CHAPTER ONE INTRODUCTION 1.1 INTRODUCTION The demand for money has been an integral part of economics from the origin of the subject. However very little attention was paid to it before the 1920s. This apparent lack of attention appears to have specifically changed since the Great Depression of early 1930’s and the publication by John Maynard Keynes, in 1936, of The General Theory 1 . These ev ents h ave att racted specia l attention in monetary theory and consequently an equally special attention has been focused on the demand for money. Today, over sixty years after these events, interest on the causes of the depression and failure of governments and the monetary authorities to prevent it continue. This interest rises to a peak whenever the international economy crashes or a domestic economy enters a recession/depression. It raises issues such as "what are the roles of monetary policy in causing an economic boom or recession?". "What is the role of money in society?". "How is a monetary policy transmitted to the real sector?", "What is the possibility that different policies could have rendered a severe situation less severe?", "Can money be used as a tool to stimulate development and growth, especially in the
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