By A. Van Riet , Peter Bull Bernhard Winkler
Offers a entire evaluate of a wide variety of makes use of of the circulation of money in the principal financial institution group in addition to within the educational box, ready by means of foreign specialists within the box. in accordance with the obstacle event, it deals an outline of classes for macrofinancial research and monetary balance.
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Extra info for A Flow-of-Funds Perspective on the Financial Crisis: Volume I: Money, Credit and Sectoral Balance Sheets
Gorton, G. and A. Metrick (2010) ‘Regulating the shadow banking system’, Brookings Papers on Economic Activity, Fall, 261–312. Gorton, G. and A. Metrick (2012) ‘Securitized banking and the run on repo’, Journal of Financial Economics, 104 (3), 426–51. , S. Brennan and V. ’ in A. Turner et al. (eds), The Future of Finance: The LSE Report (London: London School of Economics and Political Science). P. (1992) ‘The ﬁnancial instability hypothesis’, Levy Economics Institute Working Paper, No. 74. Poszar, Z.
Surico (2011) ‘Two illustrations of the quantity theory of money: breakdowns and revivals’, American Economic Review, 101 (1), 109–28. Stein, J. (2011) ‘Central banking and ﬁnancial stability’, Paolo Bafﬁ Lecture, Banca d’Italia, 30 November. Werner, R. (2011) ‘Economics as if banks mattered: a contribution based on the inductive methodology’ in Future of Macroeconomics (The Manchester School), 25–33. Winkler, B. (2010) ‘Cross-checking and the ﬂow of funds’ in L. Papademos and J. Stark (eds), Enhancing Monetary Analysis (Frankfurt am Main: European Central Bank), 355–80.
We know from the fundamentals of monetary theory that money is held mainly for a combination of three purposes: to ﬁnance transactions, as a store of value, for portfolio motives. The (partial) explanations of the breakdown of the quantity theory of money illustrated above, which looked at the elements of the quantity theory, can be rearranged in terms of changes in the motives for the demand for money stated above: • Transactions: the demand for money for transactional motives could be relatively stable at a disaggregated level, in terms of instruments or sectors, and changes are due to changes in relative weights (see Collins and Edwards, 1994 for a discussion of how M2 augmented with bond and equity mutual funds ﬁts a traditional money demand model).