IDEAS home Printed from https://ideas.repec.org/p/wpa/wuwpma/9805014.html
   My bibliography  Save this paper

The Hierarchy of Money

Author

Listed:
  • Stephanie Bell

    (The Jerome Levy Economics Institute)

Abstract

This paper attempts to bring together several of Hyman Minsky's insights in order to suggest a relationship between the State's ability to tax and the money of the economy. Minsky recognized that money represents an IOU or promise to pay and that 'acceptability' is its important feature. He further recognized that the State can play an important role in determining whose IOUs will be accepted (both publicly and privately). I will argue that support for the Chartalist vision of money as a 'creature of the State' can be found in Minsky. Finally, I will apply the Chartalist theory to Minsky's notion of a 'hierarchy of money' in order to suggest that the State determines not only the unit in which all of the monies in the hierarchy are denominated but also influences the positioning of certain monies within the hierarchy.

Suggested Citation

  • Stephanie Bell, 1998. "The Hierarchy of Money," Macroeconomics 9805014, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpma:9805014
    Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 25; figures: included
    as

    Download full text from publisher

    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/9805/9805014.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. L. R. Wray, 1990. "Money and Credit in Capitalist Economies," Books, Edward Elgar Publishing, number 474, December.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • E - Macroeconomics and Monetary Economics

    NEP fields

    This paper has been announced in the following NEP Reports:

    Lists

    This item is featured on the following reading lists or Wikipedia pages:
    1. استحداث النقود in Wikipedia Arabic ne '')

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpma:9805014. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA). General contact details of provider: https://econwpa.ub.uni-muenchen.de .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.