Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/56995
Authors: 
Wray, L. Randall
Year of Publication: 
2011
Series/Report no.: 
Working paper, Levy Economics Institute 656
Abstract: 
This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private institutions and provider of finance is also discussed, and related topics such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the global financial crisis, which could be blamed on excessive financialization of the economy.
Subjects: 
money
money of account
finance
financial instruments
financial institutions
financial innovation
financialization
liquidity
saving
state money
chartalism
shadow bank
Hyman Minsky
securitization
Robert Clower
JEL: 
B14
B15
B22
B52
E12
E40
E42
E50
E51
E52
G14
G21
Document Type: 
Working Paper

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