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A Credit Theory of Money: The Monetary Circuit Approach

Author

Listed:
  • Parguez, A.
  • Seccareccia, M.

Abstract

This paper outlines what are the essential features of the theory of the monetary circuit. It provides both theoretical and historical foundations to this approach and contrasts it with alternative conceptions of money, including the neoclassical and other heterodox approaches (in particular, the Post-keynesian and neo-Chartalist theories of money).

Suggested Citation

  • Parguez, A. & Seccareccia, M., 1999. "A Credit Theory of Money: The Monetary Circuit Approach," Working Papers 9902e, University of Ottawa, Department of Economics.
    • Handle: RePEc:ott:wpaper:9902e
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    Citations

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    Cited by:

    1. Alberto ZAZZARO, 2002. "How Heterodox is the Heterodoxy of the Monetary Circuit Theory? The Nature of Money and the Microeconomy of the Circuit," Working Papers 163, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    2. Duccio Cavalieri, 2004. "On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 12(3), pages 51-83.
    3. Josh Ryan-Collins, 2015. "Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935-75," Economics Working Paper Archive wp_848, Levy Economics Institute.
    4. LE HERON Edwin & MAROUANE Amine, 2015. "A history of contemporary post Keynesian SFC model," Cahiers du GREThA (2007-2019) 2015-15, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    5. Claudio Sardoni, 2015. "The functions of money and the demand for liquidity," Working Papers 3/15, Sapienza University of Rome, DISS.
    6. Georgina M. Gómez & Paolo Dini, 2016. "Making sense of a crank case: monetary diversity in Argentina (1999–2003)," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(5), pages 1421-1437.
    7. Pesenti, Amos, 2015. "The origin of inflation in a domestic bank-based payment system," FSES Working Papers 457, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    8. Egmont Kakarot-Handtke, 2013. "The Emergence of Profit and Interest in the Monetary Circuit," World Economic Review, World Economics Association, vol. 2013(2), pages 106-106, February.
    9. Giancarlo Bertocco, 2005. "The Role of credit in a Keynesian monetary economy," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 489-511.
    10. Stephanie Bell & John Henry, 2001. "Hospitality versus Exchange: The Limits of Monetary Economies," Review of Social Economy, Taylor & Francis Journals, vol. 59(2), pages 203-226.
    11. Jussi Ahokas, 2012. "Geographies of Monetary Economy and the European economic crisis," ERSA conference papers ersa12p437, European Regional Science Association.
    12. Massimo Cingolani, 2008. "Full Employment as a Possible Objective for EU Policy I. A Perspective From the Point of View of The Monetary Circuit," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(1), pages 89-114, March.
    13. Massimo Cingolani, 2010. "PPP Financing in the Road Sector: A Disequilibrium Analysis Based on the Monetary Circuit," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 17(3), pages 513-550, September.
    14. Edward Nell, 2002. "On Realizing Profits in Money," Review of Political Economy, Taylor & Francis Journals, vol. 14(4), pages 519-530.

    More about this item

    Keywords

    ECONOMIC THEORY ; MONEY ; MACROECONOMICS;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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