Money and banking in a mature Walrasian economy

Alexander Garvin

Atlantic Economic Journal, 1997, vol. 25, issue 2, 164-178

Abstract: All financial transactions in the original Walrasian economy, as written in the Édition définitive of the Éléments, occur in the markets for short-term money services (the short-term bond market) and commodity E (the equity market). However, introduction of the long-term bond and the deposit markets requires only minor surgery to the original and they are now supplied, inspiring the name mature Walrasian economy. Transactions in numeraire then entail all institutions of the banking system and provide completely for money and credit. Into this economy the condition of inconvertibility, a discretionary numeraire with reserve requirements, and a central bank are introduced and clarified. Finally, multiple monetary subsystems in the same global economy are recognized and reconciled, thus establishing a global economy with a single numeraire commodity. Copyright International Atlantic Economic Society 1997

Date: 1997
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DOI: 10.1007/BF02298383

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