TEORETYCZNE PODŁOŻE KREACJI I REGULACJI EURO
Loading...
Date
2004
Authors
Advisor
Editor
Journal Title
Journal ISSN
Volume Title
Publisher
Wydział Prawa i Administracji UAM
Title alternative
THEORETICAL GROUNDS FOR CREATING AND REGULATING THE EURO
Abstract
The purpose of the article is to present the theoretical grounds for creating the common
European currency, as well as its regulation and the method of rendering money supply. In
the author’s opinion, the theoretical grounds comprise the views of K. Wicksell, J. M. Keynes
and J. R. Hicks. On the basis of this hypothesis the nominal view of the currency was
analysed, this view being considered as the source of the contemporary view of money in
general. Also, the credit character of money was considered, the aspect being touched upon for
the first time by K. Wicksell. The nature and characteristics of money were discussed in the
views of J. R. Hicks and J. M. Keynes. Furthermore, a discussion was offered of the method
of quantitative rendition of the euro supply in the EMU member states in addition to the
method of affecting liquidity levels of banks comprising the ESCB and in consequence also the
method of regulating the euro. The study was based upon the respective literature and the up-
-to-date figures regarding the structure of money supply and positions determining the
liquidity of national central banks within the EMU. Four tables were developed on the basis
of original figures dated at the end of 2003 and the first quarter 2004. The data proved the
hypothesis made by the author. An analysis of the data presented regarding the money supply
in comparison with the so-called opposite positions and the data on the positions affecting
liquidity levels of ESCB banks have all led to the conclusion that the contemporary money is
debt, while long term deposits are not moneys but investment assets. It is necessary to
regulate the creation of money. The constraint of the creation of non-cash money is the
obligatory minimum reserves.
Description
Sponsor
Keywords
Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 66, 2004, z. 4, s. 141-159.
Seria
ISBN
ISSN
0035-9629