The Domestic Monetary System: Banking and Central Banking

L. Randall Wray

Chapter Chapter 3 in Modern Money Theory, 2024, pp 69-107 from Springer

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.

Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Chapter: The Domestic Monetary System: Banking and Central Banking (2015)
Chapter: The Domestic Monetary System: Banking and Central Banking (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-47884-0_3

Ordering information: This item can be ordered from
http://www.springer.com/9783031478840

DOI: 10.1007/978-3-031-47884-0_3

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().