Breaking the taboo
A history of monetary financing in Canada, 1930-1975
Bibliographic Data
| ID | 5610275 |
|---|---|
| Authors | Josh Ryan-Collins (0000-0003-4498-6329, New Economics Foundation, corresponding author), Josh Ryan‐collin (New Economics Foundation), Josh Ryan‐Collins (New Economics Foundation) |
| Year | 2017 |
| Volume | 68 |
| Issue | 4 |
| Pages | 643-669 |
| Publication date | 2017-12-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | British Journal of Sociology (JOURNAL) |
| Journal identifiers | ISSN: 0007-1315 • E-ISSN: 1468-4446 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/1468-4446.12278 |
| PMID | 28783229 |
| OpenAlex | W2744689220 |
| Language | EN |
| Citations received | 4 |
| References cited | 14 |
Monetary financing - the funding of state expenditure via the creation of new money rather than through taxation or borrowing - has become a taboo policy instrument in advanced economies. It is generally associated with dangerously high inflation and/or war. Relatedly, a key institutional feature of modern independent central banks is that they are not obligated to support government expenditure via money creation. Since the financial crisis of 2007-2008, however, unorthodox monetary policies, in particular quantitative easing, coupled with stagnant growth and high levels of public and private debt have led to questions over the monetary financing taboo. Debates on the topic have so far been mainly theoretical with little attention to the social and political dynamics of historical instances of monetary financing. This paper analyses one of the most significant twentieth-century cases: Canada from the period after the Great Depression up until the monetarist revolution of the 1970s. The period was a successful one for the Canadian economy, with high growth and employment and manageable inflation. It offers some interesting insights into the relationship between states and central banks and present-day discussions around the governance of money creation
Central bank · Corporate governance · Debt · Economics · Government (linguistics · Great Depression · Inflation (cosmology · Monetarism · Monetary base · Monetary economics · Monetary policy · Money creation · Political science · Politics · Quantitative easing · State (computer science · Taboo · Economic Theory and Policy · Finance · Fiscal Policies and Political Economy · Monetary Policy and Economic Impact
Measuring the Independence of Central Banks and Its Effect on Policy Outcomes
Monetary Policy, Accountability and Legitimacy
Keynesianism And Public Investment
The Economics of Debt and the Remaking of Canada
Monetarism in Canada and the World Economy
Recent Inflation
Hobbes’ redoubt? Toward a geography of monetary policy
Rules Rather than Discretion
Currency Issues to Overcome Depressions in Pennsylvania, 1723 and 1729
Types of War Inflation
Asymmetric Interest Rate Pass-Through in Russia
Money is a Social Relation
Gentlemanly Imperialism at Work
The Color of Money and the Nature of Value
| Citations per year | 1 |
|---|---|
| Citation span | 2022 - 2023 (2) |
| Highly cited | No |