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Macroeconomics: Theory and Policy by Vanita Agarwal

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11

Money

After studying this topic, you should be able to understand

  • Money evolved in a set pattern in the different societies as commodity money, metallic money, paper money and deposit money.
  • The conventional approach to the definition of money lays emphasis on the medium of exchange, function of money and the importance of money as a measure of value.
  • The Gurley and Shaw school of thought argues that the definition of money should be a weighted sum of the different financial assets.
  • The Central Bank view is to include in the definition of money not only all the existing means of payment but also the credit flowing to the borrowers.
  • Traditionally, only currency and demand deposits were included under money.
  • The primary functions of money ...

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