The endogeneity of money and the Eurosystem: A contribution to the theory of central banking1

Complexity, Endogenous Money and Macroeconomic Theory: Essays in Honour of Basil J. Moore

Volumn , Issue , 2006, Pages 150-169

  Steiger, Otto ^a  

^a UNIVERSITY OF BREMEN   (Germany)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 67651026553     PISSN: None     EISSN: None     Source Type: Book    
DOI: None     Document Type: Chapter

References (44)

1. Bagehot, W. (1873) Lombard Street: A Description of the Money Market, New York: Scribner, Armstrong. Reprinted New York: John Wiley & Sons, 1999.
2. Bindseil, U. (2004) ‘Over- and Underbidding in Central Bank Operations Conducted as Fixed Rate Tenders’, in ZEI Working Papers, Universität Bonn: Center for European Integration Studies (ZEI), B 03, February.
3. Blanchard, O. (2003) Macroeconomics, 3rd edition, Upper Saddle River, NJ: Prentice Hall.
4. Blenck, D., H. Hasko, S. Hilton and K. Masaki (2001) ‘The Main Features of the Monetary Policy Framework of the Bank of Japan, the Federal Reserve System and the Eurosystem’, in Bank for International Settlements (BIS), Comparing Monetary Policy Operating Procedures across the United States, Japan and the Euro Area: BIS Paper New Series, 9, December, 23-56.
5. Bofinger, P., with J. Reischle and A. Schächter (2001) Monetary Policy: Goals, Institutions, Strategies, and Instruments, Oxford: Oxford University Press.
6. Dalton, J. and C. Dziobek (2005) ‘Central Bank Losses and Experiences in Selected Countries’, IMF Working Paper, WP/05/72, April.
7. ECB (1999) Monthly Bulletin of the European Central Bank, May.
8. ECB (2000) Monthly Bulletin of the European Central Bank, July.
9. ECB (2003) Monthly Bulletin of the European Central Bank, December.
10. ECB (2004a) Monthly Bulletin of the European Central Bank, January.
11. ECB (2004b) The Monetary Policy of the ECB, 2nd edition, Frankfurt am Main: European Central Bank, February.
12. ECB (2004c) The Implementation of Monetary Policy in the Euro Area: General Documentation on Eurosystem Monetary Policy Instruments and Procedures, Frankfurt am Main: European Central Bank, March.
13. Folkerts-Landau, D. and P.M. Garber (1992) ‘The ECB: A Bank or a Monetary Policy Rule?’, in: M.B. Canzonieri, V. Grilli and M. Masson (eds), Establishing a Central Bank: Issues in Europe and Lessons from the US, Cambridge: Cambridge University Press, 86-110.
14. Fry, M. (1997) ‘The Fiscal Abuse of Central Banks’, in M.I. Blejer and T. Ter-Minasian (eds), Macroeconomic Dimensions of Central Banks: Essays in Honour of Vito Tanzi, London: Routledge, 337-59.
15. Goodhart, C.A.E. (1999) ‘Myths about the Lender of Last Resort’, in C.A.E. Goodhart and G. Illing (2002), 227-45.
16. Goodhart, C.A.E. (ed.) (2000a) Which Lender of Last Resort for Europe?, London: Central Banking Publications.
17. Goodhart, C.A.E. (2000b) ‘Introduction’, in C.A.E. Goodhart (2000a), 3-12.
18. Goodhart, C.A.E. and G. Illig (eds) (2002) Financial Crises, Contagion, and the Lender of Last Resort, Oxford: Oxford University Press.
19. Hawtrey, R.G. (1932) The Art of Central Banking, London: Longmans; new impression, London: Frank Cass & Co., 1970.
20. Heinsohn, G. and O. Steiger (1996) Eigentum, Zins und Geld: Ungelöste Rätsel der Wirtschaftswissenschaft, Reinbek: Rowohlt; 3rd, reset and corrected edition, Marburg: Metropolis, 2004.
21. Heinsohn, G. and O. Steiger (2000a) ‘The Property Theory of Interest and Money’, in J. Smithin (ed.), What Is Money?, London: Routledge, pp 67-100. Reprinted, with corrections and additions, in G. Hodgson (ed.), Recent Developments in Institutional Economics, Cheltenham, UK and Northampton, MA, USA: Edward Elgar, 2003, 486-517.
22. Heinsohn, G. and O. Steiger (2000b) ‘Warum eine Zentralbank nicht über ihr Geld verfügen kann’ (Comment on H. Riese (2000)), Ethik und Sozialwissenschaften: Streitforum für Erwägungskultur, 11(4) (December), 516-19.
23. Heinsohn, G. and O. Steiger (2006a) ‘The European Central Bank and the Eurosystem: An Analysis of the Missing Central Monetary Institution in European Monetary Union’, in D. Ehrig and O. Steiger (eds), The Euro, the Eurosystem, and European Economic and Monetary Union, Hamburg: LIT-Verlag.
24. Heinsohn, G. and O. Steiger (2006b) Eigentumsökonomik, Marburg: Metropolis.
25. Heinsohn, G. and O. Steiger (forthcoming), ‘Interest and Money: The Property Explanation’, in P. Arestis and M. Sawyer (eds), A Handbook of Alternative Economics, Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
26. Krugman, P.R. and M. Obstfeld (2003), International Economics: Theory and Policy, 6th edition, Boston: Addison Wesley.
27. Lavoie, M. (2003) ‘A Primer on Endogenous Credit-Money’, in L.-P. Rochon and S. Rossi (eds), Modern Theories of Money: The Nature and Role of Money in Capitalist Economies, Cheltenham, UK and Northampton, MA, USA: Edward Elgar, 506-43.
28. Lavoie, M. (2004) E-mail to Otto Steiger, 17 February.
29. Lerrick A. (2001) ‘A Way Out for Japan’, Financial Times, 1 May, 13.
30. th edition, Boston: Addison Wesley.
31. Moore, B.J. (1988) Horizontalists and Verticalists: The Macroeconomics of Credit Money, Cambridge: Cambridge University Press.
32. Riese, H. (1993) ‘Bagehot versus Goodhart: Why a Central Bank Needs Commercial Banks’; translated from the German original in J. Hölscher and H. Toman (eds), Money, Development and Economic Transformation: Selected Essays by Hajo Riese, London and New York: Palgrave Macmillan, 2004, 1-59.
33. Riese, H. (2000) ‘Geld - die unverstandene Kategorie der Nationalökonomie’, Ethik und Sozialwissenschaften: Streitforum für Erwägungskultur, 11(4) (December), 487-98.
34. Schoenmaker, D. (2000) ‘What Kind of Financial Stability for Europe?’, in C.A.E. Goodhart (2000a), 213-23.
35. Schwartz, A.J. (2002) ‘Earmarks of a Lender of Last Resort’, in C.A.E. Goodhart and G. Illig (2002), 449-60.
36. Spahn, H.-P. (2001) From Gold to Euro: Monetary Theory and the History of Currency Systems, Berlin: Springer.
37. Spethmann, D. and O. Steiger (2005) ‘The Four Achilles’ Heels of the Eurosystem: Missing Central Monetary Institution, Different Real Rates of Interest, Nonmarketable Securities, and Missing Lender of Last Report’, International Journal of Political Economy, 34(2), Summer, 46-68.
38. Stadermann, H.-J. (2000) ‘Aus Nichts wird Nichts’ (Comment on H. Riese (2000)), Ethik und Sozialwissenschaften: Streitforum für Erwägungskultur, 11(4) (December), 534-7.
39. Steiger, O. (2002) ‘Der Staat als “Lender of Last Resort” - oder: Die Achillesferse des Eurosystems’, in I. Barens and M. Pickardt (eds), Die Rolle des Staates in der Ökonomie - Finanzwissenschaftliche Perspektiven: Festschrift für Otto Roloff zum 65. Geburtstag, Marburg: Metropolis, 51-84.
40. Steiger, O. (2004) ‘Which Lender of Last Resort for the Eurosystem? A Contribution to the Theory of Central Banking’, paper presented at Complexity, Endogenous Money and Exogenous Interest Rates: A Conference in Honour of Basil Moore, Universiteit van Stellenbosch, Stellenbosch, South Africa, 7-11 January.
41. Steiger, O. (forthcoming) ‘Which Lender of Last Resort for the Eurosystem?’, in V. Chick (ed.), The Challenge of Endogenous Money: Theory and Policy, London: Palgrave Macmillan. (Earlier version published in ZEI Working Papers, Universität Bonn: Center for European Integration Studies (ZEI), B23, September 2004.)
42. Steuart, J. (1767) An Inquiry into the Principles of Political Oeconomy: Being an Essay on the Science of Domestic Policy in Free Nations, London: A. Millar & T. Cadell. Reprinted Düsseldorf: Verlag Wirtschaft und Finanzen, 1993, vol. 2.
43. Thornton, H. (1802) An Enquiry into the Nature and Effects of the Paper Credit of Great Britain, ed. with an introduction by F.A. Hayek, London: G. Allen & Unwin, 1939.
44. Vento, G.A. (2004) ‘The Eurosystem Operational Framework, Use of Collateral, and Liquidity Distribution in the Euro Area: Towards a Single Interbank Market’, Banca Nazionale del Lavoro Quarterly Review, 57(223) (March), 71-100.