Under the direction of Nobel laureate Robert A. Mundell and Paul J. Zak, eminent contributors to Monetary Stability and Economic Growth offer a unique insight into the way that economists analyse the causes of money (mis) management in the US, Latin America, Europe and Japan, and prescribe stabilising reforms. Their lively discussion provides answers to various questions including: How does monetary stability affect economic growth? How can nations best achieve monetary stability? When is monetary union desirable? Which anchors for monetary stability are likely to be most effective? How will the euro affect financial markets and the international monetary system? Is international monetary reform possible, and how can it be achieved? The mechanisms that link monetary policy - including foreign exchange regimes and the international monetary system - to economic performance are examined, and the ways in which countries can stimulate economic growth are explored. This superb narrative volume, brought alive by the debate between leading economists, is contextualised by the editors' excellent introduction. It will be of immense interest to students, researchers and teachers of macroeconomics and financial economics as well as professional economists.

In The Fiat Standard, world-renowned economist Saifedean Ammous applies his unique analytical lens to the fiat monetary system, explaining it as a feat of engineering and technology just as he did for bitcoin in his global bestseller The Bitcoin Standard.

This time, Ammous delves into the world's earlier shift from the gold standard to today's system of government-backed fiat money—outlining the fiat standard's purposes and failures; deriving the wider economic, political, and social implications of its use; and examining how bitcoin will affect it over time.

With penetrating insight, Ammous analyzes global political currencies by analogy to bitcoin: how they're "mined" whenever government-guaranteed entities create loans, their lack of inherent restraints on inflation, and the rampant government intervention that has resulted in heavy, devastating, and persistent distortions to global markets for food, fuel, science, and education.

Through these comparisons, Ammous demonstrates that bitcoin could be our next step forward—providing high salability across space, just like the fiat system, but without the unchecked fiat-denominated debt. Rather than a messy hyperinflationary collapse, the rise of bitcoin could look like a debt jubilee and an orderly upgrade to the world's monetary operating system, revolutionizing global capital and energy markets.

This comprehensive and far-reaching book describes the growth and economic integration of the European economy from 1500 to 1913. The authors apply macroeconomic techniques to identify growth rates, inflation, product markets, trade networks and business cycles across a set of countries over the period. The book demonstrates that growth was the natural state for European economies throughout the period although, under the impetus of the industrial revolution, growth rates generally accelerated by the end of the nineteenth century. Similarly, business cycles in the modern sense seem to have been in evidence at the beginning of the period but by the eighteenth century there is no doubt that modern cycles affected these countries, sometimes simultaneously. Inflationary episodes are both distinct and shared in this long period, with the long inflation of the sixteenth century attesting to the integration of European markets. Finally, the authors find abundant quantitative evidence to support the argument that economies linked by international trade in 1500 came close to achieving global integration by 1913. The European Macroeconomy will be of interest to scholars of economic history, international economics and macroeconomics.

This outstanding text, a follow-up to the authors' award-winning 1982 text, provides a thorough treatment of economic welfare theory and develops a complete theoretical and empirical framework for applied project and policy evaluation. The authors illustrate how this theory can be used to develop policy analysis from both theory and estimation in a variety of areas including: international trade, the economics of technological change, agricultural economics, the economics of information, environmental economics, and the economics of extractive and renewable natural resources. Building on willingness-to-pay (WTP) measures as the foundation for applied welfare economics, the authors develop measures for firms and households where households are viewed as both consumers and owner/sellers of resources. Possibilities are presented for (1) approximating WTP with consumer surplus, (2) measuring WTP exactly subject to errors in existing econometric work, and (3) using duality theory to specify econometric equations consistent with theory. Later chapters cover specific areas of welfare measurement under imperfect competition, uncertainty, incomplete information, externalities, and dynamic considerations. Applications are considered explicitly for policy issues related to information, international trade, the environment, agriculture, and other natural resource issues. The Welfare Economics of Public Policy is ideal for graduate and undergraduate courses in applied welfare economics, public policy, agricultural policy, and environmental economics and provides an essential reference for practitioners of applied welfare economics.

Now in its third incarnation, this widely acclaimed and popular text has again been fully updated and revised by the author. There is a bewildering array of models to explain the volatility of exchange rates since the collapse of the Bretton Woods system in the early 1970s. It is therefore invaluable that Hans Visser is able to bring method to this 'model madness' by grouping the various theories according to the time period for which their explanation is relevant, and further subdividing them according to their assumptions as to price flexibility and international financial asset substitutability. A Guide to International Monetary Economics is a systematic overview of exchange rate theories, an analysis of exchange rate systems and a discussion of exchange rate policies including discussion of the obstacles that may confront policymakers while running any particular system. This third edition emphasises recent developments such as the creation and expansion of the euro and the radical solution of dollarisation. The book is a concise treatment of this complex field and does not encumber the reader with a surfeit of potentially distracting institutional details. As with previous editions, the emphasis is on the economic reasoning behind the formulae while introducing students to the mathematics that will enable them to pursue further reading. This book is aimed at postgraduate and advanced undergraduate students in general and international economics and international finance, as well as business management scholars and researchers specialising in finance. Professional economists wishing to bring up to date their knowledge of the subject will also find much within this book of value to them.

This important book analyses evolutionary approaches to economic policy. Its main purpose is to explore the policy implications of evolutionary economics, in particular of approaches inspired on the one hand by Schumpeter and revived by Nelson and Winter which deal with industrial evolution under constant institutions and, on the other hand, of approaches inspired by Hayek and North, which analyse the ways in which institutions themselves evolve. Hitherto evolutionary economists have paid little attention to policy issues, and the relatively few policy implications that they have produced are divergent. Whereas the Neo-Schumpeterian approach has often been used to support political interventions, the Hayekian viewpoint holds that economic policy detracts from economic performance. More systematic evolutionary analysis of economic policy is required if these one-sided findings are to be transcended. Furthermore, such analysis can be expected to develop a coherent theory of economic policy which will plug the gaps and rectify the errors (such as approval of socialist planning and Japanese industrial policies) of both neoclassical and alternative approaches to policy. Evolutionary economists and policy analysts will find this book of great interest, as will economists and students of economics who are interested in enlarging their views with excursions outside the standard curriculum.

Is the theory of money that underlies most modern macroeconomics well-grounded? What determines the value of a currency, and how is the state's power over its currency related to its ability to stabilize prices and employment? Charles Goodhart's classic paper 'The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas' which first raised these questions is reprinted here, and the distinguished authors expand its line of argument and comment on its central themes. The issues discussed are of fundamental importance in contemporary monetary theory and policy. The State, the Market and the Euro presents two sharply contrasting theories of money - Chartalist and Metallist - and the resulting equally sharply contrasting approaches to macroeconomic policy. Academic monetary, financial and political economists will find this book of great interest as will policymakers, financial analysts and journalists.

Lombard Street is Walter Bagehot's famous explanation of the England central banking system established during the 19th century. At the time Bagehot wrote, the United Kingdom was at the peak of its influence. The Bank of England in London, was one of the most powerful institutions in the world. Working as an economist at the time, Walter Bagehot sets about explaining how the British government and the Bank of England interact. Leading on from this, he explains how the Bank of England and other banks - the Joint-Stock and Private banking companies - do the business of finance. Bagehot is not afraid to admit that life at the bank is usually quite boring, albeit punctuated by short periods of sudden excitement. The sudden boom of a market, or sudden fluctuations in the credit system, can create an excited demand for money. The eruption of an economic depression, which Bagehot aptly notes is rapidly contagious around different sectors of the economy, can also make working in the bank a lot less tedious.

In the 1970s, the Keynesian orthodoxy in macroeconomics began to break down. In direct contrast to Keynesian recommendations of discretionary policy, models advocating laissez-faire came to the forefront of economic theory. Laissez-faire no longer stood as an exceptional policy endorsed for rare occurrences of market clearing; rather it became the policy standard. This book provides the definitive account of this watershed and traces the evolution of laissez-faire using the cases of its proponents, Frank Knight, Henry Simons, Friedrich von Hayek, Milton Friedman, James Buchanan and Robert Lucas. By elucidating the pre-analytical framework of their writings, Sherryl Kasper accounts for the ideological influence of these pioneers on theoretical work, and illustrates that they played a primary role in founding the theoretical and philosophical use of rules as the basis of macroeconomic policy. A case study of the way in which interwar pluralism transcended to postwar neoclassicism is also featured. The volume concludes that economists ultimately favoured new classical economics due to the theoretical developments it incorporated, although at the same time, since Lucas uncritically adapted some of the ideas and tools of Friedman, an avenue for ideological influence remained. Tracing the evolution of American macroeconomic theory from the 1930s to the 1980s, this book will appeal to those with an interest in macroeconomics and in the history of scholars associated with the Chicago School of economics.

Philipp Maier offers a unique examination of the extent to which governments and various interest groups have exerted pressure on central banks. The book looks in particular at the Deutsche Bundesbank - which acted as the blueprint for the European Central Bank (ECB) - and utilises an original set of indicators to measure external pressure and support from the government and other institutions. The author demonstrates that although some of the rhetoric of the Bundesbank may have been a response to political pressure, the operation and conduct of German monetary policy has not been influenced. The role of various pressure groups remains a more contentious issue, as there is evidence that the Bundesbank may have acted to appease the financial sector. The author also finds that a high degree of public support towards the Bundesbank has helped to mitigate the effect of external forces. As the ECB was closely modelled on its German counterpart, the author is able to extend his analysis to the European level and draw out explicit predictions for the ECB. He argues that external pressure is unlikely to influence the conduct of monetary policy, as it will be less efficient and organised, and public support is likely to be high. In the future, however, this could be jeopardised by a rapid enlargement of EMU which may result in more concentrated and powerful pressure groups. This interesting empirical study of the effect of governments, interest groups and public support on the behaviour and rhetoric of Central Banks will be welcomed by financial and monetary economists, students and scholars of European finance and European policymakers.

In "Marco Polo was in China" Hans Ulrich Vogel offers an innovative look at the highly complex topics of currencies, salt production and taxes, commercial levies and other kinds of revenue as well as the administrative geography of the Mongol Yuan empire. The author s rigorous analysis of Chinese sources and all the important Marco Polo manuscripts as well as his thorough scrutiny of Japanese, Chinese and Western scholarship show that the fascinating information contained in "Le devisament dou monde" agrees almost pefectly with that we find in Chinese sources, the latter only available long after Marco Polo s stay in China. Hence, the author concludes that, despite the doubts that have been raised, the Venetian was indeed in Khubilai Khan s realm.

The Economics of Demand-Led Growth is a collection of specially written essays that develop and apply the theory of demand-led growth. Long-run growth is usually portrayed as a supply-determined process. The contributions to this volume, however, are rooted in the theory of demand-led growth. In addition to general discussions of the role of demand in the long-run, the volume contains essays in the Kaldorian and Kaleckian traditions, and a section on the relationship between demand-led growth and structural change. The conclusion reached is that current neglect of the role of demand in analyses of long-run growth is unwarranted. This book will prove indispensable to academic economists and graduate students in economics for its contributions to the field of macrodynamics and, in particular, its development of non-neoclassical approaches to macrodynamics.

Open-Economy Macroeconomics for Developing Countries focuses on fiscal, monetary and exchange rate issues of importance to less developed economies. The book argues that the dichotomy between the short-term macroeconomic stabilization goal and the long-term economic growth objective commonly found in developing countries' policy framework is inappropriate. The authors report empirical evidence to support the proposition that macroeconomic stability is a pre-requisite for sustained economic growth and the root of macroeconomic instability in developing countries lies in the government budget deficits. The book discusses the stabilization tools available to deal with capital flows, supply shocks and the effects of financial deregulation. It opens with a discussion of macroeconomic policy problems for open developing economies and an historical overview of the international institutions such as IMF, GATT and UNCTAD. The authors then provide a comprehensive review of macroeconomic models which are popularly used to analyse policy dilemmas related to internal and external balances of open economies. Having reviewed the institutional and theoretical framework, the authors assess the macroeconomic impact of financial deregulation, capital flows and foreign investment. They address the debt crisis, financial instability, capital flight, currency substitution and exchange rate arrangements. The authors also consider more general issues such as the political economy of macroeconomic management and the institutional framework that may enhance credibility and effectiveness of macroeconomic policy. In conclusion, they stress that the openness of an economy itself acts as a constraint on macroeconomic mismanagement and hence may enhance economic growth. This comprehensive book will be an important addition to the literature, and will be of use to advanced undergraduates and graduates of development economics, development studies and financial and monetary economics.

Economic Institutions and Democratic Reform rigorously and systematically explores the political effects and consequences of economic reform in more than 20 post-communist countries. By using primary quantitative data and stringent statistical analyses, Ole Norgaard demonstrates that there is no universally applicable economic reform strategy and that popular democracy is often the foundation of a successful economy, rather than a powerful executive or president, as is popularly asserted. The book also shows that generalised models are not productive when studying the complexity of post-communist transformation. The author argues that the danger to democracy comes from the alienation of citizens and the collapse of public service and education systems instigated by individuals who, with few democratic credentials, capture the political playing field. These leaders have often been encouraged by Western governments who believe democracy can only be imposed on reluctant societies by newborn capitalist elites. This book will be essential and challenging reading for political scientists and economists as well as policymakers in NGOs, such as aid agencies and the institutions of the EU.

This volume of the International Symposia in Economic Theory and Econometrics explores the latest economic and financial developments in Asia. Chapters cover a range of topics such as the consequences of green supply chain integration and environmental uncertainty on performance, along with the effects of perceived organisational support, transformational leadership, and teamwork on employee engagement. These peer-reviewed papers touch on a variety of timely, interdisciplinary subjects such as corporate social responsibility and the effects of public policy. Environmental, Social, and Governance Perspectives on Economic Development in Asia also includes empirical studies in financial economics and public governance. For example, one chapter analyses the impact of COVID-19 pandemic risk and lockdown on the Indian economy, while another empirically studies the influence of word of mouth variables on visits and re-visits for ecotourism in West Java. Together, ISETE 29 volume B, is a crucial resource of current, cutting-edge research for any scholar of international finance and economics.

This volume of the International Symposia in Economic Theory and Econometrics explores the latest economic and financial developments in Asia. Chapters cover a range of topics such as the impact machine learning models have on forecasting, the levels and effects of financial literacy of farmers in Thailand, as well as the need to prioritise increasing employee engagement for sustainability. These peer-reviewed papers touch on a variety of timely, interdisciplinary subjects such as corporate social responsibility and the effects of public policy. Environmental, Social, and Governance Perspectives on Economic Development in Asia also includes empirical studies in financial economics and public governance. For example, one chapter considers the influence of green supply chain integration and environmental uncertainty on performance in Indonesia, while another empirically studies Banking Development and Household Welfare in Thailand. Together, ISETE 29 volume A, is a crucial resource of current, cutting-edge research for any scholar of international finance and economics.

Regulatory regimes appear wherever market economies exist and whenever there is competition for limited resources. However, the rationale of public regulation of markets, as well as the mechanisms that characterise regulatory regimes, is not well understood. The State, Regulation and the Economy illustrates how economic theory, whether positive or normative, is not convincing in explaining the complex interactions between the state and the market. Instead, the book examines regulation and state intervention from an institutional and historical perspective. Utilising empirical evidence from Scandinavia and the US, the authors argue that the form and content of state interventionism is strongly influenced by historical and path dependent factors, and go on to propose an approach which illuminates the role of specific historical events in forming regulatory policy. Various aspects of regulation are discussed with reference to infrastructure and network industries, one of the few areas in the economy where the role of the state has changed dramatically during the past two decades. The authors believe that the fast changing attitudes and policies towards regulation might be better understood by applying a longer time horizon combined with analysis based on new institutional economics. Scholars of economics, business administration, economic history and political science, as well as those wishing to gain a greater insight into the historical dimension of regulation, will find this an original and valuable book.

In Money, Income and Time, Alvaro Cencini examines how money has been alternatively defined as a commodity and as the general equivalent of all commodities to be, subsequently, identified with the concept of numeraire, and, finally, reduced to the actual notion of credit. To better clarify the terms of the problem, the writer analyses it through the main theories of money which have been developed since the works of the classical economist. The book does not take the form of a history of economic doctrines, however, since its aim is at the same time less ambitious and more precise, that is defining the true nature of money through a critical and synthetic appraisal of its various analyses.

The contributors to this book, from the US and Japan, explore the main issues involved in the international trade, foreign direct investment, and macro/financial relations of the United States and Japan and provide guidance to policymakers for measures to help overcome Japan's economic stagnation since the early 1990s.The book is divided into three parts. Part I contains an empirical analysis of trade diversion under the North American Free Trade Agreement (NAFTA), a theoretical analysis of time in determining the structure and effects of trade with an application to Japan, and an empirical analysis of Japan's changing import behavior. Part II is focused on foreign direct investment (FDI), trade, and the behavior and structure of Japanese firms. Part III deals with macro/financial issues of current interest and importance in Japan. The analytical focus of the chapters is intended to enhance the understanding of the issues addressed and to provide some guidance to policymakers in the design of measures that will improve economic efficiency and welfare and help to overcome the economic stagnation that Japan has experienced in the past decade or more. Economists, political scientists and policymakers will find the analysis provided in this volume invaluable in understanding the Japanese economy and economic relations between Japan and the United States.

The Theory of Economic Growth compares the main theories of growth from Adam Smith to the present day in order to isolate their logical structures, theoretical domains and methodological underpinnings. The book provides original solutions to theoretical questions still debated in contemporary literature and points out new directions for further research.The authors carry out a 'vertical' or in-depth analysis of the three main schools of thought; classical, Keynesian and neo-classical. They perform a 'horizontal' analysis of a wide range of items connected with growth theory, such as competition, technical change, division of labour, business cycles, the impact on environment, and the financial intermediation. Attention is also given to the evolutionary approach to economic growth. This book will be of great interest to scholars of economic growth, macroeconomics, and historians of economic thought.

This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics. Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.

This seminal reference tool provides a detailed chronological account of the development of European integration from the fragmentation at the end of the Second World War to the launch of the Euro on 31st December 1998. It offers a descriptive summary of important events, measures, arrangements, conferences and ideas that shaped the progress towards integration. Wim Vanthoor's chronology reveals that the attainment of political unions referred to by Winston Churchill in 1946 as 'The United States of Europe', was on the one hand a controversial point in the struggle for integration while on the other it was always kept in view as the ultimate objective. The author comes to the conclusion that with the creation of the economic and monetary union the efforts to achieve European political unification have reached an interim phase. Previous experience suggests that, in the long run, the European Union needs to be deepened in order to create the supranationality which the founding fathers of the European Community already had in mind when they signed the Treaty of Rome in 1957. This reference work will prove invaluable to students, scholars and professionals interested in the development of the European Union.