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Treatise on Monetary Foundations (Volume I)
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0 - Default Title
Description
Based on the operation of monetary economy in reality, this book proposes that the essence of currency is a right, that is, holding currency means obtaining the ""right to claim future utility""; Currency trading is a ""pure"" currency transaction in which the public and central banks act as the money supply side, and financial intermediaries act as the money demand side. Based on the redefinition of currency and currency transactions, this book constructs a micro foundation for the theory of currency demand in banks (financial intermediaries) and analyzes the superposition of currency neutrality and non neutrality; Two theorems on excess money demand have been derived, proving that the independence of bank credit and the formation of collateral financing mechanisms will drive banks' excess money demand for the household sector, resulting in cyclical economic financial phenomena of overinvestment and credit contraction; Later, the paper makes a deep analysis of the two currency cycles in the real monetary economy - ""output currency cycle"" and ""asset currency cycle"", and demonstrates how the mortgage financing mechanism drives asset foam and asset price inflation, as well as the role of loose monetary policy in this process.¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿"¿¿¿¿¿¿¿"¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿"¿¿"¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿-¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿--"¿¿-¿¿¿¿"¿"¿¿-¿¿¿¿"--¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿
Product details
Binding:
Paperback
Number of Pages:
400
Publication Date:
2021-10-01
Publisher:
¿¿¿¿¿
Languages:
Published:
Chinese,
Original:
Chinese
ISBN10:
7500167539
ISBN13:
9787500167532
Weight:
1020 g
Height:
170 cm
Width:
244 cm
Thickness:
26 cm
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