Monetary economics is the branch ofeconomics that studies the nature, role, and impact ofmoney and monetary institutions. It provides a framework for analyzing money and its core functions—as amedium of exchange, astore of value, and aunit of account—and examines how money can achieve widespread acceptance, including through its role as apublic good.[1]
Historically, monetary economics has both prefigured and remained closely integrated with the development ofmacroeconomics.[2] The field investigates the functioning and regulation of differentmonetary systems, the design and role offinancial institutions, and the international dimensions of monetary relations such as exchange rates and global liquidity.[3][4]
Central themes in monetary economics include the analysis ofinflation, the role ofmoney supply in economic activity, the design and effectiveness ofmonetary policy, and the relationship between money, output, and employment. Research in this area provides the theoretical foundations for central banking and informs debates on issues such as currency regimes, financial stability, and the interaction between monetary and fiscal policy.
Modern analysis has attempted to providemicrofoundations for thedemand for money[5] and to distinguish validnominal and real monetary relationships for micro or macro uses, including their influence on theaggregate demand for output.[6] Its methods include deriving and testing the implications of money as a substitute for other assets[7] and as based on explicit frictions.[8]
Silver coin of theMaurya Empire, known asrūpyarūpa, with symbols of wheel and elephant. 3rd century BC.TheFrench Indies Company issued rupees in the name ofMuhammad Shah (1719–1748) for Northern India trade. This was cast inPondicherry.
In theIndian subcontinent,Sher Shah Suri (1540–1545), introduced a silver coin called arupiya, weighing 178 grams. Its use was continued by theMughal rulers.[12] The history of the rupee traces back toAncient India circa 3rd century BC. Ancient India was one of the earliest issuers of coins in the world,[13] along with the Lydianstaters, several other Middle Eastern coinages and theChinese wen.The term is fromrūpya, a Sanskrit term forsilver coin,[14] from Sanskrit rūpa, beautiful form.[15]
The imperialtaka was officially introduced by the monetary reforms ofMuhammad bin Tughluq, the emperor of theDelhi Sultanate, in 1329. It was modeled asrepresentative money, a concept pioneered as paper money by theMongols inChina andPersia. The tanka was minted in copper and brass. Its value was exchanged with gold and silver reserves in the imperial treasury. The currency was introduced due to the shortage of metals.[16]
Until the middle of the 20th century,Tibet's official currency was also known as the Tibetan rupee.[17]
Serious interest in the concepts behind money occurred during the dramatic period of inflation in the late 15th to early 17th centuries known as thePrice Revolution, during which the value of gold fell precipitously, sometimes fluctuating wildly, because of the importation of gold from the New World, primarily bySpain.[citation needed]
At the end of this period, the first modern texts on monetary economics were beginning to appear.
During the eighteenth century, the concept ofbanknotes became more common in Europe.David Hume referred to it as "this new invention of paper".[18]
In 1705,John Law inScotland publishedMoney and Trade Considered, which examined the failure of metal-based money during the previous hundred and fifty years. He proposed replacing that system with aland bank system of paper money based on the value of real estate. He succeeded in getting this proposal implemented. However, his bank failed due to abubble of speculation collapsing into extreme inflation; perhaps because he failed to take the lessons of theSpanish Price Revolution seriously.[citation needed]
Della Moneta, was published byFerdinando Galiani in 1751, and is arguably the first modern text on economic theory. It was printed twenty-five years beforeAdam Smith's more famous book,The Wealth of Nations, which touched on some of the same topics.Della Moneta covered many modern monetary concepts, including the value, origin, and regulation of money. It carefully examined the possible causes for money's value to fluctuate.
The year following, 1752,Of the Balance of Trade was published by Hume. He argued that one need not worry about the import or export of goods creating a surplus or shortage of either money or goods because an excess or shortage of money will always increase or decrease demand until equilibrium is reached. In modern economic terms, this is asequilibration through theprice–specie flow mechanism.
The foundational concept of any moderntheory of money is the understanding that the value offiat money depends upon exchange and not weight (compare with theArrow–Debreu model).[19]
Monetary implications of the asset-price/macroeconomic relation:[26] thequantity theory of money,[27]monetarism,[28] and the importance and stability of the relation between the money supply and interest rates, theprice level, and nominal and real output of aneconomy.[29]
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^"Mughal Coinage". Archived fromthe original on 2002-10-05.Sher Shah issued a coin of silver which was termed the Rupiya. This weighed 178 grains and was the precursor of the modern rupee. It remained largely unchanged till the early 20th Century
^Turner, Sir Ralph Lilley (1985) [London: Oxford University Press, 1962–1966.]."A Comparative Dictionary of the Indo-Aryan Languages".Includes three supplements, published 1969–1985. Digital South Asia Library, a project of the Center for Research Libraries and the University of Chicago.Archived from the original on 28 August 2010. Retrieved26 August 2010.rū'pya 10805 rū'pya 'beautiful, bearing a stamp'; 'silver'
^Turner, Sir Ralph Lilley (1985) [London: Oxford University Press, 1962–1966.]."A Comparative Dictionary of the Indo-Aryan Languages".Includes three supplements, published 1969–1985. Digital South Asia Library, a project of the Center for Research Libraries and the University of Chicago.Archived from the original on 28 August 2010. Retrieved26 August 2010.rūpa 10803 'form, beauty'
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