National Monetary and Financial Analysis by Graeme S. Dorrance

By Graeme S. Dorrance

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Financial analysis must identify the primarily borrowing sectors that are likely to adjust relatively quickly to changes in the availability of credit, and the asset-acquiring sectors that are likely to achieve stability only after a period of adjustment of asset-holding desires to consumption demands. All economic units adjust simultaneously to changes in both assets held by them and liabilities available to them. However, with the different utilities and disutilities derived from assets and liabilities by different types of economic unit, their balance-sheet structures differ markedly.

There are transactions costs associated with the production and maintenance of financial claims. That is, borrowers receive less, either directly or indirectly, than lenders surrender on claims with single stated principal values and income streams (see pp. 98 IT). For this reason alone, asset holders will obtain lower market rates than debtors pay, and ultimate asset holders will discount their claims and income streams at lower rates than those applied by final borrowers to their liabilities.

He postulated a rudimentary demand function for money by supposing 'that the inhabitants of a country ... 20 He recognised the transactions demand for money, but also a pure asset demand; he assumed that it was convenient for individuals to hold a stock of money that was at least partly determined by their total wealth, additional to any holdings that might be determined by prospective changes in commodity prices or interest rates. Pigou recognised this Marshallian demand for 'the provision of conveniences'.

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