Conclusions: Modern Money Theory for Sovereign Currencies

Wray, L. Randall

doi:10.1057/9781137539922_11

Cited by 30 publications

(58 citation statements)

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“…In this case, the fiscal surplus would play an important role in explaining the crisis. This causal process is mentioned by Mario Seccareccia (2005, p. 147), Steve Keen (2015Keen ( , 2018, Randall Wray (2012), andMitchell et al (2016, p. 84;2019, p.86).…”

Section: And Credit Expansionmentioning

confidence: 93%

An international empirical study on the fiscal surplus from the perspective of sectoral balances

Espinosa¹,

Hidalgo

García

et al. 2023

REM

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The simultaneous recording of public surplus with current account deficit in a national economy could be related to strong private leverage that usually ends in financial crisis, what would make the public surplus unsustainable. The objective of this work is to check the extent to which this claim is bolstered by empirical support. The results reveal that, in effect, the concurrence of public surpluses and current account deficits is associated with private leverage processes and financial crises. These outcomes question the design of the current fiscal rules since they don’t pay attention to the current account balance.

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Section: And Credit Expansionmentioning

confidence: 93%

An international empirical study on the fiscal surplus from the perspective of sectoral balances

Espinosa¹,

Hidalgo

García

et al. 2023

REM

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show abstract

“…Typically the data provided in the national income and product accounts are not 'stock-flow consistent'. On this point see, for example, Godley/Lavoie (2007), Lavoie (2014) and Wray (2012).…”

Section: The Functional Distribution Of Incomementioning

confidence: 99%

Interest rates, income distribution and the monetary policy transmissions mechanism under endogenous money: what have we learned 30 years on from Horizontalists and Verticalists?

Smithin

2020

European Journal of Economics and Economic Policies: Intervention

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“…We must take notice that even if MMT regards modern money as credit money (debt money), the original meaning of 'credit/ debt’ has been largely changed from the obligation of repay/redemption of specie (gold/gold coin) or cash by money issuers as debtors as in the case of IOUs such as convertible banknotes to the obligation of tax payment by the nations’ people and firms as receivers and users of inconvertible banknotes as fiat money. In fact, Wray has become to call it “sovereign currency” based on “monetary sovereignty” of the state ‘rather than ‘credit money or ‘debt money’ because he realized that ‘credit’ or ‘debt’ is a strange expression for tax payment and emphasize the power of the nation to enforce people to use means of payment to settle debt of tax payment (Wray 2015 ).…”

Section: The Merits and Demerits Of Mmtmentioning

confidence: 99%

Diversification and evolution of post-modern money as “ideational money”: from MMT to PMMT

Nishibe

2023

Evolut Inst Econ Rev

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The current post-modern private currencies including cryptocurrencies and community currencies are becoming extremely diverse. We need a clear-cut framework to put our present situation in perspective to understand the diversity and evolution of money in human history and consider the status quo and the future of money. The purpose of this paper is to place such diversified post-modern currencies as well as previous forms of money in the evolutionary tree diagram of money, grasp the essential nature of post-modern money represented by the fiat central banknotes as “ideational money” or “symbolic money”, neither material money nor credit money, and analyze the dynamics of stability and instability of the value of such ideational money as “legal tender” or “cash currency”, and gain a clear vision on how the money will evolve in the future, so that we can finally make a critical evaluation on Modern Money Theory (hereinafter MMT) from the viewpoint of our money theory, Post-modern Money Theory (hereinafter PMMT), as an alternative to it.

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Conclusions: Modern Money Theory for Sovereign Currencies

Cited by 30 publications

References 0 publications

An international empirical study on the fiscal surplus from the perspective of sectoral balances

An international empirical study on the fiscal surplus from the perspective of sectoral balances

Interest rates, income distribution and the monetary policy transmissions mechanism under endogenous money: what have we learned 30 years on from Horizontalists and Verticalists?

Diversification and evolution of post-modern money as “ideational money”: from MMT to PMMT

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