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The Structure of Financial Markets and the ‘First Principles’ of Monetary Economics

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  • Sheila C. Dow
  • John Smithin

Abstract

There has been a significant degree of financial restructuring over the last few decades, which has prompted a rethinking of the first principles of monetary economics. The focus here is on how four specifications of these principles address such issues as the need for central banks and the potential for separation of the monetary functions. The case is made for one approach, which suggests that the need to establish trustworthy credit relations, in an environment subject to fundamental uncertainty, is at the heart of monetary systems. It is argued that monetary history demonstrates that monetary standards and central banking have indeed tended to be the outcome of the competitive process in the financial sector.

Suggested Citation

  • Sheila C. Dow & John Smithin, 1999. "The Structure of Financial Markets and the ‘First Principles’ of Monetary Economics," Scottish Journal of Political Economy, Scottish Economic Society, vol. 46(1), pages 72-90, February.
    • Handle: RePEc:bla:scotjp:v:46:y:1999:i:1:p:72-90
    DOI: 10.1111/1467-9485.00121
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    Cited by:

    1. C. Sardoni, 2006. "Why Central Banks (and Money) Rule the Roost," Economics Working Paper Archive wp_457, Levy Economics Institute.
    2. Claudio Sardoni, 2017. "Circuitist and Keynesian Approaches to Money: A Reconciliation?," Metroeconomica, Wiley Blackwell, vol. 68(2), pages 205-227, May.
    3. Heinz-Peter Spahn, 2003. "Money as a Social Bookkeeping Device: From Mercantilism to General Equilibrium Theory," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 227/2003, Department of Economics, University of Hohenheim, Germany.
    4. Giuseppe Fontana & Ezio Venturino, 2003. "Endogenous Money: An Analytical Approach," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(4), pages 398-416, September.
    5. Eric Kam & John Smithin & Aqeela Tabassum, 2018. "The Long-Run Non-Neutrality of Monetary Policy: A General Statement in a Dynamic General Equilibrium Model," Working Papers 074, Ryerson University, Department of Economics.

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