A New Approach to Monetary Theory and Policy: A Monetary Theory of Value
This paper seeks to establish whether the Malaysian ringgit, as a fiat currency, satisfies the store of value function of money. Since the collapse of the gold standard, the migration of the medium of exchange from a commodity standard to fiat money backed by debt, has not only resulted in a signi...
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| المؤلف الرئيسي: | |
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| التنسيق: | مقال |
| اللغة: | English English |
| منشور في: |
2014
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| الموضوعات: | |
| الوصول للمادة أونلاين: | http://eprints.unisza.edu.my/4318/1/FH02-FPPP-14-00712.pdf http://eprints.unisza.edu.my/4318/2/FH02-FESP-15-02669.jpg http://eprints.unisza.edu.my/4318/ |
| الوسوم: |
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| الملخص: | This paper seeks to establish whether the Malaysian ringgit, as a fiat currency, satisfies the store of
value function of money. Since the collapse of the gold standard, the migration of the medium of
exchange from a commodity standard to fiat money backed by debt, has not only resulted in a significant
decay in intrinsic value but also involves a transfer of wealth. This necessarily requires a re-appraisal of
modern monetary theories that have influenced policy makers, but also explains the effect of such
policies through analysis of macroeconomic variables on price stability. This paper presents an alternative
monetary policy, which targets the stable value of currency to generate price stability over the long term
and hence sustain economic growth. |
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