Money. Credit. Banks. Theories of credit (lecture notes)

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Money. Credit. Banks. Theories of credit (lecture notes)

Lecture notes, cheat sheets

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Theories of credit

1) Theories where credit is condemned. They come from antiquity, associated with a negative assessment of usury (the Bible, the Koran - the prohibition of interest, usury, the transfer of debts). During the Middle Ages, the understanding of credit and interest expanded. The percentage was justified if:

▪ Losses occurred when providing a loan (late repayment);

▪ Lost profit (that is, even a non-obvious reason justified interest income);

▪ Risk loans - to the seafarer.

In the theory of neutral money, credit was condemned.

2) Naturalistic theories of credit. According to them, credit is neutral in relation to the economic system as a whole. Representatives - Smith, Riccardo, Marx. They arose as a reaction to the J. Lo system. In the USSR - the legacy of these theories, since Marx was the representative.

3) Investment and financial theory of credit. Economic growth cannot be achieved on loans alone. There must be purposeful cash flow. These funds should be invested by the state and named state. debt. The idea is that initial investment generates other investments: 1 construction job generates 36 related jobs. This idea - the idea of a multiplier - a coefficient showing the relationship between changes in income from changes in investment: change in income = multiplier * change in investment. Another multiplier is: 1/(1-c), where c is the marginal propensity to consume.

Author: Shevchuk D.A.

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