money creation an introduction

Prof. Dr AP Faure
Money Creation: An Introduction
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2

AP Faure
Money Creation: An Introduction
Download free eBooks at bookboon.com
3

Money Creation: An Introduction
1
st
edition
© 2013 Quoin Institute (Pty) Limited &
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ISBN 978-87-403-0603-3
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Money Creation: An Introduction
4
Contents
Contents
1 Introduction and early history 7
1.1 Learning outcomes 7
1.2 Introduction 7
1.3 Money and ination 9
1.4 Money: technical issues 12
1.5 e simplicity of money creation 14
1.6 Barter 17

1.7 Primitive money 19
1.8 Precious metal coin money 22
1.9 Money creation in the precious metal coin money age 25
1.10 Bibliography 30
2 Bank note and deposit money 31
2.1 Learning outcomes 31
2.2 Introduction 31
2.3 Bank note money 32
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Money Creation: An Introduction
5
Contents
2.4 Bank deposit money 41
2.5 Bank note convertibility into gold 54

2.6 Bibliography 60
3 Financial system and money market 62
3.1 Learning outcomes 62
3.2 Introduction 63
3.3 e nancial system 64
3.4 e money market 75
3.5 Money market interest rates 77
3.6 e interbank markets 84
3.7 Bibliography 95
4 Money creation: sources & fallacies 96
4.1 Learning outcomes 96
4.2 Introduction 96
4.3 Measuring money 97
4.4 Money identity: sources of money creation 101
4.5 Money creation: fallacies 112
4.6 Bibliography 125
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