This thesis examines the relationship of monetary policy and investment in a theoretical framework in which monetary and real economic forces are intrinsically interlinked. The full shift from a money, real dichotomy in historical economic thought to the notion of money being an essential determinant of economic outcomes is traced to the work of Keynes, partly in the Treatise (1930), but more completely in the General Theory (1936). The treatment of monetary forces in economic growth models is examined. It is found that the money, investment relationship, with close money, real interaction, is appropriately pursued in the approach to monetary theory adopted by those who could broadly be characterised as Post Keynesian. The operation of monetary forces through the banking system is examined using this theoretical backdrop. A symbolic model is developed of the influence channels implied by the theoretical analysis, using the South African monetary system as the specific focus. The symbolic model is expressed in a form which enables empirical examination. South African data are compiled and used to determine the nature and statistical significance of hypothesised relationships. The implications of the theoretical analysis and empirical examination are drawn out both for monetary theory within the Post Keynesian mould, and for the conduct of monetary policy, in South Africa in particular. / Economics / D. Litt. et Phil. (Economics)

L'évaluation des coûts et des avantages du système de banque centrale dépend fondamentalement de l'approche analytique adoptée. Les approches instrumentalistes et positivistes, discutées dans la première partie de cette thèse, se concentrent principalement sur l'importance des prédictions empiriques quantitatives. Ces approches tendent à mettre l'accent sur les conséquences immédiates et facilement mesurables. Les effets bénéfiques de court-terme des politiques monétaires expansionnistes sont ainsi étudiés en détail par les partisans de ces approches. Les critiques internes de ces dernières sont basées sur la reconnue ignorance des potentiels effets secondaires déstabilisateurs. Les coûts engendrés par les banques centrales sont vus principalement comme une perte de bien être due à une activité économique diminuée où une inflation des prix trop élevée résultant d'une déviation vis-à-vis de la politique monétaire optimale. L'approche causale-réaliste, étudiée dans la deuxième partie, donne un rôle plus restreint à la méthode empirique quantitative. Cette ligne de recherche permet une extension fructueuse de l'analyse coûts bénéfices à des notions plus abstraites qui peuvent être étudiées qualitativement tels le risque systémique et l'aléa moral. Cette étude défend que le régime moderne de banque centrale a alimenté le développement de ces deux phénomènes. Nous analysons comment la récurrence du cycle économique et la redistribution de la richesse au profit des plus aisés sont des effets importants de l'expansion du crédit. Une explication alternative de la stagflation basée sur le processus de l'intervention politique en réponse à ces conséquences inattendues est proposée. / The evaluation of the costs and benefits of central banking is to a considerable degree dependent on the analytical approach pursued.Instrumentalist-positivist approaches, as discussed in the first part of the thesis, emphasize the importance of empirical-quantitativepredictions for the development of economic models. Within this line of research, there exists a strong emphasis on those consequences of central banking that have an immediate and readily measurable empirical counterpart in the observed economic environment.Hence, the beneficial short-term effects of expansionary monetary policy in terms of increased economic activity are studied in detail and are well understood by proponents of these approaches. Internal counterarguments are based on acknowledged ignorance about potentially destabilizing side-effects. The costs of central banking are essentially seen as welfare losses from decreasedeconomic activity or excessive price inflation as results of deviations from an optimal monetary policy path. The causal- realist approach, as studied in the second part, assigns a narrower role to quantitative-empirical tools of analysis. This line of research allows for a fruitful extension of the cost-benefit analysis to more abstract notions such as systemic risk and moral hazard that can be analyzed qualitatively. It is argued that modern central banking is a contributing factor to both. Moreover, business cycles and wealth redistribution from bottom to top as important effects of credit expansion are analyzed. An alternative explanation of stagflation based on the process of political interventionism in response to unintended consequences of monetary policy is proposed.

This work scrutinises, evaluates and systematises the modern exchange rate theories. Its aim is to familiarise the reader with the concepts of expectation, Purchasing Power Parity and Interest Rate Parity, which together form the basis of the following analysis of monetary and portfolio theories of the exchange rate determination. Then, it provides a comparison of the various approaches to these theoretical frameworks with regard to their respective authors. The paper is concluded by an evaluative description of the conditions under which such theories could be applied.

Ma thèse étudie la pensée monétaire ainsi que les travaux de Ralph G. Hawtrey, Harry D. White et Robert Triffin, entre 1919 et 1960. Au cours des débats sur cette période, considérée comme fondatrice pour le système monétaire international, ces trois économistes ont été des personnalités clés qui ont influencé le cours de l’histoire monétaire. Premièrement, ils ont critiqué la théorie de l’étalon-or issue de la tradition ricardienne, en soulignant le caractère non-automatique et asymétrique du mécanisme d’ajustement de la balance des paiements. En s’articulant autour du rejet de cette tradition, les analyses de nos auteurs ont caractérisé les faiblesses liées au fonctionnement du système monétaire international. Deuxièmement, bénéficiant de leurs positions au Trésor américain et britannique, au FMI ou encore à la Fed, ces économistes ont exercé une influence sur les réformes en œuvrant pour une consolidation de la coopération monétaire internationale dans un régime de changes fixes. / My PhD dissertation studies Ralph G. Hawtrey’s, Harry D. White’s and Robert Triffin’s monetary thought and works between 1919 and 1960. Actively participating to key institutions which shaped the international monetary system – the British Treasury for Hawtrey, the US Treasury for White and the Fed and the IMF in the case of Triffin – those economists influenced the course of monetary theory and history. They both wrote on the non-automatic and asymmetric nature of the balance of payments adjustment mechanism, and formulated an original critic towards the classical Ricardian gold standard theory. Structured around the rejection of this classical theory, the authors’ analysis pointed out the weaknesses of the international monetary system. Since then, all of their reform proposals were grounded on the strengthening of monetary cooperation under a fixed exchange rates system.

L’objection de l’exploitation est couramment soulevée lorsqu’il est question de l’implémentation d’un revenu minimum garanti. Celle-ci stipule que le versement d’un revenu minimum sans attente de contrepartie est fondamentalement injuste pour les travailleurs. Ce mémoire conteste cette objection en démontrant qu’un revenu minimum garanti ne pose pas de danger fondamental à la balance de la réciprocité. Dans le premier chapitre, la façon dont un revenu minimum garanti est financé est abordée. Il y est montré que les coûts d’un tel programme peuvent être couverts avec une taxe sur les ressources appartenant à la collectivité, sans toucher aux avoirs des travailleurs. Le second chapitre porte sur une comparaison entre le revenu minimum garanti et un revenu basé sur la participation. Elle permet de mettre en lumière les nombreux désavantages de cette deuxième option, sa mise en place risquant d’entraîner d’importants coûts financiers et humains. Le troisième chapitre s’attaque à l’objection de l’exploitation telle que formulée par Gijs van Donselaar. Les preuves qu’il fournit sont toutefois jugées insuffisantes et la thèse selon laquelle le versement d’un revenu minimum garanti encourage le parasitisme est réfutée. En ce qui concerne la perception qu’ont les travailleurs du revenu minimum garanti, il est argué qu’ils peuvent être convaincus du bien-fondé de ce programme en faisant appel à certaines valeurs centrales aux démocraties. Le dernier chapitre poursuit cette réflexion en montrant qu’un revenu minimum garanti peut être financé sans recourir à de nouvelles taxes, ce qui est expliqué en faisant appel à la théorie monétaire moderne. / The exploitation objection is commonly raised whenever the implementation of a universal basic income is mentionned. It stipulates that the payment of a minimum income without any form of obligation in return is fundamentally unfair to workers. This thesis challenges this objection and aims to show that a universal basic income does not pose any fundamental threat to the balance of reciprocity. In the first chapter, the way in which a universal basic income can be paid for is discussed. I show that such a program can be entirely funded using taxes on resources equally owned by all members of society, leaving workers’ earnings unspoiled. The second chapter focuses on a comparison between a universal basic income and a participation income. This discussion highlights the many disadvantages of the latter, the implementation of which could lead to significant financial and human costs. The third chapter tackles the exploitation objection directly, as formulated by Gijs van Donselaar. He provides insufficient evidence to demonstrate that the payment of a universal basic income encourages free-riding and his argument is therefore rejected. This leads to a closer inspection of the workers' perception of a universal basic income, which concludes that they can be convinced of the legitimacy of such program by appealing to intrinsically democratic values. The last chapter pursues this reflection by showing that a universal basic income can be implemented without resorting to new taxes, which is supported by modern monetary theory.

Made available in DSpace on 2016-04-26T20:48:48Z (GMT). No. of bitstreams: 1 Darcio Martins.pdf: 419759 bytes, checksum: 62809c924d64c55fa6dcb61f10df1f7d (MD5) Previous issue date: 2007-06-15 / Conselho Nacional de Desenvolvimento Científico e Tecnológico / The main goal of this thesis is to analyze Wicksell s monetary approach, with focus on the Cumulative Process. This is made through the reconstruction of theoretical and practical context in which this theory was originated, underlying its relation with the Quantitative Theory of Money. The modern debate on the quantitative character of the Wicksell s view is also analyzed. The thesis is divided in four fundamental parts: (i) the analysis of the institutional and economic environment of XIX century, focusing on the English monetary controversies; (ii) the description of the two positions in Monetary Theory that, according to Wicksell, synthesized the debate: Quantitative Theory of Money Ricardo s version and the Tooke s monetary approach; (iii) the analysis of Wicksell s monetary approach with emphasis of the Cumulative Process analysis; (iv) a brief description of Humphrey, Patinkin, Haavelmo e Leijohnufvud conceptions about the Cumulative Process and their respective opinions about the quantitative characteristic of the Wicksell s model / Este trabalho tem como objetivo principal compreender a abordagem monetária de Wicksell, com foco no Processo Cumulativo. Faz-se isto, com a análise do contexto prático-teórico em que ela foi originada, com ênfase em sua relação com a Teoria Quantitativa da Moeda; na visão do próprio autor e de seus comentadores posteriores. Para isto, dividiu-se a análise em quatro momentos fundamentais: (i) delimitação do ambiente sócio-econômico e institucional de todo o século XIX, no qual Wicksell estava inserido, com foco nas controvérsias monetárias inglesas; (ii) descrição e críticas de Wicksell das duas posições-síntese em Teoria Monetária em fins do século XIX, segundo o autor: Teoria Quantitativa da Moeda de Ricardo e abordagem de Tooke; (iii) apresentação da abordagem monetária de Wicksell: é feita a análise do modelo do Processo Cumulativo; (iv) breve descrição de algumas interpretações sobre o Processo Cumulativo: Humphrey, Patinkin, Haavelmo e Leijohnufvud, e suas respectivas opiniões sobre o caráter quantitativista ou não do modelo de Wicksell