Monetary Policy as an Instrument of Progress

  • Howard S. Ellis
Part of the International Economic Association Series book series (IEA)


As production, output and commerce increase in the course of economic development, the supply of money should be increased. The coinage debasements of early modern times, it is suggested by some recent researches, may have answered less to the fiscal requirements of the rising nation states than to the needs of trade for more money.l Fixity in the quantity of money has generally been effectively resisted in periods marked by an economic upsurge. Monetary expansion plays an important role in economic development.


Monetary Policy Fiscal Policy Money Supply Capital Formation Economic Progress 
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  1. 1.
    Jelle C. Riemersma, ‘Monetary Confusion as a Factor in the Economic Expansion of Europe (1550–1650)’, Explorations in Entrepreneurial History, vol. V, 1952–3, pp. 61–74.Google Scholar
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    H. S. Bloch, ‘Economic Development and Public Finance’, in The Progress of Underdeveloped Areas, Bert F. Hoselitz (ed.) Chicago, 1952, p. 252.Google Scholar
  3. 8.
    Is this not the general tenor of C. P. Kindleberger, The Dollar Shortage, New York, 1950, pp. 196–200 et passim?Google Scholar
  4. 10.
    Alexander Gerschenkron, ‘Economic Backwardness in Historical Perspective’, in The Progress of Underdeveloped Areas, Bert F. Hoselitz, (ed.) Chicago, 1952 pp. 9–13.Google Scholar
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    David L. Grove, Central Banking in Underdeveloped Countries, doctoral dissertation, Harvard University Library, April 1952, Ch. I.Google Scholar
  6. 12.
    United Nations, Department of Economic Affairs, Instability in Export Markets in Underdeveloped Countries, New York, 1952.Google Scholar

Copyright information

© The International Economic Association 1987

Authors and Affiliations

  • Howard S. Ellis
    • 1
  1. 1.University of CaliforniaBerkeleyUSA

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