Finance Constraints and the Theory of Money: Selected Papers by S. C. Tsiang, Meir Kohn

By S. C. Tsiang, Meir Kohn

Finance Constraints and the idea of cash: chosen Papers gathers jointly the paintings of S. C. Tsiang, the most cogent critics of the Keynesian inventory method of funds in all its varieties and one of many most excellent champions of the stream procedure. Tsiang's papers concentrate on finance constraints and the idea of cash, tackling subject matters resembling the function of cash in trade-balance balance and the financial theoretic starting place of the fashionable financial method of the stability of funds, in addition to the diffusion of reserves and the cash provide multiplier.

Comprised of 17 chapters, this quantity starts through offering a heritage to the improvement of Tsiang's considering on financial conception and why he objected to the Keynesian inventory equilibrium method of funds. The reader is then brought to hypothesis and source of revenue balance; misconceptions in financial idea and their impacts on monetary and banking practices; and liquidity choice usually equilibrium research. next chapters care for the optimal provide of cash; the full inadequacy of "Keynesian" stability of funds thought; and the explanation of the mean-standard deviation research, skewness choice, and the call for for funds.

This e-book can be an invaluable source for practitioners drawn to financial thought, econometrics, and mathematical economics.

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Extra resources for Finance Constraints and the Theory of Money: Selected Papers (Economic Theory, Econometrics and Mathematical Economics)

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Once their cash balances exceed the minimum, they will immediately use them to repay their vast amount of outstanding debts or to a much smaller extent to grant short loans. 8 Similarly when the flows of the demand for loanable funds for industrial purposes and the supply of loanable funds out of disposable income tend to raise the long-term rate beyond what the speculators believe to be the safe level, the speculators who buy additional securities to increase their holdings of stocks will not have the idle cash balances to release.

24. , dividends on their holdings of securities) to buy securities or to put up their margins. However, in so far as they purchase securities with current incomes, their purchases are not speculative buying in our present definition of the term. Speculators' current incomes paid in to reduce their margin debts may be considered as current savings flowing into the stock market. They tend to diminish brokers' loans outstanding unless offset by other speculative stock market. They tend to diminish brokers' loans outstanding unless offset by other speculative buying of securities on margin.

Kaldor, Speculation and Economic Stability, p. 13, footnote 2. 4. , p. 14, footnote 1. 5. , p. 13, footnote 2. 6. Cf. Keynes, A Treatise on Money, Vol. I, p. 249, 2nd paragraph. Also F. Machlup, Stock Market Credit and Capital Formation, Chap. VI. 7. Machlup, The Stock Market Credit and Capital Formation, Chaps. VI, VII and VIII. Notes 8. 9. 10. 11. 12. 13. 14. 15. 45 It is very interesting to note that this is in fact Lord Keynes' opinion in his Treatise. For according to that book, the bears will either put the proceeds of their sales on the savings deposits or else use the "bear funds" to buy Treasury Bills and to grant loans to the money market and the stock exchange.

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