Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/315922 
Year of Publication: 
2025
Series/Report no.: 
Working Paper No. 1076
Publisher: 
Levy Economics Institute of Bard College, Annandale-on-Hudson, NY
Abstract: 
This working paper integrates the credit money approach (associated with Post Keynesian endogenous money theory) with the state money approach (associated with Modern Money Theory) by drawing on Wray's 1990 book (Money and Credit in Capitalist Economies: The Endogenous Money Approach, Edward Elgar), his 1998 book (Understanding Modern Money: the Key to Full Employment and Price Stability, Edward Elgar), and his 2004 edited book (Credit and State Theories of Money: The Contributions of A. Mitchell Innes, Edward Elgar). New sources and interpretation of the history of money make it clear that there is no contradiction between state money and private credit money-each played a role in the creation of the modern monetary system. Indeed, today's system was created by bringing state money into the private money giro, thereby strengthening both.
Subjects: 
credit money
state money
Modern Money Theory (MMT)
Bank of England
fiat money
giro money
history of money
central bank
nominalism
origins of money
JEL: 
B25
B52
E42
E58
E62
N11
N20
Document Type: 
Working Paper

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