This title, first published in 1965, provides an analysis of the forces and mechanisms governing the formation of the overall level of money prices. Even though this problem has a long history, and in spite of its obvious practical importance, it remains one of the most poorly understood questions in economic theory. This title will be of interest to students of monetary economics and the history of economic thought.

This study, first published in 1994, is intended to deepen the readers understanding of the phenomenon of equilibrium credit rationing in two areas. The first area concerns the form that equilibrium credit rationing assumes and its importance in determining the behaviour of interest rates. The second concerns the role of equilibrium credit rationing in transmitting monetary shocks to the real sector. This title will be of interest to students of monetary economics.

The aim of this book, first published in 1971, is to give the student of monetary economics a clear understanding of the theoretical potentialities of monetary policy as well as the practical limitations that prevent these potentialities from being realised. This volume discusses the central bank's operations in both long- and short-term financial markets, the effects of foreign inflows and outflows of funds, the implications of government budgetary policy, and the repercussions of the activity of non-bank financial institutions. Monetary Management should be of interest to students of finance and to all those concerned by controversies about the operation of monetary policy.

This volume provocatively rethinks the economics, politics and sociology of money and examines the classic question of what is money. Starting from the two dominant views of money, as neutral instrument and as social relation, What is Money? presents a thematic, interdisciplinary approach which points to a definitive statement on money.
Bringing together a variety of neclassical and heterodox perspectives, this work collects the latest thinking of some of the best-known economics scholars on the question of money. The contributors are Victoria Chick, Kevin Dowd, Gilles Dostaler, Steve Fleetwood, Gunnar Heinsohn, Geoff Ingham, Peter Kennedy, Peter G. Klein, Bernard Maris, Scott Meikle, Alain Parguez, Colin Rodgers, T.K.Rymes, Mario Seccarreccia, George Selgin, Otto Steiger, John Smithin and L. Randall Wray.


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National currencies appear to be threatened from all sides. European Union member countries are due to abandon their national currencies in favour of a supranational currency by the year 2000. Elsewhere, the use of foreign currencies within national economic spaces is on the increase, as shown by the growth of eurocurrency activity, and currency substitution in many parts of the world. In the last decade, privately-issued sub-national local currencies have also proliferated in a number of countries, and predict the emergence of private electronic monies of the future.
In the light of these transformations, this book asks what the future holds for national currencies. The first half of the volume addresses issues relating to money leading up to, and during, the formation of national currencies. Ranging widely in their historical and geographical context, the papers problematise the relationship between money and nation-states by examining alternative forms and uses of currencies during this period. The second half look at contemporary challenges faced by national currencies.

This volume examines the future of European financial centres in the context of economic and monetary union (EMU). Based on original empirical research, it investigates the relative competitiveness of European financial centres, with special reference to London and Frankfurt, in the context of the single currency debate. Issues covered include:
* the evolution of financial centres
* optimal design of an international financial centre
* financial services regulation and EMU
* the competitiveness of world financial centres

The object of this work, first published in 1977, is to examine the history of the economic and monetary union (EMU) in the European Community, the policies of the parties involved and the conflicts of interest created in the political and economic environment within which all this has taken place. This title will be of interest to students of monetary economics and finance.

This title, first published in 1984, considers a temporary monetary equilibrium theory under certainty in a differentiable framework. Using the techniques of differential topology the author investigates the structure of the set of temporary monetary equilibria. Temporary Monetary Equilibrium Theory: A Differentiable Approach will be of interest to students of monetary economics.

Througout his life Hayek had a profound interest in money and its role within the economy. Money plays a critical part in his 1920s work on the trade cycle, which attempts to integrate capital theory and monetary theory. As late as the 1970s, Hayek was advocating radical reform of the monetary system, suggesting that the supply of money be turned over to private enterprise. This volume, together with Volume Six, Good Money, Part Two, collect all of Hayek's significant writings on money. Together they amply demonstrate both the significance of 'sound money' in Hayek's economic vision, and Hayek's importance as a monetary theorist.

Nearly 85 years ago, Wesley Clair Mitchell, the acknowledged leader of American economists during the first half of this century, wrote: "Important as the art of spending is, we have developed less skill in its practice than in the practice of making money. Common sense forbids our wasting dollars earned by irksome efforts; and yet we are notoriously extravagant. Ignorance of qualities, uncertainty of taste, lack of accounting, carelessness about pricesa. Many of us scarcely know what becomes of our moneya." More than ever, in our world of ever-increasing credit card debt, lenient bankruptcy laws, and runaway consumption, these words still ring true. This collection of Mitchell's essays, makes it easier for today's and tomorrow's economists and social scientists to become acquainted with Mitchell's many contributions to the study of the American economy. Regrettably, the passage of time can blur and even obliterate the reputation and achievements of yesterday's leaders of ideas and actions. Although the National Bureau of Economic Research, which Mitchell helped to found and which he led in the 1920s and 1930s, remains a leading research institution, relatively few of its associates, who represent the elite among U.S. academic economists, have any first-hand acquaintance with Mitchell's work. Eli Ginzberg rounds out this edition with Mitchell's comprehensive analysis of "Business Cycles," first published in 1929, an area that commanded most of his scholarly efforts. Ginzberg's essay on Mitchell, written in 1931 and published for the first time in 1997, serves as an appropriate introduction to this new edition. His afterword contains remarks delivered at the 50th anniversary of Mitchell's death at the meeting of the Allied Social Sciences Association held in Chicago early in 1998, a telling tribute to this undisputed giant in the field. "Wesley Clair Mitchell" (1874u1948) held major teaching posts at the University of California and Columbia University. One of the most eminent U.S. economists, Mitchell focused much of his research on the statistical investigation of business cycles. His two major works are "Business Cycles (1913) and Business Cycles: The Problem at its Setting, (1927). Eli Ginzberg" is A. Barton Hepburn Professor Emeritus at the Graduate School of Business, and Director of the Eisenhower Center for the Conservation of Human Resources at Columbia University.

Does Financial Deregulation Work? studies the process of financial deregulation in the United States. It exposes the basic flaws in the deregulationist approach and advances a new framework for effective financial regulation. Bruce Coggins provides a detailed and comprehensive critique of the reasoning behind deregulation, including marginal analysis and Friedman's monetarism. He challenges this thinking and proposes an alternative set of assumptions drawn from the historical and institutional approach to industrial organization and post Keynesian monetary theory. The author concludes that stability in financial systems is dependent upon a regulatory regime which focuses on limiting competition and encouraging productive over speculative investment. This book will prove invaluable to financial economists and analysts interested in the controversy over bank deregulation. It will also be of interest to those using post Keynesian, institutionalist and industrial organization approaches to economic analysis as well as to students and professors of law and regulation and those interested in problems of financial instability.

The Economics of James Steuart reveals the particular importance of Steuart's work on monetary issues and highlights ways in which he prepared the ground for a new conception of economic relations. Featuring the work of an international team of leading scholars, this volume will be essential reading for those studying or researching the history of economic thought.

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The crisis in the euro area is a defining moment in the history of European integration. It has revealed major flaws in the architecture of the European Union; it has challenged European institutions to shape an appropriate response; and it has tested the patience of a European public that is eager to see their economic prospects improve again. This volume brings together some of the world's top economists and policymakers to explain how this crisis came about and what is to be done. The policy agenda these chapters establish is going to be difficult to implement, not least because of popular misunderstanding and political opposition. This book argues, that it is essential that European policymakers push forward this agenda or they run the risk of seeing Europe's economies fall back into crisis. This book was previously published as a special issue of the Journal of European Integration.

Does the Anglo-American approach to the relationship between banks and firms have a significant weakness compared to the German and Japanese approach? This book addresses issues on corporate finance using historical evidence. In particular it looks at the role of universal banks in relaxing the credit constraints of firms, supervising managers and stabilizing share prices. The key issue is whether the Anglo-American asset based financing is more effective than the main-bank approach used in Germany and Japan. Earlier studies have found that firms with a close relationship with a major bank have high market value compared to book value, although it is difficult to determine whether this is cause or effect. The case of the "Credit Mobilier" - the first universal bank - is interesting because the bank failed. If it was the links with the bank that caused high and stable share prices or relaxed customer constraints, the bank's bankruptcy should have precipitated the loss of these benefits. In fact the bankruptcy had almost no effect on the share prices or the investment behaviour of the relevant firms, casting doubts on the benefits of powerful banks.

This book describes and evaluates the literature on exchange rate economics. It provides a wide-ranging survey of the different theories that attempt to explain the behavior of exchange rates, and outlines the salient institutional characteristics of the modern foreign exchange market in the context of an evolving international monetary system. An important feature of the book is its emphasis throughout on the main policy issues relating to the stabilization of exchange rates. The level of exposition is relatively nontechnical, and will be intelligible to undergraduate students.

This book presents the most important published articles of Martin Shubik who has made a path-breaking contribution to game theory and political economy. The volume shows how game theory can be used to explore fundamental problems in economics, political science and operations research.The book opens with an introduction to the career of Martin Shubik and the influences which have shaped his research. In this, and the chapters which follow, Martin Shubik stresses the importance of formulative models as playable games and the treatment of information to describe decision making among individuals, using examples from industrial organization. He demonstrates that games are a fruitful way to extend our knowledge of competition among the few. In addition, he considers the importance of gaming in economics and business suggesting that experimental games can be used to illustrate problems and principles in multi-person decision making. This book will be welcomed by economists, game theorists, political scientists, and operations researchers.

This volume provides a critical assessment of the "Neoclassical Synthesis", long regarded as the standard interpretation of Keynes. Taking issue with this orthodoxy, the author offers an interpretation of the foundation of modern macroeconomics, arguing that the subject derives from the conflict between two research programmes inspired by different paradigms in physics: the "Newtonian" programme of Hicks and the "Einsteinian" approach of Keynes. Part I compares Hick's Newtonian programme with the Einsteinian programme underlying the "General Theory", and argues that only the latter challenges atomism and accounts for time in an essential way. Part II reconstructs the development of the Neoclassical Synthesis and underlines that some of its key products represent pragmatic deviations from Hick's "pure" Newtonian programme. Part III examines microfoundations approaches that seek to remedy the flaws of the Neoclassical Synthesis and concludes that they are fatally undermined by their inability to grasp the Einsteinian foundations of Keynes's approach. This text not only offers a fresh interpretation of Keynes but makes an important contribution to debates within post-Keynesian economi

In response to the credit crunch during the global financial crisis of 2007-2008, many have called for the re-establishment of regional banks in the UK and elsewhere. In this context, Germany's regional banking system, with its more than 1,400 small and regional savings banks and cooperative banks, is viewed as a role model in the financing of small and medium-sized enterprises (SMEs). However, in line with the 'death of distance' debate, the universal application of ICT-based scoring and rating systems potentially obviates the necessity for proximity to reduce information asymmetries between banks and SMEs, calling into question the key advantage of regional banks. Utilising novel ethnographic findings from full-time participant observation and interviews, this book presents intimate insights into regional savings banks and compares their SME lending practices with large, nationwide-operating commercial banks in Germany. The ethnographic insights are contextualised by concise description of the three-pillar German banking system, covering bank regulation, structural and geographical developments, and enterprise finance. Furthermore, the book advances an original theoretical approach that combines classical banking theories with insights from social studies of finance on the (ontological) foundation of new realism. Ethnographic findings reveal varying distances of credit granting depending on the rating results, i.e. large banks allocate considerable credit-granting authority to local staff and therefore challenge the proximity advantages of regional banks. Nevertheless, by presenting case studies of lending to SMEs, the book demonstrates the ability of regional banks to capitalise on proximity when screening and monitoring financially distressed SMEs and explains why the suggestion that ICT can substitute for proximity in SME lending has to be rejected.

Research on the development of human infants has revealed remarkable capacities in recent years. Instead of stressing the limitations of the newborn, the modern approach is now more optimistically based on an assessment of the adaptive capabilities of the infant. Innate endowment, coupled with interaction with the physical and social environment, enables a developmental transition from processes deeply rooted in early perception and action to the cognitive and language abilities typical of the toddler.; This book reviews a number of issues in early human development. It includes a reconceptualization of the role of perception at the origins of development, a reconciliation of psychophysical and ecological approaches to early face perception, and building bridges between biological and psychological aspects of development in terms of brain structure and function. Topics covered include basic exploratory processes of early visual systems in early perception and action; face perception in newborns, species typical aspects of human communication, imitation, perception of the phonetic structure of speech, origins of the pointing gesture, handedness origins and development, theoretical contributions on perception and cognition, implicit and explicit knowledge in babies; sensory-motor coordination and cognition, information processing and cognition, perception, habituation and the development of intelligence from infancy.

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This book is an accessible introduction to European monetary integration which provides a historical background to current debates, as well as an analysis of future developments. Further features of this book include:
* a chronology of economic and monetary unification from 1958-1999
* clear non-technical presentation of the economic issues regarding the costs and benefits of creating a monetary union
* detailed presentation of the economic and legal framework for the changeover to a single European economy
* evaluation of the Maastricht Treaty's plan for monetary union
* an overview of the debate between the federalist approach and the inter-governmental co-operation approach towards economic and political integration of Europe
* a set of questions and exercises illuminating the more technical parts of the book
European Monetary Integration 1958-2002 is an excellent resource for all those who want to discover the facts about European monetary integration which lie behind the heated political rhetoric.

This book is an accessible introduction to European monetary integration which provides a historical background to current debates, as well as an analysis of future developments. Further features of this book include:
* a chronology of economic and monetary unification from 1958-1999
* clear non-technical presentation of the economic issues regarding the costs and benefits of creating a monetary union
* detailed presentation of the economic and legal framework for the changeover to a single European economy
* evaluation of the Maastricht Treaty's plan for monetary union
* an overview of the debate between the federalist approach and the inter-governmental co-operation approach towards economic and political integration of Europe
* a set of questions and exercises illuminating the more technical parts of the book
European Monetary Integration 1958-2002 is an excellent resource for all those who want to discover the facts about European monetary integration which lie behind the heated political rhetoric.

This analysis of Israel's successful stabilisation programme challenges current thinking on macroeconomic policy. It reviews and examines the take-off of runaway inflation and of the subsequent stabilisation policy in what can be seen as laboratory conditions. Since Israel's stabilisation policy is one of only two which have actually succeeded, it offers important lessons to all East European and many Latin American countries in the design and implementation of these programmes. Professional economists concerned with macroeconomics, money, credit and banking, monetary and banking theory, economic policy, and inflation and stabilisation, as well as Latin American and East European scholars, should find this work extremely informative.

A detailed analysis of the economic effects of the changeover to a unified European currency and the pressures caused by a dual-currency system over the transition period to the Euro. Subjects discussed include:
* fiscal transfer payments: the implications of the US structure for the EMU
* consequences of parallel currency 1999-2002
* feasibility of a single currency without the exchange rate mechanism
* the relationship between the UK and Europe
* accounts of moves towards monetary union in Austria, Portugal and Finland.

Contents:
INTRODUCTION; MARKET HISTORY, Early beginning of money in Japan; Meiji Restoration and the birth of Yen; Post-war developments; Market liberalisation; In the aftermath of the bubble; GENERAL CHARACTERISTICS, Market participants; Foreign exchange banks and brokers; Customers, Market segments and transactions; Spot and forward markets; The role of foreign exchange swaps, Futures and options; Attitudes towards risks; Covering and Hedging; Position taking and arbitrage, Trading Techniques; Accounting; THE RISKS; Market risks; Measures of variability; Some stylised facts; Limits to forecastibility; Derivatives; Asymmetries and Nonlinearities; Risk management practices; Market linkages and operational risks; Payment system risks, Major payment systems; Private sector initiatives; POLICY ISSUES; Market regulation; Principles of bank regulation; Exchange restrictions; Risk monitoring and risk provision; Exchange rate stabilisation; Central bank interventions; International policy co-operation; CONCLUSION; Bibliogrpahy

This volume takes a unique and challenging look at how money has operated in Islamic society and at how Islamic theoretical frameworks have influenced perceptions of money.
The author draws upon historical, data and policy analysis to present a comparative study of monetary theories, including recent treatment of money by Islamic economists. Discussion also covers the nature of joint venture, stock markets, banks and financial intermediaries, price stability and international trade. This work sheds pioneering light in this area, and will be of interest to academics, graduates and researchers internationally.