Abstract
In our analysis of money, we have focused on its two basic functions, those of (a) the means of contractual settlement, and (b) the vehicle for transferring purchasing power over time, a liquidity time machine.
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Notes and References
Weintraub indicates that Central Bank intervention has been greater for developed nations since the abandonment of the Bretton Woods fix rate system in 1971. See S. Weintraub, ‘Flexible Exchange Rates: New Wine in Old Bottles’, Journal of Post Keynesian Economics, 3, 1981.
R. F. Harrod, Money (London: Macmillan, 1969) p. 324. For a further discussion, see infra.
For example, G. Dufey and I. H. Giddy, The International Money Market (New Jersey: Prentice Hall, 1978); also see Some Questions and Brief Answers About the Eurodollar Market, Joint Economic Committee, U.S. Congress 95th Congress, 1st Session (Washington: U.S. Government Printing Office, 1977).
V. Chick, The Evolution of the International Monetary System: Some Lessons From National Experience (University College, London, 1979, mimeo).
Ibid. p. 324. See S. Weintraub, Price Theory (New York: Pitman, 1949) Chapter 14, for a complete discussion of different degrees of price discrimination.
Of course, if interest payments can also be borrowed, then we have a case of Rising Fund Finance or Ponzi Finance. See H. P. Minsky, John Maynard Keynes (Columbia University Press, 1975) and P. Davidson, Money and the Real World, Chapter 16.
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© 1982 Paul Davidson
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Davidson, P. (1982). Euromoney. In: International Money and the Real World. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-16679-4_11
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