money and credit starting from a unit of monetary base. Crucially, however, at the very low frequencies the relative amounts … of the two aggregates created out of a unit of base money have remained unchanged over time in each of the 42 countries I … analyze. This finding questions the widespread notion that, since WWII, credit has become disconnected from broad money, and …

This paper explores the rise of money and class society in ancient Greece, drawing historical and theoretical parallels … metallist theories of money. It will be shown that the origins and the evolution of money were closely intertwined with the rise … and consolidation of class society and inequality. Money, class society, and inequality came into being simultaneously, so …

Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its … money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create … their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a …

This paper discusses the evolution of money and the monetary system. The origins of money debate is framed in terms of … functionalism versus chartalism. Endogenous Schumpeterian dynamics apply to the evolution of money and monetary systems, and those … relabeled "Gresham's fallacy" because good money drives out bad. The Gresham dynamic is also supportive of the functionalist …

world. This paper uses a market microstructure approach to show that a common medium of exchange that serves as unit of …

's key variable, the quantity of money …