tailieunhanh - money macroeconomics and keynes essays in honour of victoria chick volume 1 phần 5

Bất kỳ mở rộng chi tiêu danh nghĩa (dù trong thực tế hoặc thông qua giá cao hơn) đòi hỏi một số mở rộng tín dụng. Ngoài ra, từ tiền gửi ngân hàng là một phần của bảng cân đối của các ngân hàng, sự sẵn sàng của các ngân hàng nhận tiền gửi và danh mục đầu tư kết quả trở thành có liên quan. | F. J. CARDIM DE CARVALHO revolving fund of finance correctly one cannot lose sight of the fact that finance means money9 in his arguments as we argued above. Finance in Keynes s sense can be obtained by an individual in two ways by selling a good or service by selling a debt. While in the Robertson Asimakopulos approach only the latter is considered it is the former that is critical to understanding the revolving nature of the fund of finance in Keynes s theory. In fact all that is necessary is to recognize that for a given income velocity of money a certain number of transactions can be executed with a given quantity of money. The act of spending transfers money from the buyer of goods to the seller allowing the latter to execute his her own expenditure plans. If velocity is given and the total value of planned transactions per period of time remains constant there is a revolving fund of money in circulation as Keynes himself referred to the revolving fund of finance in at least one occasion 10 that supports these transactions A given stock of cash provides a revolving fund for a steady flow of activity but an increased rate of flow needs an increased stock to keep the channels filled. CWJMK 14 230 In other words if planned transactions do not change each individual agent can execute his her planned expenditures when he she sells something to another agent getting hold of money to be spent afterwards. There is a superposition of two concepts here income and money but it is the latter that matters directly for the determination of the interest rate. Each person s expenditure is the next person s income but it is not income creation per se that matters for this discussion but the fact that income creation is accomplished through money circulation. That this is what Keynes had in mind is clear from the following concise but very telling statement which relates the finance motive the revolving fund of finance and income creation The finance or cash which is tied up in