The theory of money supply : a neglected area of monetary economics

Morley, Maxwell G. W. (1982). The theory of money supply : a neglected area of monetary economics Honours Thesis, School of Economics, The University of Queensland.

       
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Author Morley, Maxwell G. W.
Thesis Title The theory of money supply : a neglected area of monetary economics
School, Centre or Institute School of Economics
Institution The University of Queensland
Publication date 1982
Thesis type Honours Thesis
Total pages 119
Language eng
Subjects 14 Economics
Formatted abstract The aim of this thesis is to show that monetary economic theory has been based on an incorrect formulation of the nature of money and of the financial sector. To show this, two preliminary steps are necessary. The identification of a process of development of the monetary system through a historically based analysis is one, while the other is an examination of the major schools of monetary economics. It is easily shown, in the context of the development of the monetary system, that the monetary theories of all the schools have a common core. This core is based on an incorrect evaluation of the nature of money and the financial sector. The nature of money and the financial sector have significant bearing on the treatment of the supply of money. It follows that the existing formulation of money supply determination will be erroneously based. More often than not, this formulation has been an assumption of exogenous control of the money supply. For the reasons outlined above this amounts to the neglect of what should be an area central to monetary policy formulation. Given the proper base and some suggested starting points, the challenge is thrown open for economists to formulate a theory of money supply. The scope of the text is limited to established mainstream economic theory. For this reason much modern work, although it has been examined; is discounted from the discussion on the basis that it is the direction of mainstream economics which is the all important factor in this thesis.
1. Money Supply Theory.
2. The Nature of Money.
3. Financial Sector.
4. Money Supply - Banking model approach.
5. Direction of Monetary Development.


 
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