The Evolution of the Banking System and the Theory of Saving, Investment and Interest

Victoria Chick

Chapter 12 in On Money, Method and Keynes, 1992, pp 193-205 from Palgrave Macmillan

Abstract: Abstract The theory of saving and the rate of interest can — or at any rate should — never be independent of the state of development of financial institutions.1 In Chick (1983, ch. 9) it was argued that the reversal of causality in the saving-investment nexus proposed by Keynes (1936) should not be seen as correct theory in triumph over error but as a change in what constituted correct theory due to the development of the banking system.

Keywords: Interest Rate; Central Bank; Banking System; Money Supply; Banking Development (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-21935-3_12

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