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The Loans Standard Model of Credit Money

  • Rohan Baxter

    (Monash University, Department of Computer Science)

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    The Loans Standard (LS) model is an example of a credit monetary system. The LS model encapsulates the credit money characteristics which have been identified in the present monetary system, but abstracts away from other aspects such as commodity and fiat money. In the resulting purely credit monetary model, the implications for interest rates, monetary inflation and the structure of monetary institutions are explored. The LS model can be used to help clarify some of the endogenous credit money issues raised by Moore, Wray, Minsky and others.

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    File URL: ftp://ftp.repec.org/RePEc/wop/monaco/monaco0183.ps
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    Paper provided by Monash University, Department of Compter Studies in its series Working Papers with number 93/183.

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    Date of creation: May 1993
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    Handle: RePEc:wop:monaco:0183
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    1. De Vroey, Michel, 1984. "Inflation: A Non-monetarist Monetary Interpretation," Cambridge Journal of Economics, Oxford University Press, vol. 8(4), pages 381-99, December.
    2. Cunningham, Thomas J, 1992. "Some Real Evidence on the Real Bills Doctrine versus the Quantity Theory," Economic Inquiry, Western Economic Association International, vol. 30(2), pages 371-83, April.
    3. Basil J. Moore, 1991. "Money Supply Endogeneity: "Reserve Price Setting" or "Reserve Quantity Setting"?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 13(3), pages 404-413, April.
    4. Arne Heise, 1992. "Commercial Banks in Macroeconomic Theory," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 14(3), pages 285-296, April.
    5. Gary A. Dymski, 1992. "A "New View" of the Role of Banking Firms in Keynesian Monetary Theory," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 14(3), pages 311-320, April.
    6. Basil J. Moore, 1989. "A Simple Model of Bank Intermediation," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 12(1), pages 10-28, October.
    7. Paul Davidson, 1986. "Finance, Funding, Saving, and Investment," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 9(1), pages 101-110, October.
    8. Stiglitz, Joseph E, 1988. "Money, Credit, and Business Fluctuations," The Economic Record, The Economic Society of Australia, vol. 64(187), pages 307-22, December.
    9. L. R. Wray, 1990. "Money and Credit in Capitalist Economies," Books, Edward Elgar, number 474.
    10. Gary A. Dymski, 1988. "A Keynesian Theory of Bank Behavior," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 10(4), pages 499-526, July.
    11. John F. Henry & L. Randall Wray, 1998. "Economic Time," Macroeconomics 9811004, EconWPA.
    12. C. A. E. Goodhart, 1991. "Is the Concept of an Equilibrium Demand for Money Meaningful? A Reply to "Has the Demand for Money Been Mislaid?"," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 14(1), pages 134-136, October.
    13. Basil J. Moore, 1983. "Unpacking the Post Keynesian Black Box: Bank Lending and the Money Supply," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 5(4), pages 537-556, July.
    14. Laidler, David, 1984. "The 'Buffer Stock' Notion in Monetary Economics," Economic Journal, Royal Economic Society, vol. 94(376a), pages 17-34, Supplemen.
    15. King, Robert G & Plosser, Charles I, 1984. "Money, Credit, and Prices in a Real Business Cycle," American Economic Review, American Economic Association, vol. 74(3), pages 363-80, June.
    16. Basil J. Moore, 1991. "Has the Demand for Money Been Mislaid? A Reply to "Has Moore Become too Horizontal?"," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 14(1), pages 125-133, October.
    17. Moore, Basil J, 1988. "The Endogeneity of Money: A Comment," Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(3), pages 291-94, August.
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