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State money and the real world: or chartalism and its discontents

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  • LOUIS-PHILIPPE ROCHON
  • MATIAS VERNENGO
  • LOUIS-PHILIPPE ROCHON
  • MATIAS VERNENGO

Abstract

Recent emphasis on chartalism is an important extension of the monetary theory within Post Keynesian analysis. However, chartalism as the main interpretation for the existence of money has some limitations. Sovereignty, understood as the power to tax and to collect in the token of choice, is not the main explanation for the existence of money, even if modern money is ultimately chartal money. The view according to which institutions that provide bridges between the present and the future create the conditions for economic agents to be willing to hold money is far more instructive. The state is certainly one of those institutions, but so are banks, and other financial institutions, which, during certain historical periods, might have had more importance.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 26 (2003)
Issue (Month): 1 (October)
Pages: 57-67

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Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:57-67

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: money; Post Keynesian economics; state;

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Cited by:
  1. Eric Tymoigne & L. Randall Wray, 2013. "Modern Money Theory 101: A Reply to Critics," Economics Working Paper Archive wp_778, Levy Economics Institute.
  2. Thomas I. Palley, 2013. "Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory," IMK Working Paper 109-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  3. Cavalieri, Duccio, 2004. "On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View," MPRA Paper 43738, University Library of Munich, Germany.

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