Lecture 1 The Definition of Money - The Economics Network讲座1钱-定义的经济网络.pptVIP

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Lecture 1 The Definition of Money - The Economics Network讲座1钱-定义的经济网络.ppt

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Lecture 1 The Definition of Money - The Economics Network讲座1钱-定义的经济网络

The Definition of Money Introduction This lecture examines the definition of money. What is meant by money? Why is it important that we define it correctly? What are the problems associated with measuring money Financial Innovation Deregulation Global markets have seen financial innovation and deregulation. This has led to the breakdown in the traditional relationships between the measures of money and economic activity. This has raised the issue as to what is meant by money. Definition - a procedure One of two procedures. Attach labels to real world objects - Nominalist. Attach labels to concepts and then search for the corresponding real world entity - Empiricist. Characteristics of Money Medium of Exchange - (concrete) Unit of Account - (abstract) Store of Value. “Nothing is more ultimate than money. Instead of going out of existence, unwanted money gets passed around until it ceases to be unwanted” Yeager Artificial historical framework Commodity money - problem of jointness Localised issue - reputation Government issue - legal tender Forms of money No generalised market for titles - (Paul Davidson) Legal restrictions - (Neil Wallace) Means of Final Payment - (Charles Goodhart) Liquidity Separation of money from other assets is its superiority in liquidity potential to liquidate - use in transactions term to maturity - low capital risk Pesek and Saving -1 Money is contrasted with debt. Debt pays interest while money does not. Debt is Inside money Non-interest bearing deposits are an asset to the holder but a liability to no one, while interest bearing deposits are a debt like a bond Pesek and Saving - 2 Interest payment on deposits loses its property of ‘moneyness’ Demarcation between ‘money’ and ‘debt’ moneyness measured by (rd-rm) debtedness measured by rd Critique Friedman Schwartz - transactions services have become a ‘free good’, available without cost to the holder ‘moneyness’ is a joint product with ‘debtedness’ Newlyn suggests - criterion of ‘ne