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عرضهی اعتبار
This question has puzzled various authors (Cha�neau, 1977, p. 14; Goodhart, 1984, pp. 232-3; Howells, 1995) for some time now, as apparently the demand for money and the supply of credit are determined by two independent mechanisms.
An Excess Supply of Credit?
It has sometimes been claimed that the horizontalist assertion regarding the impossibility of an excess supply of credit money should be attributed to the absence of a proper portfolio demand for money (Goodhart, 1989,
It has nothing to do with a supply of credit that would be excessive compared to some demand for money.
Consumption does not rise because there is an excess supply of credit or an excess supply of money.
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