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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 comprehensive book presents an original reconstruction of the different interpretations of the Phillips curve. The authors demonstrate through an in-depth analysis how it is possible to find non-neoclassical foundations in the trade-off between inflation and unemployment. The debate is presented from a historical perspective which charts the evolution of the Phillips curve from a non-neoclassical perspective, taking account of post Keynesian literature.In the first part of the book the authors focus on the origins of the Phillips curve and they critically analyse Richard Lipsey's interpretation and approach to the Phillips curve. They then explore the neoclassical and monetarist interpretation, paying special attention to the evolution of monetarism and the Keynesian critique of this approach. The Kaleckian, Keynesian and Marxist interpretations of the Phillips trade-off are then presented. Here the authors show how the relationship between inflation, unemployment and money described in these approaches accurately reflects the fundamental features of today's capitalist economies. In the final section a new Phillips curve is constructed, taking into account the non-accelerating inflation rate of unemployment and the hysteresis of it. Inflation, Unemployment and Money will be of interest to macroeconomists, post Keynesians and monetary and financial economists.

The financial crisis that started in 2007 is a concern for the world. Some countries are in depression and governments are desperately trying to find solutions. In the absence of thorough debate on the emotions of money, bitter disputes, hatred and 'moralizing' can be misunderstood. New Perspectives on Emotions in Finance carefully considers emotions often left unacknowledged, in order to explain the socially useful versus de-civilising, destructive, nature of money. This book offers an understanding of money that includes the possible civilising sentiments. This interdisciplinary volume examines what is seemingly an uncontrollable, fragile world of finance and explains the 'panics' of traders and 'immoral panics' in banking, 'confidence' of government and commercial decision makers, 'shame' or 'cynicism' of investors and asymmetries of 'impersonal trust' between finance corporations and their many publics. Money is shown to rely on this abstract trust or 'faith', but such motivations are in crisis with 'angry' conflicts over the 'power of disposition'. Restraining influences - on 'uncivilised emotions' and rule breaking - need democratic consensus, due to enduring national differences in economic 'sentiments' even in ostensibly similar countries. Promising ideas for global reform are assessed from these cautionary interpretations. Instead of one 'correct' vision, sociologists in this book argue that corporations and global dependencies are driven by fears and normless sentiments which foster betrayal. This book is not about individuals, but habitus and market crudities. Human 'nature' or 'greed' cannot describe banks, which do not 'feel' because their motivations are not from personal psyches but organisational pressures, and are liable to switch under money's inevitable uncertainties. This more inclusive social science studies emotions as a crucial factor among others, to expand the informed public debate among policy makers, bankers, academics, students and the public.

This reissue, first published in 1982, is the first of two volumes on the causes and cure of Stagflation - the two-headed monster that combines mass unemployment with rapid inflation, which affected contemporary economies across the industrially developped world in the 1970s. Professor Meade outlines the nature of the problem, contrasting the Great Slump of the 1930s with the Great Stagflation of the 1970s and comparing the Orthodox Keynesian and Monetarist approaches with the New Keynesian strategy. Various proposals for the reform of wage-fixing institutions are discussed, including the limitation of trade-union bargaining powers, an official incomes policy, labour management and ownership in business, and tax or subsidy measures to discourage inflationary rises in wages and prices. The book will be essential reading for all concerned with both the theory and policy of contemporary macroeconomics, industrial relations, labour economics and labour law. It has been written so that the general argument in the main text is accessible to the general reader as well as of interest to the professional economist.

This book represents the second of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and a detailed investigation of the disequilibrium adjustment processes characterizing the financial, the goods and the labour markets and their interaction.

In this second volume the authors present a detailed analysis and comparison of two competing types of approaches to Keynesian macroeconomics, one that integrates goods, labour and financial markets, and another from the perspective of a conventional type of LM-analysis or interest-rate policy of the central bank. The authors employ rigorous dynamic macro-models of a descriptive and applicable nature, which will be of interest to all macroeconomists who use formal model-building in their investigations.

The research in this book with its focus on Keynesian propagation mechanisms provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. The main conclusion of the work is that policy makers need to reconsider Keynesian ideas, but in the modern form in which they are expressed in this volume.

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Reconstructing Keynesian Macroeconomics" will be of interest to students and researchers who want to look at alternatives to the mainstream macrodynamics that emerged from the Monetarist critique of Keynesianism. This book will also engage central bankers and macroeconomic policy makers.

With the final phase of the European Monetary Union underway, concern has been raised over the regional implications of the European Central Bank (ECB) Monetary Policy. Departing from the standard approach utilized by the ECB, this book provides a comprehensive theoretical framework to explore the ways through which money and monetary policy may affect regions. Carlos Rodriguez Fuentes, the rising star of Spanish economics, has produced a work of impressive clarity which analyzes the effects of regional monetary policy - with particular reference to European Monetary Union. Here, he examines the role that the banking system and the liquidity preference of economic agents play in the transmission of central banks monetary policy decisions to regions within a country or countries within a currency union. Rodriguez Fuentes utilizes a unique framework built upon the basic principle of the Post-Keynsian monetary theory which enables the identification of a new way for money and monetary policy to have a regional impact; the behavioural effect. This book, with it's combination of literary and empirical approach will prove essential reading for all students of economics and politics, as well as readers who interested in the development of the European Union.

A central contested issue in contemporary economics and political philosophy is whether governments should redistribute wealth. In this book, a philosopher and an economist debate this question. James Otteson argues that respect for individual persons requires that the government should usually not alter the results of free exchanges, and so redistribution is usually wrong. Steven McMullen argues that governments should substantially redistribute wealth in order to ensure that all have a minimal opportunity to participate in economic life. Over the course of the exchange, the authors investigate a number of important questions. Is redistribution properly a question of justice, and what is the appropriate standard? Has the welfare state been effective at fighting poverty? Can we expect government intervention in the economy to be helpful or counterproductive? Are our obligations to help the poor best met through government action, or through private philanthropy and individual charity? The book features clear statements of each argument, responses to counterarguments, in-text definitions, a glossary of key terms, and section summaries. Scholars and students alike will find it easy to follow the debate and learn the key concepts from philosophy, politics, and economics necessary to understand each position. Key Features: Offers clear arguments written to be accessible to readers and students without a deep background in economics, philosophy, or political theory. Fosters a deep exchange of ideas with responses from each author to the main arguments. Provides in-text definitions and a glossary with definitions of key terms. Includes section summaries that give an overview of the main arguments and a comprehensive bibliography for further reading.

Foreign Exchange is big business in the City of London. At the last official count, turnover on the London foreign exchange market averaged a staggering $504 billion a day. No other financial centre in the world even comes close to matching this total. Thirty one per cent of global foreign exchange activity takes place in the United Kingdom, compared with only sixteen per cent in the United States and nine per cent in Japan. However, this has not always been so. A hundred years ago, the London foreign exchange market played second fiddle to more important centres in New York, Paris and Berlin. This book charts the inexorable rise of foreign exchange in London over the past century and is the first full-length study of this amazing transformation.

The global crude oil market is critically important in many respects. It is the fuel that drives the global economy and, as such, is the focus of climate policies. Moreover, crude oil is the basis of a tradable financial asset. It is therefore connected to several outstanding macroeconomic developments of recent years, including financial market fluctuations, the financial crisis and the exceptional conduct of monetary policy. This book investigates the impacts of monetary policy and the financial system on the global crude oil market. Furthermore, it outlines how monetary policy may also be used to guarantee stability and to contribute to ecological sustainability. This unique and innovative book will appeal to students and economists interested in macroeconomics, the environment, energy and monetary policy. It will also be essential reading for policy makers and those interested in economic policy that will benefit both society and the environment.

"The" guide to returning to a gold standard

All that glitters is gold and gold has never glittered so much as it has in the last decade, reaching staggering new prices in recent years. The definitive modern argument to returning to a gold standard, "The New Gold Standard" succinctly and clearly explains the nature of sound money, the causes and cures of inflation and deflation, the importance of fiscal responsibility within a sound monetary system, and the reasons for recessions and depressions. Little has been written beyond academic histories of the gold standard, but gold standard expert Paul Nathan fills that void for the first timeWritten for beginning and professional investors, the book provides guidance on how a gold standard will strengthen the dollar, reduce debt, and help stabilize the economy, offering easily applied strategies for investing in gold now and in the futureThe degree of depressions and recessions and the boom bust cycle can be avoided with a sustainable, stable monetary policyThe international return to gold is not a fad but a sign of a world in monetary transition

As long as governments continue to print money and deficits continue to rise, gold will be a hot commodity. As inflation creeps up, more and more talk will turn to returning to some version of the gold standard, and "The New Gold Standard" is the first major work to explicitly address the challenges and benefits of such a move.

Money and Finance After the Crisis provides a critical multi-disciplinary perspective on the post-crisis financial world in all its complexity, dynamism and unpredictability. Contributions illuminate the diversity of ways in which money and finance continue to shape global political economy and society. * A multidisciplinary collection of essays that study the geographies of money and finance that have unfolded in the wake of the financial crisis * Contributions discuss a wide range of contemporary social formations, including the complexities of modern debt-driven financial markets * Chapters critically explore proliferating forms and spaces of financial power, from the realms of orthodox finance capital to biodiversity conservation * Contributions demonstrate the centrality of money and finance to contemporary capitalism and its political and cultural economies

"Central bankers worldwide welcome the recent increase of research on payment systems. This volume, providing an expert overview on this timely subject, should be required reading for us all". - Erkki Liikanen, Governor of the Bank of Finland Monetary policy has been at the centre of economic research from the early stages of economic thought, but payment system research has attracted increased academic attention only in the past decade. This book's succeeds in merging these two so far largely separated fields. Innovative and groundbreaking, Schmitz and Woods initiate research on the interdependence of institutional change in the payments system and monetary policy, examining the different channels via which payment systems affect monetary policy. It explores important themes such as: conceptualization and methods of analysis of institutional change in the payments system determinants of institutional change in the payments system - political-economy versus technology empirics of institutional change in the retail and in the wholesale payments systems - policy initiatives and new technologies in the payments system implications of institutional change in the payments system for monetary policy and the instruments available to central banks to cope with it. The result is an accessible overview of conceptual and methodological approaches to institutional change in payment systems, and a comprehensive and yet thorough assessment of its implications for monetary policy. The insights this timely book provides will be invaluable for researchers and practitioners in the field of monetary economics.

The Theory of Money and Finance, by the same author, provided an introduction to the basic theory and concluded by introducing the idea of monetary disequilibrium, with the money supply process operating through bank credit creation. First published in 1981, this book develops that theme and provides empirical evidence in support of such an approach.

Focusing on Fritz Machlup, Connell presents the story of the Bellagio Group and its contribution to modern finance. Initiated by Machlup the Bellagio Group was made up of thirty-two non-government academic economists. During the years between 1964 and 1977 the Group met eighteen times and made a series of recommendations for policymakers.

Harry G. Johnson was best known for his work on monetary theory and international economics, but he was also very active in the theory of distribution, trade strategy and development economics. These 4 books, originally published between 1967 and 1971 explore: The relationship between nationalism and economic development Trade policy to promote development The use of geometrical tools in international trade theory Issues surrounding multi-lateral free trade.

Harcourt has made substantial and wide-ranging contributions to economics in general, and to post Keynesian economics in particular. In this volume more than forty leading economists pay tribute to and critically evaluate his work. The contributors represent a wide range of schools in economics, and include Nobel Laureates Paul Samuelson and Robert Solow.

This book pulls together papers presented at a conference in honour of the 1981 Nobel Prize Winner for Economic Science, the late James Tobin. Among the contributors are Olivier Blanchard, Edmund Phelps, Charles Goodhart and Marco Buti. One of the main aims of the conference was to discuss what potential role monetary policy has on economic activity and unemployment reduction in three key currency zones - the United States, European Union and Japan.

This book examines monetary policy, central banking and exchange rate regimes in the Middle East and North Africa. Part I covers central banking and monetary policy, while Part II covers monetary policy and exchange rate regimes. Some chapters focus on the monetary frameworks of particular countries, including Lebanon, Algeria, Syria, Tunisia, Morocco, and Turkey, outlining the different systems operated in each case, considering their successes and failures, and discussing important issues such as government policy, macroeconomic performance, inflation and inflation targeting, central bank independence and the impact of broader political economic developments on the conduct of monetary policy. Other chapters cover thematic issues across the whole region, including: central bank independence, operations of debtor central banks, the effect of exchange rates on inflation, and the effect on countries' trade of alternative exchange rate regimes. Drawing on the insights of scholars and policy-makers, this book is a vital resource for anyone wanting to understand the economies of the Middle East and North Africa.

First published in 1988, this reissue reconstructs the reaction of financial markets to war, defeat, and revolution in Europe, from the assassination of Archduke Franz Ferdinand in June 1914, to the bankruptcy of Germany in July 1931. Dr. Brown demonstrates how the contemporary investor can improve the wisdom of his decisions by gaining an understanding of the financial history of these years. He also demonstrates how the skilled investor might project different political and economic realities and estimate their probability of recurrence. In his reconstruction work, Brendan Brown has undertaken extensive research into the financial press in the various European countries, seeing this as a prime clue to the mood in markets at the time. The findings will interest not just economists and financial specialists, but also readers keen to improve their understanding of the political and social events of the period.

Credit cooperatives in India make up one of the largest rural financial systems in the world. Playing a vital role in dispensing credit in largely agricultural areas, they are also the weakest link in the formal credit delivery system. This book provides a valuable case study of the traditional banking system in this developing economy, exploring the reasons for the poor performance of credit cooperatives in India and suggesting measures to revitalise them.

Although this sector has grown along with the micro-credit sector to provide finance for the poor and the less creditworthy borrowers, financing development still remains a major problem in the developing world. However, the financial health of credit cooperatives in India has been a matter of perennial concern. The author argues that cooperatives hold great promise for financial inclusion if the financial position of the cooperatives can be consolidated. Providing a detailed analysis of the historical evolution of cooperatives in India, the book establishes the link between different segments of this institutional system and their performance in a commercial sense to show that cooperatives occupy an important place in India 's financial edifice as they play a key role in the multi-agency framework for rural credit delivery. As such, the analysis provides a valuable reference for scholars of economics, Asian economics and finance.

The book reveals how the Global Credit Bubble and Bust of 2003-10 stemmed from giant monetary disequilibrium created by the Federal Reserve. Almost continually that institution has pursued flawed monetary practice and principle which has mutated into Bernanke-ism. The book dissects this and shows how it threatens the return of economic prosperity.

This edited collection assesses the level of financial integration in the European Union (EU) and the differences across the countries and segments of the EU financial system. Progress in financial integration is key to the EU's economic growth and competitiveness and although it has advanced substantially, the process is still far from completion. This book focuses on the pace of financial integration in the EU with special emphasis on the new EU Member States and investigates their progress in comparison with 'old' EU countries. The book is the first of its kind to include and evaluate the effects of the global financial crisis on the process of EU financial integration. In particular, the book's contributors address the issue of whether a high degree of financial integration contributed to the intensification of the financial crisis, or whether a low level of integration prevented countries and financial industries from some of the negative effects of the crisis. Although most of the chapters apply contemporary econometric tools, the technical part is always reduced to indispensable minimum and the emphasis is given to economic interpretation of the results. The book aims to offer an up to date and insightful examination of the process of financial integration in the EU today.

The 12 papers in this edited volume discuss key elements of monetarism, including coin denominations, the role of bullion and case studies of substitute moneys.

The last two decades have seen a number of important developments in exchange rate economics, with substantial contributions to both its theory and empirics. While our understanding of exchange rates has significantly improved, a number of challenges and open questions in the exchange rate debate still remain. In these two volumes, the editors have brought together a selection of key articles which are representative of recent developments in the exchange rate economics literature. This important collection is essential for academic economists and practitioners interested in understanding and participating in the exchange rate debate.