The Domestic Monetary System: Banking and Central Banking

L. Randall Wray

Chapter 3 in Modern Money Theory, 2015, pp 71-102 from Palgrave Macmillan

Abstract: Abstract All “modern money” systems (including those of the “past 4000 years at least” as Keynes put it) are state money systems in which the sovereign chooses a money of account and then imposes tax liabilities in that unit. It can then issue currency used to pay taxes. In this chapter we return to our analysis of the operation of today’s monetary system, examining the denomination of IOUs in the state money of account.

Keywords: Central Bank; Balance Sheet; Monetary Base; Demand Deposit; Bank Reserve (search for similar items in EconPapers)
Date: 2015
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Chapter: The Domestic Monetary System: Banking and Central Banking (2024)
Chapter: The Domestic Monetary System: Banking and Central Banking (2012)
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DOI: 10.1057/9781137539922_4

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