Suchergebnisse

Das vorliegende Arbeitspapier (es handelt sich um einen Auszug aus der Habilitationsschrift des Autors) versucht eine Annäherung an eine Theorie des Kredits nicht über die Geldtheorie, sondern über den Ansatz einer generellen Theorie des Tausches. Geldwirtschaft und Geld sind aus dieser Perspektive nur partikuläre Fälle des Tausches. Um diese Konzeption konsistent durchführen zu können, klärt der Autor die Bedeutung der anderen zentralen Konzepte Geld, Interesse und Profit, teilweise unter Rückgriff auf den Marx'schen politökonomischen Ansatz. Der "Geldfetischismus" wird erst in Gesellschaften wirksam, in denen das Geld als Kapital fungiert. Marx entnimmt wichtige Motive seiner Kritik der "verkehrenden Macht des Geldes" aus einer alten Tradition, die bis in die frühe Antike zurückreicht, wie der Autor nachweist. Eingegangen wird weiterhin auf die Geldanalyse Georg Simmels und die Geldtheorie systemtheoretischer Provenienz. (ICE)

This paper investigates the effect of interest indices on money supply. The motivation is to ensure stability in money supply through sustainable interest rate management. The period 1990-2007 was covered. The Eviews software was used to carry out autoregressive analysis on the variable as well as an assessment of the effects on interest rate indices on money supply. The results among others show that minimum rediscount rate and savings rate have made significant positive impact on money supply. On the other hand, lending rate has made insignificant negative impact on money supply. Based on the above results the conclusion of the study the inability of the monetary authority to narrow the gap between saving and lending rate remains a key to the problem of instability in money supply, hence concerted effort must by made to strengthen the capacity of regulatory authorities to use market based options monitor and control periodic volatility in money supply through an effective interest rate regimes.

As an alternative to conceptualisation of endogenous money in Taylor's rule of interest management, the present article considers Keynes's general theoretic endogenous money supply, which is in response to demand for money generated in income determination process (and the induced growth processes). That money is important, as a real factor production, to actualise expected production (and growth processes). The contribution of the present article is to incorporate the crucial role of liquidity preference insight-based rate of interest to control endogenous money. The setting of such policy rate, in tune with the implicit pressures on liquidity preference, then, on principle, permits constancy of velocity, which permits in turn better monetary aggregate management achieved, now, by this Keynes's route.JEL: E4; E5; E12