Ricardo on money: a reappraisal
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London and New York
Routledge, Taylor & Francis Group
2017
|
| Schriftenreihe: | Routledge studies in the history of economics
193 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Literaturnachweise Seite 395-403 |
| Beschreibung: | xvi, 417 Seiten Illustration |
| ISBN: | 9780415661584 |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | Contents
List of tables
A c know l edgem ents
Introduction
1. Why a book on Ricardo on money? 1
Revaluation 1
Rehabilitation 2
Completeness 3
Relevance 4
2. An evolution in Ricardo s theory of money 5
The relation with the theory of value and distribution 5
Ricardo s mature theory of money in brief 7
3. The content of the book: history, theory, policy 8
Part I. History 8
Part II. Theory 9
Part III. Policy II
4. Two hundred years after 12
PARTI
History
1 The historical context
L I The English monetary system at the time of Ricardo 17
Currency 17
Banking 19
1.2 International monetary relations in Europe: London,
Paris, Hamburg 21
1.3 From Hume to the Bullionist Controversy 24
David Hume and James Steuart 24
The Bullionist Controversy 26
viii Contents
L4 The first round of the Bullionist Controversy
(1797-1803) 31
The search for analytical foundations 31
Thornton’s Paper Credit of Great Britain 33
Appendix 1: Ricardo on the bullion andforeign exchange markets 37
1. Ricardo contradicts Bosanquet on the rise of gold
on the Continent 37
2. Ricardo contradicts Vans ittart on the state of the
exchange with Hamburg in 1760 41
2 Ricardo’s battles on currency and banks
2.1 Ricardo and the Bullion Controversy (1809—1811) 49
The second round of the Bidlionist Controversy 49
Ricardo s positions 55
2.2 Ricardo and the resumption of convertibility
(1816-1823) 59
The third round of the Bullionist Controversy 59
Ricardo ’s two plans 65
2.3 Conclusion: the legacy of Ricardo ’s monetary battles 69
Appendix 2: Attacks and weapons 70
1. Attacks: critical opinions on Ricardo 71
2. Weapons: Ricardo ’s contributions on money 75
PART II
Theory
3 Money and the invariable standard
3.1 Some definitions 85
Commodities: exchangeable value, money price,
absolute value 85
Money: measure of price, circulating medium,
standard of money 87
The condition of coherence of the price system 88
3.2 Value of money, price of gold bidlion, and the
general price level 89
The legal and the current value of money 89
The purchasing power of money over all
commodities except gold or over gold alone 90
The condition of conformity of money to the standard 93
A non-monetary cause of rise in the general price level?
The question of taxation 98
Contents ix
3.3 The standard of money and the standard of value 102
The invariable standard of value: “a mean
between the extremes” 102
The standard of money 109
A dilemma 116
3.4 Conclusion 118
Appendix 3: An aborted attempt at the non-neutrality of
money in respect to relative prices 119
4 The two causes of change in the value of money 130
4.1 The direction of the causality between the quantity
and the value of money 131
An alleged inconsistency or contradiction 131
The “analogy” with a gold mine 133
The effect of a monopoly in issuing money 136
4.2 Ricardo’s distinction between “a fall in the value of
money” and “a depreciation of money” 138
From the Bullion Essays to Proposals and beyond 138
The definition and measure of depreciation 141
4.3 The Money-Standard Equation 143
Two channels of change in the value of money 143
Ricardo s factual illustration 146
4.4 Conclusion 149
Appendix 4: Evidence on the Money—Standard Equation:
the “Draft on Peel” (1821) 151
1. The context 152
2. Ricardo’s “Draft of a letter to a newspaper on the effects of
Peelys bill”, December 1821 155
3. Ricardo’s letter to McCulloch of 3 January 1822 159
4. The pamphlet On Protection to Agriculture, April 1822 161
5 The adjustment to a change in the value of the standard 164
5.1 From an ambiguity in the Bullion Essays to a clarification
/«Principles 166
Criticising Bentham on the cause of the general
rise in prices 166
From the mine to the mint 168
5.2 The extension of the theory of rent from land to mines 171
5.3 The specificity of gold bullion in respect to corn 174
The adjustment to a new land growing corn with a
higher productivity 174
Two differences between gold bullion and corn 177
x Contents
5A The adjustment in the gold-producing country: a new
“distribution of capital” 180
A fall in the value of gold bullion 180
The closure of existing mines as a consequence of the
discovery of a new one 181
A formalisation of the adjustment 183
A numerical example 185
5.5 The adjustment in the gold-importing country: minting 187
From the foreign mine to importation 187
From importation to the mint 189
5.6 The effect of an increased demand for bullion by
the issuing bank 191
The case of the Bank of England from 1819 to 1821 191
The adjustment 194
5.7 Conclusion: the Money—Standard Equation and a real
shock on the value of money 198
A change in the value of money but no depreciation
or appreciation 198
The timing of the adjustment 199
Symmetrical real shock versus asymmetrical
monetary shock 200
Appendix 5: Taxes on gold 201
1. The case examined by Ricardo 201
2. Ricardo s numerical example 203
3. Three questions 204
4. A generalisation 209
6 The depreciation of metallic money
6.1 Convertibility and adjustment in the
market for bullion 217
The effect of the melting pot on the upper limit of
variation in the market price of bullion 219
The effect of seignorage on the lower limit of variation
in the market price of bullion 220
6.2 Price adjustment in the markets for other commodities
than bullion 221
The effect of a change in the value of money on the
competition of capitals 221
From the market price of bidlion to the market
prices of commodities 224
A bullion-price channel of transmission of a
monetary shock 226
215
Contents xi
6.3 Debasement of the coin and depreciation of money 227
The effect of debasement on the market price of
gold bullion 227
Debasement and “the principle of limitation of quantity ” 230
6.4 The instability of the double standard 232
The variability of the relative market price of gold
in silver and the alternating standard 233
The behaviour of the Bank of England and the
prospective fall in the value of money 235
Appendix 6: A letter on the double standard of money 240
7 The regulation of the quantity of convertible
notes by the standard
7.1 The Money-Standard Equation and the
quantity of money 245
7.2 The adjustment of the value of money to an increase in the
“wants of commerce” 247
The notion of wants of commerce 24 7
An endogenous adjustment 251
The superiority of paper money over coins 254
7.3 The adjustment to a discretionary increase in the
convertible-note issue 255
“Forcing Bank of England notes into circulation 255
The melting of circulating coins 256
The Penelope effect 259
7.4 A non-quantitative approach 262
7.5 Money without a standard 266
A double inconvertibility 266
The Money—Standard Equation and inconvertibility 268
7.6 Conclusion: the specificity of the market for gold bullion 270
Appendix 7: The effects of a change in the money supply:
real balances, the rate of interest, and Say s Law 272
1. The real-balance effect 272
2. The rate of interest and changes in commodity prices 276
3. Say s Law 278
PART III
Policy
8 The international adjustment to a monetary shock
8.1 Real par of exchange and bullion points 288
The legal par of exchange 288
244
285
287
xii Contents
The real par of exchange according to Steuart 291
The bullion points in Ricardo 293
The real par computed on gold bullion, not the
purchasing power parity over commodities 296
The limits to the variations of the exchange rate 298
8.2 A two-stage international adjustment process 301
A double condition on the exchange rate 301
The first stage: the exportation of gold bullion 303
The second stage: the additional importation
of commodities 306
“The natural trade of barter” 308
8.3 The redundancy of money as the sole cause offall in
the exchange rate 310
Real and nominal variations in the exchange 310
A matter offact or of theory 314
8.4 Price-specie flow mechanism versus active
management of the currency 315
8.5 The Ingot Plan and the gold-exchange standard 318
The reduction of the range of variation in
the exchange rate 319
Domestic management of the note issue rather than
international bullion flows 321
A prototype of the gold-exchange standard 324
Appendix 8: The boundaries constraining the exchange rate 325
1. The proportions in which the transfer cost of bullion
and the depreciation of the note accountedfor a
fall in the exchange rate 326
2. The complications introduced by a difference in standard 328
9 Central banking and the euthanasia of metal currency
9.1 The public nature of paper money 335
Justice and security 335
The danger of “this great Leviathan, the Bank” for security 339
9.2 The Ingot Plan 340
The 1811 outline 341
The 1816 plan 344
A permanent plan 348
The unhappy fate of the Ingot Plan 350
9.3 The plan for a national bank 352
The main provisions of the plan 352
The question of the independence of the national bank 354
The ingot principle again 356
335
Contents
xiii
9.4 The management of the note issue 358
A controversial question 358
Bank issues and the rate of interest 361
Avoiding an undue contraction of the note issue 364
9.5 Increasing the security of the monetary system 366
The ingot principle and the management principle 366
Stabilising the market price of the standard 367
Preventing the drain of the Bank s metallic reserve 369
9.6 An application of Ricardo s theory of money 374
Appendix 9: The Ingot Plan in perspective 376
Afterword 381
1. Results 382
2. The legacy of Ricardo s theory of money for today 384
A contribution to the modern theory of Classical prices 384
A contribution to a modern approach to money 387
Appendix 10: Ricardos model of a monetary economy
with a standard 389
J. Domestic relations 389
2. International adjustment 392
References 395
Name index 404
Subject index 408
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| id | DE-604.BV044356158 |
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| language | English |
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| spelling | Deleplace, Ghislain Verfasser (DE-588)170030741 aut Ricardo on money a reappraisal Ghislain Deleplace London and New York Routledge, Taylor & Francis Group 2017 xvi, 417 Seiten Illustration txt rdacontent n rdamedia nc rdacarrier Routledge studies in the history of economics 193 Literaturnachweise Seite 395-403 Ricardo, David 1772-1823 Ricardo, David 1772-1823 (DE-588)118600214 gnd rswk-swf Money Monetary policy Geldtheorie (DE-588)4121333-6 gnd rswk-swf Ricardo, David 1772-1823 (DE-588)118600214 p Geldtheorie (DE-588)4121333-6 s DE-604 Erscheint auch als Online-Ausgabe 978-1-315-20787-2 Routledge studies in the history of economics 193 (DE-604)BV010502677 193 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029758798&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Deleplace, Ghislain Ricardo on money a reappraisal Routledge studies in the history of economics Ricardo, David 1772-1823 Ricardo, David 1772-1823 (DE-588)118600214 gnd Money Monetary policy Geldtheorie (DE-588)4121333-6 gnd |
| subject_GND | (DE-588)118600214 (DE-588)4121333-6 |
| title | Ricardo on money a reappraisal |
| title_auth | Ricardo on money a reappraisal |
| title_exact_search | Ricardo on money a reappraisal |
| title_full | Ricardo on money a reappraisal Ghislain Deleplace |
| title_fullStr | Ricardo on money a reappraisal Ghislain Deleplace |
| title_full_unstemmed | Ricardo on money a reappraisal Ghislain Deleplace |
| title_short | Ricardo on money |
| title_sort | ricardo on money a reappraisal |
| title_sub | a reappraisal |
| topic | Ricardo, David 1772-1823 Ricardo, David 1772-1823 (DE-588)118600214 gnd Money Monetary policy Geldtheorie (DE-588)4121333-6 gnd |
| topic_facet | Ricardo, David 1772-1823 Money Monetary policy Geldtheorie |
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