Many countries simultaneously suffer from high rates of inflation, low growth rates of per capita income and poorly … developed financial sectors. In this paper, we integrate a microfounded model of money and finance into a model of endogenous … growth to examine the effects of inflation and financial development. A novel feature of the model is that the market for …

By its nature, bank money is endogenous, but its issuing is risky and presupposes the presence of banks' shareholders …' funds. Shareholders' funds give banks the means of dealing with the difficulties involved in the process of money creation … theory of endogenous money and credit introduces risks and capital in the analysis of exchange and lead to questioning the …

In this paper, we examine the representations of money by three major political philosophers, namely Thomas Hobbes … to the issue of money. We first recall the various meanings of the signifier “sovereignty” from the 16th century to the … we successively display the status and forms of money in the three models respectively proposed by Hobbes, Locke and …

I present a model in which credit and outside money can be used as means of payment in order to analyze how access to …

Based on an interdisciplinary approach, this article aims at elucidating what can be called the nature of money. To … define it, we first distinguish between the generic properties of every money and its different and non specifically monetary … draw two of its features which most of the time are discarded: value is granted to a money only in the societal environment …

Over the past two centuries, the connection David Ricardo made between money and foreign trade was widely commented on … link between value of money and exchange rate. The aim of this paper is to present and compare Ricardo’s monetary and … Ricardo, the value of money in two trading countries must be equal for the foreign exchange equilibrium to be reached. Several …

The rate-of-return-dominance puzzle asks why low-return assets, like fiat money, are used in actual economies given … monetary models which arbitrarily restrict the marketability properties of alternative assets to make money valuable are … difficult to assess. In this paper, I provide a framework in which Öat money has value in equilibrium, even though a higher …