The role of the state and the hierarchy of money
The role of the state and the hierarchy of money
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DOI：
10.1093/cje/25.2.149
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发表时间：
2001-03-01
影响因子：
2
通讯作者：
Bell, S
中科院分区：
文献类型：
--
作者：
Bell, S
本文运用明斯基对货币的定义，即货币是一种双面资产负债表现象，来挑战关于货币的本质、演化和作用的许多常见观点。他的定义适用于货币辩论史上两种对立的理论，事实表明，宪章派（与金属派相反）发展了一种通用的货币理论，可以同样令人信服地适用于整个国家货币时代。然后，这个理论被用来表明，国家制定和执行税法的权力使其货币成为最可接受的债务形式，可以被认为是货币的“等级”。这导致了一些重要的政策影响，以及加强内生货币地位。
This paper uses Minsky's definition of money as a two-sided balance sheet phenomenon to challenge many common positions on the nature, evolution and role of money. His definition is applied to two opposing theories in the history of monetary debates, and it is shown that the Chartalists (as opposed to the Metallists) developed a general theory of money that can be applied equally convincingly to the entire era of state money. This theory is then used to show that the state's power to make and enforce tax laws renders its money the most acceptable form of debt within what can be considered a 'hierarchy' of monies. This leads to some important policy implications as well as a strengthening of the endogenous money position.