مركز السيولة الشاملة في النظرية المالية مع الإشارة الخاصة إلى البلدان النامية

الملخص EN

Here are the main points of this study: This study aims at determining the importance of the change in overal liquidity level in affecting the economic activity level according to the Portfolio Theory; and to see whether it can be applied to the conditions of the developing countries, and consequently, at deter- mining the extent of practical benefit of this theory as an indicator to the economic policy under these conditions.

To realize this aims we have started the study with an exposition of the conceptions of the Portfolio Theory and of the Overall Liquidity.

As a result, the study is divided into three parts: First, wee can simply say that the Protfolio Theory includes innovative opinions of the two American Economists, J.

Gurley and E.

Shaw, which were Published in their book titled «Money in a Theory of Finance».

We have made an analytical comparison among Gurley & Shaw analysis and Radcliff analysis, and we concluded that analysis of Gurley and Shaw it can be described as a revolution in the Financial and Monetary thought on the ground that it recommended to reconsider the Debit Administration Theory and the Banking Theory, and consequently the Economic Stability Theory.

Also, we pointed that the concept of the Overall Liquidity in the light of the Portfolio Theory is the actual supply of each of Fiscal and cash assets in the economic system.

Secondly, we confirmed, according to Portfolio Theory, that the change in the Overall Liquidity is a strategic variable in the economic system on the base that this change leads to a change in the financial capacity of the bank and non-bank financial intermediaries, and consequently, it changes the expenditure capacity of each of the individuals and the firms, and consequently, it changes the economic activity level from production to employment, income and prices.

Consequently, this theory recommended to give a strategical importance for the state of the overall liquidity of the national economy at planning the economic policy, and consequently, it recommended to give a strategical importance for the monetary policy, not only to affect the size of credit multiplier which determines the size of the change in the cash assets; but also, by expanding the scale of this policy to include the non-bank financial intermidiaries to affect the size of investment multiplier which determines the size of the change in the supply of the fiscal assets.

Also, this theory recommended to exit from the traditional means of the monetary policy by giving a strategical importance for the relative interest rates structure, which can be described as a key for all changes in the overall liquidity level.

Thirdly, we concluded, through the discussion of the assumptions of the Portfolio Theory, that although these assumptions do not express the remarkable characteristics in the underdeveloped countries, yet, the importance of the role of money can be increased if we can get cut, as far as possible of the general framework of the neoclassical thought which the Portfolio Theory takes as a starting point for their analysis with its assumptions concerned with the full employment, the elasticity of prices and the distribution effects except the view point of money.

Accordin to the Portfolio Theory, money is not only considered a veil of the real face of the transactions, but also it can play an important role in determining each level and components of the national product.

Consequently, we can conclude that there are a practical benefit for this theory as an indicator of the economic policy under the conditions of the economic backwardness