2017
DOI: 10.4337/ejeep.2017.01.03
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The arithmetic relations between total expenditure and the resulting current and financial account balances as determinants of the revenue-related need for means of payment in an economy

Abstract: Introductory note by the translators: In the following paragraphs, Stützel derives some balance mechanic relationships between revenue and expenditure surpluses, on the one hand, and the volume of credit necessary to finance these, on the other. He then moves on to consider the balance sheet of the banking sector and its relationships with the volume of credit. Insights from both exercises are subsequently used to synthesise the 'orthodox' and 'modern' theories of credit. The few parts of Stützel (1958Stützel … Show more

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