demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent …Modern exchange theories model a large market, but do not explain single exchanges. This paper considers the phenomenon … of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and …

Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its … money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create … their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a …

level, interest rates, and exchange rates)? (3) What is the role of money in economic fluctuations? After some introductory …The theory of money that emerged from the Keynesian Revolution is coming increasingly into question, and a variety of … the finance constraint alternative. The issues a theory of money should address may be divided into three broad areas: (1 …

State's ability to tax and the money of the economy. Minsky recognized that money represents an IOU or promise to pay and … money as a 'creature of the State' can be found in Minsky. Finally, I will apply the Chartalist theory to Minsky's notion of … a 'hierarchy of money' in order to suggest that the State determines not only the unit in which all of the monies in the …

The aim of this paper is to combine the claim theory of money, and particularly chartalism, with institutionalism … institutions have provided new tools and new sets of arguments in support of such an endeavor. A conception of money that combines … institutionalism with chartalism does not need to suffer from the shortcomings and the inconsistencies of the descriptions of money …

Money provides liquidity services through a cash-in-advance constraint. The exchange of commodities and assets extends …

This paper addresses the concern that why is ‘money' treated as a unique asset in the finance literature. The paper … presence of money alters individual behaviors in a variety of ways and in a variety of contexts. Analyzing such theories on … money can enrich our understanding of Islamic finance principles. Existing theory on Islamic finance mostly aims to provide …

the relevant agents, then the hypothesized model is irrelevant. In a modern money regime such as ours in which there is a … sovereign currency issuer operating under flexible exchange rates, “monetization” versus “financing” as characterized both in …