Chapter

The Market Makes Its Money

John Hicks

in A Market Theory of Money

Published in print August 1989 | ISBN: 9780198287247
Published online November 2003 | e-ISBN: 9780191596407 | DOI: http://dx.doi.org/10.1093/0198287240.003.0007
 The Market Makes Its Money

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This chapter traces the development of a competitive market for simple lending. Starting from the market for acceptances of bills of exchange, which needs no specialists in financial dealings (bankers or even brokers) for it to work, it moves on the emergence of financial operators in a fully monetized economy, to currency exchange to government borrowing.

Keywords: debt; financial markets; trading; lending; government borrowing

Chapter.  3617 words. 

Subjects: Macroeconomics and Monetary Economics

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