Monetary Theory: National and International by Alvaro Cencini

By Alvaro Cencini

Financial idea presents another research to financial economics in response to the special homes of financial institution funds. The publication examines alternate expense instability and places ahead another notion for eu financial Union.

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Vehicular and financial aspects are, thus, the two faces of every monetary transaction. Banks play the role both of supplying the economy with the numerical vehicle required for the measurement and the circulation of current output, and of fostering its (economic) consumption through the loan of the deposited income. In the first case they create vehicular money, in the second they transfer income. MONETARY AND FINANCIAL INTERMEDIATION As we have been trying to prove, every payment involves the banking system in its dual function of monetary and financial intermediary.

Goods, that had temporarily been metamorphosed into income, quit their monetary form in order to recover their purely physical one and be used, thus, as ‘values in use’. From an economic point of view, therefore, consumption corresponds to the cancellation of income and must be clearly distinguished from physical consumption. 8). As can easily be noticed, entries reciprocally cancel out, thus confirming that final expenditure entails the destruction of the income created through the integration of money and output.

The problem is fundamental. The passage from barter to monetary exchange requires the intervention of a totally dematerialised money. A major difficulty lies in the necessity to distinguish money from its material support. Money-gold cannot be reduced to commodity-money except by giving up the possibility to monetise exchanges. 8). 8 is possible on condition that money-gold becomes the common denominator of every commodity, commodity-gold included. 9). If money were a commodity, the transformation of commodity-gold into gold-money would not make sense.

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