Re: [AG-GOuFP] Currency vs. Credit, Nichtbanken/Geschäftsbanken/Zentralbank/Staat

[Patrik Pekrul <patrik.pekrul AT hotmail.de>]

Am 20.02.2015 um 17:23 schrieb moneymind <moneymind AT gmx.de>:

Much of the ink spilled on the vexed question of whether money is exogenous or endogenous could have been saved *by greater clarity about the level of analysis*. Everyone accepts that credit is endogenous, so the question of whether money is endogenous depends on whether the assets covered under the operative definition of money are more nearly promises to pay, or means of payment. *The fact that what appears as credit and money depends on one’s point of view implies that what appears as endogenous and exogenous is equally context-specific*. Taking the entire hierarchy of money as the object of analysis, rather than just money or just credit, *allows one to place the insights of competing schools in their proper context.* *Not currency school or banking school, but both, each in its proper place*. (http://economics.barnard.edu/sites/default/files/inline/what_is_monetary_economics_about.pdf, S. 2, Fußnote 2)

Den Punkt wollte ich eigentlich machen. Mehrlings Hierarchie integriert sozusagen endogene und exogene Geldtheorien, currency school und banking school, indem sie klarmacht: jede Schule hat bezogen auf einen Teilkontext der Hierarchie "recht“.

Die wesentlichste Erkenntnis, die es auf den Punkt bringt, ist meiner Ansicht nach:

"What are the arguments for excluding the central bank and thus inverting a credit system into a currency system? There must be behavioural assumptions involved - both with respect to the behaviour of the central bank and the behaviour of private economic agents. The behaviour of the central bank must be such that the supply of money is independent from the demand for money. If the demand for money falls of, the central bank must not withdraw money e.g. to avoid that the value of money decreases, and if the demand for money increases the central bank must not increase the supply of money. If the central bank reacts to market demands, or if it cannot prevent commercial banks from reacting to market demands, the system will function as a credit system.“

http://personer.samf.aau.dk/fileadmin/freesite/users/19/forskning/phd/chap1.pdf (S.9)

Ob wir ein exogenes oder endogenes System haben, hängt nicht von der Natur des „letztendlichen Gegenstands" ab, sondern davon ob dessen Menge der Nachfrage folgt, oder nicht.

Nach Jahren könnte man ja mal wieder über eine Mehrheitsmeinung abstimmen lassen?