"Money makes the world go around." From the earliest bartering systems to today's sophisticated electronic transfers of billions of dollars in a split second, systems of exchange have conferred value upon goods and services and created the economic glue that binds individuals, businesses, communities, and nations together. We use it every day, and yet most of us have little understanding of how it really works. In this volume, Mark Dobeck and Euel Elliott present a colorful history of money in its economic, political, socio-cultural, and even psychological context. The first section focuses on banks and financial institutions, and includes discussion of checks and paper money and types of banks and finance companies. The next part covers the role of currency in national sovereignty; the impact of technology on money and global finance; debt, credit, and equity; and money markets. The final chapters look at financial markets and innovation, with discussion of risk management and such controversial and timely issues as emerging investment instruments and the future of money in an electronic age. Featuring a glossary and timeline, charts and graphs, index and references, Money is an engaging introduction to this vital component of the economy.

The third volume in Greenwood's Handbook of Comparative Economic Policies, this volume provides an overview and comparison of monetary policies in the United States and the world's leading industrial, or G-7, countries. Although monetary policy is one of the most powerful and frequently used means of combating inflation and unemployment and of promoting long-term economic growth, there are many unresolved questions pertaining to the theory and practice of monetary policy. Moreover, in a world becoming increasingly interdependent, monetary policies in each industrial country have significant repercussions in other countries. This handbook is the only in-depth, up-to-date book providing an exhaustive comparative overview of the theory and practice of monetary policy in developed economies. Following an introduction written by the editors, the volume is divided into three parts. Part I, encompassing 5 chapters, covers the major issues in the theory and practice of monetary policy, including monetary policy and the money supply process, monetary policy and economic activity, monetary policy and inflation, monetary policy and regulation, and monetary policy and bank regulation. Part II, comprised of two chapters, deals with monetary policy in the United States, and part III includes chapters examining monetary policy in each of the other G-7 countries. A final chapter discusses monetary policy coordination in the European Monetary System. The chapters are written by well-known experts in the field of monetary economics. Chapter references and a selected bibliography identify the most important sources of additional information. The work concludes with a selected bibliography and an index.

This book provides a collection of essays by leading economists in honour of David Laidler's contributions to the field of macroeconomics, with important essays on central banking, monetary policy implementation, inflation targeting, monetary theory, monetary framework debates, and the mathematical theory of banking.

This book provides an in-depth description and analysis of monetary policy in Europe and the United States. Focusing specifically on the European Central Bank, it offers one of the first comprehensive guides to understanding the targets, strategy, and instruments of the ECB.

This book provides a broad and balanced introduction to the principle Western financial makets and institutions. Unlike other books which tend to focus on an individual market, An Introduction to Western Financial Markets is international in scope. Valdez acknowledges the current movement towards a single global market and recognizes that a parochial knowledge of just one local market is no longer sufficient.

Various financial sectors are described in clear and easy to understand terms. Topics covered include banking (commercial and investment), money and bond markets, foreign exchange, stock markets, finance for trade, insurance options, futures, and other derivative products. A final chapter surveys the key trends and issues in the markets today. A useful glossary of terms is included.

Pages of mathematical formulae, common in introductory books on finance, are avoided. Valdez clearly shows the importance of these formulae, but is constantly aware of his non-numeric readers. This book will appeal to students of banking, finance, economics, business studies and the securities markets.

Der deutsche Weg zum Euro war ein politisches Abenteuer voller Tücken und Machtspiele: Mehrmals stand das Projekt vor dem Scheitern. Ein Außenminister, der einen arglosen Bundesbankchef seine Bundesbank entmachten läßt. Medien, die das Thema verschlafen. Ein Ministerpräsident, der nachts vor der Wahl steht, das Ende der D-Mark abzunicken oder seine CSU zu zerlegen. Ein Zentralbankrat, der als Kronzeuge benutzt wird, die Währungsunion als morsch durchschaut und ihr dennoch den Weg bahnt. Ein französischer Präsident, der schwache Momente des Bundeskanzlers ausnutzt. Ein SPD-Chef, der den Euro als Wahlkampfthema testet und scheitert. Ein schlingernder Helmut Kohl, der mühsam in der Spur gehalten wird. Verängstigte Bürger, die machtlose Abgeordnete bestürmen. Banken, die aus der Verunsicherung ein Geschäft machen. Ein Bundestag ohne Chance, Einfluß auf die Geschichte zu nehmen. Wer wissen will, wie den Deutschen ihre geliebte D-Mark in einem 15 Jahre dauernden Verfahren zentimeterweise abgerungen wurde, wird in diesem Dokument fündig. Sollte die Europäische Währungsunion eines Tages scheitern - hier sind die Ursachen jetzt schon nachzulesen.

This book provides a comprehensive analysis of national fiscal policies in the European Union and in the European Monetary Union. Adopting a critical perspective, the book offers a deep insight into the consequences of the current strategy of national fiscal policies on economic activity.

An analysis of the strength of the dollar, the role of the dollar and other alternatives as international money, the U.S. as an international capital market, and the past and future relationships between financial policy and foreign relations.

As the decade of the 1980s draws to a close, international debt--and the role of international banks in solving the debt crisis--is considered by some to be the major problem facing the world's economies. This collection of essays, contributed by some of the nation's most respected thinkers, academics, policy advisors, and top ranking executives examines the world monetary system in terms of its institutions and mechanisms and their relationship to liquidity, exchange rates, credit creation, trade, and growth. Practicing professionals, academics, and all those interested in monetary theory will find this volume to be an excellent reference on questions of policy relating to international banking, world monetary system, and world economic growth in the late 1980s.

Ray presents a comprehensive review of U.S. trade policy since World War II, with particular emphasis on how that policy has affected developing countries. Special attention is given to trade policy shifts in the last twenty years in an attempt to determine whether or not U.S. trade concessions to developing countries contribute positively to their efforts to meet their considerable debt obligations. The author combines theoretical discussion with empirical data drawn from the seven leading debtor nations--Argentina, Brazil, Indonesia, Korea, Mexico, the Philippines, and Venezuela--in a provocative examination of the economic and sociopolitical causes and implications of changes in protectionism and the pattern of tariff and nontariff trade barriers in the last few decades.

Following an introductory analysis of the history of protectionism in the United States, Ray explores the role of the General Agreement on Tariffs and Trade (GATT) after World War II in eliminating protection and the impact on developing countries of the changes in tariffs and in the use of nontariff trade barriers under the auspices of GATT. Subsequent chapters deal with such issues as the reasons for the adoption of the Generalized System of Preferences (GSP) adopted in 1975, the relationship between U.S. trade policies since 1975 and the world debt crisis, the reasons behind the adoption of the Caribbean Basin Initiative in 1983, and the 1985 revision of the GSP. A separate empirical chapter assesses the effects of the new GSP legislation on exports to the United States from developing countries in general and from the severely indebted seven in particular. The final chapter is organized around three major themes: the future course of U.S. trade policy, the likely impact of the U.S.-Canada Free Trade Agreement on the United States and Canada, and the Uruguay Round negotiations and the implications of the Omnibus Trade and Competitiveness Act of 1988 on trade between the United States and the debtor nations. Students of international business, international politics, and economic development will find Ray's analysis of the relationship between trade protectionism and world debt an important contribution to current debates on the causes, effects, and solutions to the Third World debt crisis.

The authors provide an intimate knowledge of the fundamentals required to cope with the everchanging nature of the money and foreign exchange markets. Its emphasis is on the management of down to earth operations, covering how to read and take advantage of market quotations, the funds manager and the interaction between money and foreign exchange markets, funds management in a two-way market, problems and solutions in the trading room of a bank, problems and solutions of the multinational non-financial business, returns and risks, in foreign exchange operations, and control of foreign exchange and money market operations. This new edition is updated to account for recent changes and expanded to emphasize and broaden the treatment of money markets.

European Union and the Euro Revolution is a challenging study of the progression of the historic movement towards one European family. This volume is the first, most comprehensive exposition of the treatise of supranational macroeconomics. The Keynesian Revolution taught us macroeconomics in the context of a sovereign nation state. In the post-WWII decades, the concept of supra-national macroeconomics became the core theme of the European Union. Indeed, the traditional concept of a sovereign nation state economy begs a thorough reexamination.
One common economic unit with its well-specified micro and macroeconomic parameters has been mapped onto one common geographic unit, the continent of Europe, a group of sovereign European nation states voluntarily surrendering their erstwhile sovereignty. The official inauguration of one common money, the euro, managed by one common supra-national central bank, the European Central Bank (ECB), on January 1, 1999, has been an epochal event in the eventful history of the European Union (EU) from 1958 through the present. As of 1999, with the euro and the ECB firmly established, the debate became: one money to one Europe.
European Union and the Euro Revolution draws on the authors extensive field studies as a Visiting Scholar with three European national central banks, De Netherlandsche Bank in Amsterdam, Banque de France in Paris, and Der Deutsche Bundesbank in Frankfurt and Japans Ministry of Finance in Tokyo.
His personal conferences with Dr. Otmar Issing, Chief Economist and a Member of the Executive Board of the ECB enriched his understanding of the related issues. His personal conferences with ranking economists and policy-makers ofBank of Japan and Japan Bank for International Development Tokyo, the Peoples Bank of China (PBOC) Beijing, Reserve Bank of Australia Canberra and Reserve Bank of New Zealand, Wellington, the Federal Reserve Banks of New York, San Francisco, and Atlanta plus his invited presentations at universities and research institutions in USA, Japan, China, Korea, Taiwan, the Philippines, Indonesia, Singapore, Malaysia, Thailand, Viet Nam, Nepal, India, Australia, and New Zealand have added resourceful inputs to this volume. His invited presentation in 2002 at the special workshop sponsored by the United Nations International Training and Research (UNITAR) at the United Nations Headquarter in New York City, of course, brought meaningful insights.
*Contributions to Economic Analysis was established in 1952
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This book investigates the contemporary functioning of financial institutions and monetary policies in order to assess their effects in different economic situations. It advances some proposals to improve their contribution towards a more stable and vigorous economy in the context of both developed and developing countries. This book includes important contributions on the theory and econometric testing of monetary policy strategies, hedging by firms, financial liberalization in Latin America and the role of financial institutions in promoting economic development.

This is the first comprehensive presentation of how monetary policymakers can use market prices to produce price stability. Drs. Johnson and Keleher show why other, conventional methods have failed and why market prices are superior guides for setting monetary policy. Their book presents the rationale, history, and philosophy underlying their approach; offers three forms of empirical research evidence to support it; and then presents special methods to use market prices as policy setting guides. Important and challenging reading for monetary policymakers and economists, bankers, financial analysts, and professional investors, as well as their colleagues in the academic community with similar interests.

Substantial changes involving revolutions in telecommunications and information processing, financial deregulation, and the global integration of financial markets have altered the environment in which central banks operate. This altered environment has undermined various conventional approaches to monetary policy. This book presents an alternative market price approach to monetary policy. The approach is easily adapted to the above-cited change: it adopts a price stabilization policy goal and uses key market prices from the commodity, foreign exchange, and bond markets as guides to policy. Commodity prices, foreign exchange rates, and bond yields represent proxies for the exchange rate between domestic money and (1) commodities, (2) foreign monies, and (3) future money (bonds), respectively. These market prices are assessed in conjunction with one another to yield policy guidance to the monetary authority. This book describes how this approach is carried out in practice. Empirical evidence support the approach from three perspectives. First, empirical support exists for each of the individual market price indicators examined in isolation. Second, market price indicators provided accurate signals for monetary policymakers during the post-Bretton Wood era. Had this market price approach been used by policymakers, the performance of the macroeconomy during this period likely would have been improved. Third, at least one historical episode demonstrates that when the approach was employed, economic performance was impressive, and price stability was, in fact, achieved.

Arguing that Britain's sterling policy had a significant impact on its colonial economic policy, this book focuses on the connection between Britain's sterling and balance of payments policy, colonial economic policy, and the British government's decision to transfer power to colonial peoples. The volume considers such factors as sterling policy and the state of the British economy, U.S. and Western European pressure for multilateralism in Britain's trade and commercial policy, the movement toward independence in colonial territories, and the cost of financing colonial development and welfare. The book argues that in the postwar years the assumptions guiding British policies for colonial political reform were undermined by postwar developments in Ghana, Nigeria, and the Malayan Federation--the three greatest dollar-earning colonies. As these colonies moved toward independence, their demands for development finance forced Britain to face the prospect of meeting such demands at great costs when the expenditure could not be justified. Britain extricated itself from this dilemma by transferring power to colonial peoples.

Based on extensive primary source analysis and in-depth interviews with key figures in the field of public debt administration and policy development, this volume presents a comprehensive history of the U.S. public debt from 1775--when the first debt was incurred to finance the Revolutionary War--to the present. The authors document how the public debt has accumulated and review the methods the government has employed to manage and administer it. They describe the impact of wars, depressions, and macroeconomic policy on the growth of the debt and detail how the handling of the debt was linked to the evolution of the banking system. Their goal throughout is to put the current debt situation into historical perspective, providing an objective evaluation of both the current levels of debt growth and the effectiveness of debt management policies and administration.

Following an introductory chapter, the study is arranged chronologically and begins with three chapters which describe the management of the public debt through 1900--a period during which the public debt was relatively small and its management simple. The debt was small, the authors show, because prevailing attitudes toward public finance fostered a fiscal system that relied on balanced budgets, except in wartime. The remaining chapters focus on twentieth century debt growth, administration, and management. A shift in policy away from balanced budgets and a public attitude of less concern about payment of the public debt have made federal budget deficits the norm, the authors demonstrate, and such running deficits require complex debt administration measures. The evolution of the system of debt management and administration that is coordinated by the Treasury Department, the Federal Reserve, and the Bureau of Public Debt is a major focus of these chapters. Challenging the views of many analysts and observers, the authors conclude that the recent growth of the public debt is no greater than that which has occurred in other periods, and that government policies of debt management and administration have been effective and timely and have made good use of modern technology. An important contribution to the literature of economic history, this book will also be of significant interest to scholars in economic policy, economic theory, and public policy.

This study investigates the econometric properties of the demand-for-money function as it affects monetary policy. Particular emphasis is placed throughout on the general properties of conventional and alternative demand-for-money specifications and on the predictability of those specifications over time. The data sets used for the econometric work of this study constitute an important contribution for the empirical demand for money literature. Most of the existing literature on money demand has been based on U.S. data. An important criticism of that literature is that the various hypotheses about post-1974 demand for money in the United States have been tested on the same body of data that originally suggested the hypotheses. Grivoyannis here uses a new data set-the Japanese data base-for the first time, comparing the results with those obtained for the United States. The comparison is justified because of the significant similarities between the U.S. and Japanese monetary sectors. Thus Grivoyannis is able to reliably test proposed explanations for the recent abnormal behavior of U.S. money demand on a different set of data and offer important new insights into the general properties of money demand functions.

Grivoyannis begins by examining conventional short-run demand-for-money specifications, presenting estimation and simulation results from log-level and log-first-difference specifications for both countries. These results are then compared with data-driven best-variable specifications. In Chapter 2, the author separates the demand for real M1 into the demand for currency and the demand for demand deposits in order to determine the main source of the function's instability. Sectorally disaggregated demands for real M1 by money holder are also examined in depth. Alternative specifications, which attempt to take into consideration institutional events as well as financial innovation and deregulation, form the focus of the third chapter. Grivoyannis' conclusions support the general suspicion among policy makers that the assumed stability of the money demand relationship has collapsed. Required reading for scholars of monetary policy, econometrics, and macroeconomics, this study will also be of significant interest to students of international finance and banking.

Over the last thirty years or so the developments in the area of monetary and macroeconomic policies have been quite substantial. Within the new consensus macroeconomics (NCM), monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by a number of central banks worldwide. There are a number of problems relating to this new monetary and macroeconomic policy approach which are raised in this book.

There have been important advances in monetary economics and macroeconomics recently. In macroeconomics there has been the paramount development of the New Consensus Macroeconomics along with significant policy implications, thereby giving rise to the notion of New Monetary Policy. This book deals with the key aspects of these developments and further ones such as money, credit and the business cycle. Adding to the analysis are developments that focus on issues for open and spatial macroeconomics.

This is the first book to provide detailed analysis of the relationship between higher education and scientific research in key Third World countries. Focusing on four of the most successful of the newly industrializing countries--Malaysia, Taiwan, South Korea, and Singapore--the authors examine the intersection between outstanding economic development in these four countries and the higher education and research establishments they have developed. The study combines careful analysis of the current status of scientific research in higher education with detailed ethnographic case studies of scientific work.

Based upon a two-year research effort sponsored by the National Science Foundation, the study presents a multifaceted approach to the subject, evaluating for each country: the organization of the universities and other scientific institutions; the scientists and administrators who work in these institutions; the research productivity and the relationship of basic research to applied uses in industry and commerce; the interactions of these institutions with scholars from Western Europe, Japan, and North America. The authors demonstrate that the nations under study are rapidly building a sophisticated scientific infrastructure and clearly recognize the importance of science for development. The book concludes with an enlightening discussion of how scientists publish their findings in these countries.

Challenges facing central bankers are expertly examined and analyzed. The book explores monetary policy and financial crisis as well as insolvency, collective action clauses, international mediation, and management of central banks. The author has worked as an economist at the Monetary and Economic Department of the Bank for International Settlements and as an international mediator for the Secretariat of the G10 Ministers and Governors.

This book analyzes key international monetary issues from a macro-foundations perspective. It proposes novel frameworks to interpret macroeconomic and financial linkages for globally integrated economies, examining global imbalances, exchange rates, interest rates, international capital flows, inflation, foreign and public debt.