Suchergebnisse

The paper discusses the endogenous nature of money supply for national economy in conditions of financial assets digitalization. The relevance of the research is justified by a changing economic environment in which money and other financial assets can act in a digital form. The objective of the study is to describe the possible changes in the money supply with adding digital financial assets to the household portfolio with the use of endoteric approach. We use the post-Keynesian postulates, in particular, horizontalizm, to describe the process of endogenous money creation by the banking system through lending. The underlying methodology is based on the use of stock-flow consistent (SFC) modeling approach. Unlike previous research, the article considers a wider range of financial instruments in portfolios of macroeconomic agents, which made it possible to specify the demand for credit more fully. It is concluded that the adding "new" digital financial assets to portfolios is likely to affect the expansion of savings diversification, rather than endogenous money supply. The importance of real output and disposable income growth for changing in savings, investments and the demand for credit is outlined.