This paper examines the validity of the endogenous money supply hypothesis in Türkiye from 2008 to 2020. The endogenous money hypothesis underlines the fact that a demand for bank credit leads to the creation of credit and deposit. Deposits are created once credit application is approved by...

We derive the Bitcoin exchange rate dynamics by solving the exchange rate equation of the standard flexible-price monetary model to investigate any characteristics of Bitcoin like a currency. The dynamics is driven by an asymmetric mean-reverting fundamental shock which can be attributed to a...

Chapter 1. Introduction -- PART 1: NATIONAL PAYMENTS- Chapter 2. Nominal and real money, general equivalent, and value -- Chapter 3. From money as a numéraire to the quantity theory of money -- Chapter 4. Keynes on bank money and the ‘monetary theory of production’ -- Chapter 5. The...

The nature of money continues to perplex us. Over time anthropologists, economists, historians and sociologists have provided various answers to the question "what is money?" Ultimately these answers reflect different and often contradictory approaches to the dynamics of economic systems and...

This paper introduces the notion of monetary disorder. The underlying theory rests on a twin circuits view of the macro economy. The idea of monetary disorder has relevance for understanding the experience and consequences of the recent decade-long period of monetized large budget deficits and...

This paper investigates the evolution of cryptocurrencies. By nature and essence, Bitcoin challenged and implicitly threatened central banks money and their role in the monetary system. Meanwhile, central banks have been studying and launching pilot projects on their own digital currency,...