "Money creation"
showing 3 items of 3 documents
War and economics: Spanish civil war finances revisited
2010
This paper reviews how the Spanish civil war was financed. We present new evidence to show that the two combatant parties, the Republican government and the Franco administration followed similar financial strategies. In both cases money creation, rather than new taxes or the issue of debt, was the main mechanism used to cover the expenses of the war. We argue, contrary to the established knowledge, that both sides consumed a similar amount of domestic and foreign resources. We also argue that the Spanish Republic did not lose the war because of a lack of means. International factors, such as the Non-Intervention agreement promoted by France and Great Britain, and the military setbacks of t…
Monetary Policy from a Circuitist Perspective
2007
As Arestis says, circuit theory is ‘a strong component of the endogenous money thesis’ (1996: 113). This notably means that circuitists endorse the original Post Keynesian dismissal of the orthodox Monetarist approach to monetary policy by which the quantity of money in the economy should be regulated so as to stifle inflationary pressures. From the endogenous view, money creation is, in Moore’s words (1988), ‘credit-driven’, meaning that money is demanded by the general public and firms to finance spending which is dependent upon prices and money wages. Hence it is prices and money wages that are factors determining the amount of money created and not the contrary. This led Post Keynesian …
Réformes évolutionnistes du système des paiements internationaux : la création de systèmes des paiements supranationaux, une nécessité au regard des …
2012
At the height of the crisis, the international monetary system is powerless to reduce theinstability of exchange rates, the imbalance of the current account of balance ofpayments, instability of exchange rates and the development of speculation in financialmarkets the and the asymmetry between net exporters countries and net deficits countries.This thesis, which had the merit of opening new tracks in order to understand thecomplex relationships between global imbalances and the actual system, showed thatthese global imbalances are intrinsically linked to the failures of the internationalmonetary structure. To stop the deterioration of global imbalances, we propose that thesystem turns towar…