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Crédito, producción y consumo en la teoría monetaria de Hawtrey (1919)

Author

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  • Villarreal Restrepo, Carlos Andrés

Abstract

Resumen: El objetivo de este documento de trabajo es realizar una interpretación de la teoría monetaria de Hawtrey (1919). Este autor define la cantidad de dinero como el crédito bancario, cuya circulación entre comerciantes, productores y consumidores provoca cambios no proporcionales en los precios monetarios. Se trataría entonces de una teoría monetaria que defiende la hipótesis de una demanda de dinero endógena. De esta manera, la teoría monetaria de Hawtrey rechaza la neutralidad del dinero, por lo cual se tiene un sustento teórico para explicar el origen de las crisis financieras. Abstract: The aim of this working paper is to present the monetary theory of Hawtrey (1919). This author defines the quantity of money as credit, whose circulation among merchants, producers and consumers causes non-proportional changes in monetary prices. In this way, Hawtrey's monetary theory rejects the neutrality of money, which is why there is theoretical support to explain the origin of financial crises.

Suggested Citation

  • Villarreal Restrepo, Carlos Andrés, 2021. "Crédito, producción y consumo en la teoría monetaria de Hawtrey (1919)," Borradores Departamento de Economía 20476, Universidad de Antioquia, CIE.
    • Handle: RePEc:col:000196:020476
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    More about this item

    Keywords

    Hawtrey; crédito; teoría monetaria; teoría cuantitativa del dinero; neutralidad del dinero;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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