By Jack Revell (auth.)
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2) Since financial institutions have a multiplier effect on the volume of claims issued, the larger the proportion of financial activity which involves financial institutions the larger the volume of claims issued, and conversely. This factor is reinforced if the nature of the financial system is such that a high proportion of funds goes through two or more financial institutions before reaching its ultimate destination. (3) Because military expenditure and other forms of consumption do not result in the addition of physical assets in the balance sheet, the ratio is increased to the extent that the government and other economic units issue claims to finance deficits resulting to some extent from consumption expenditure.
Because this is not a textbook on monetary theory, we shall not attempt to cover a wide range of theoretical points, but shall limit ourselves to those parts of theory which are essential for understanding future chapters. 1. TYPES OF CLAIM A. Characteristics We can usefully begin by giving a formal definition of a financial claim as a claim to the payment of a future sum of money and/or a periodic payment of money. The 'and/or' in this definition implies that either one of the payments will be a sufficient condition, but that both may be promised.
Both government bonds and company shares. The greater part of the surplus has found its way to its destination through the various kinds of financial institution. 2 presents the picture of the financial activity that took place during 1966 as it appears if we confine our attention to the identified financial transactions. The method that is followed in the official statistics is somewhat different. since the transactions table starts with a financial surplus or deficit derived from the national income and expenditure accounts.