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La « finance » et le circuit de la monnaie


  • Xavier Bradley


[fre] The Keynesian concept of "finance" was elaborated to deal with the analysis of payments; however it did not succeed because it considered the money flows as circulating stocks and this was not consistent with the main feature of "finance", that is "as soon as it is expended, the lack of liquidity is automatically made good". To be fully exploited, this idea needs to be firmly based on the distinction between money which exists only within each payment and finance which is created by one payment and deleted some time later by another one. This distinction allows us to understand that the equality between saving and investment is not reached through arbitrary definitions but is a logical consequence of the nature of money.

Suggested Citation

  • Xavier Bradley, 1993. "La « finance » et le circuit de la monnaie," Revue Française d'Économie, Programme National Persée, vol. 8(1), pages 67-88.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1993_num_8_1_923
    Note: DOI:10.3406/rfeco.1993.923

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