Download PDF by A. Van Riet , Peter Bull Bernhard Winkler : A Flow-of-Funds Perspective on the Financial Crisis: Volume

By A. Van Riet , Peter Bull Bernhard Winkler

ISBN-10: 1137352981

ISBN-13: 9781137352989

ISBN-10: 1349469440

ISBN-13: 9781349469444

ISBN-10: 1791801811

ISBN-13: 9781791801816

Offers a accomplished assessment of a wide variety of makes use of of the move of cash in the crucial financial institution group in addition to within the educational box, ready through foreign specialists within the box. according to the trouble adventure, it bargains an summary of classes for macrofinancial research and monetary balance.

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Extra info for A Flow-of-Funds Perspective on the Financial Crisis: Volume I: Money, Credit and Sectoral Balance Sheets

Example text

This, indeed, is a fundamental difference from the financial accounts and financial transactions: they are not linked to underlying genuine income streams. 6). But capital gains are a zero-sum game, while national income is a positive sum game. This has implications for sustainability and stability. One implication is that only credit to fund income-generating transactions that contribute to GDP is sustainable, since the income can be used to service the debt and repay the principal. This is the type of credit that Schumpeter (1912) considered.

5), and can take the form of unproductive, that is, consumptive credit. Like financial circulation credit, this is not sustainable, since it is also not associated with sustainable income streams. It, however, creates new effective purchasing power, which increases demand while the amount of goods and services remains unchanged. Thus, prices of goods and services must rise. Inflation ensues. This is the special case that classical and new classical theory wrongly considered to be the general case.

13 14 Carmelo Salleo The first assumption is that quantities transacted are proportional to GDP (originally this assumption was actually motivated by a scarcity of data on transactions in the economy). Then PT becomes proportional to nominal GDP. The second assumption is that the velocity of circulation is an exogenous, slow-moving technological parameter determined by payment systems technology, regulation and deep habits of consumers (Friedman, 1968). 2) The quantity of money is proportional to GDP (Y) and the price level, or nominal GDP.

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A Flow-of-Funds Perspective on the Financial Crisis: Volume I: Money, Credit and Sectoral Balance Sheets by A. Van Riet , Peter Bull Bernhard Winkler


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