The Theory of Money and Financial Institutions

The Theory of Money and Financial Institutions

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This is the first volume in a three-volume exposition of Martin Shubik's vision of qmathematical institutional economicsq--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the qrules of the game.q Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy.Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.Table 14.6 Money stock (millions off) in Great Britain, 1750-1875 and velocity Table 14.7 Use of cash and transaction ... Credit card Total 100 83 52 37 57 Table 14.9 International comparison of currency/GNP ratios, 1984 Source: Survey.

Title:The Theory of Money and Financial Institutions
Author:Martin Shubik
Publisher:MIT Press - 2004-01-01


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