英文标题：
《Graph representation of balance sheets: from exogenous to endogenous
money》
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作者：
Cyril Pitrou
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最新提交年份：
2018
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英文摘要：
The nature of monetary arrangements is often discussed without any reference to its detailed construction. We present a graph representation that allows for a clear understanding of modern monetary systems. First, we show that systems based on commodity money are incompatible with credit. We then study the current chartalist systems based on pure fiat money, and we discuss the consolidation of the central bank with the Treasury. We obtain a visual explanation about how commercial banks are responsible for endogenous money creation whereas the Treasury and the central bank are in charge of the total amount of net money. Finally we draw an analogy between systems based on gold convertibility and currency pegs to show that fixed exchange rates can never be maintained.
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中文摘要：
货币安排的性质经常被讨论，而没有提及其详细结构。我们提供了一个图形表示，可以清晰地理解现代货币体系。首先，我们证明了基于商品货币的系统与信用是不相容的。然后，我们研究了当前基于纯法定货币的图表系统，并讨论了中央银行与财政部的合并。我们得到了一个直观的解释，即商业银行如何负责内生货币创造，而财政部和央行则负责净货币总量。最后，我们将基于黄金可兑换性和货币挂钩的制度进行类比，以表明固定汇率永远无法维持。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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