Key Concepts in Monetary Theory

Jan Greitens ()
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Jan Greitens: Johann Wolfgang Goethe-Universität

Chapter Chapter 4 in Currency and Credit Money, 2026, pp 37-54 from Springer

Abstract: Abstract This chapter introduces fundamental concepts of monetary theory, including the functions of money and distinctions between currency and credit money. It discusses four core functions—medium of exchange, means of payment, store of value, and unit of account—and shows how they shape different theoretical perspectives. This chapter distinguishes between stability-oriented currency systems and elasticity-driven credit systems. It develops a functional taxonomy of monetary theories, differentiating between metallism and nominalism and between theories of the essence and value of money. Additionally, it introduces key credit theories and conceptual frameworks for analyzing monetary systems, providing the analytical foundation for subsequent chapters.

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spshcp:978-3-032-24113-9_4

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DOI: 10.1007/978-3-032-24113-9_4

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