In this reassessment of the 19th century monetary theorist and banking reformer, Thomas Joplin, Professor O'Brien sets out to place his subject in a new perspective. He discusses Joplin's role as a reformer and his relationships with fellow economists and explores such issues as the problems of paper currency, the principle of metallic fluctuation, agricultural prices and the monetary system and the structure of banking. The book should be of interest to anyone interested in the development of monetary economics as well as to economic historians.

Central banking independence is a crucial factor for sustainable economic development of multiple countries. The multiple components for such systems, however, makes it difficult to evaluate how the success of such a system may be determined. Monetary Policies and Independence of the Central Banks in E7 Countries is an essential reference source that evaluates the effectiveness of monetary policies and the independence of central banks to contribute to economic development within seven emerging economies (E7): Brazil, China, India, Indonesia, Mexico, Russia, and Turkey. Featuring research on topics such as global economics, independent banking, and foreign investing, this book is ideally designed for financial analysts, economists, government officials, policymakers, researchers, academicians, industry professionals, and students seeking coverage on improved econometric methods for effective financial systems.

Patrick Minford has been a close adviser to Mrs Thatcher during the last decade. He has made an important contribution to the ideas of Thatcherism and Britain's monetarist/supply side programme in the 1980s.This book brings together, for the first time, essays written as a contribution to the supply side revolution in Britain. Some focus on monetary and fiscal policy, while others deal with the principles and mechanisms for supply side reform. Taken together, they represent an invaluable source book and reference point on the political philosophy and economic strategy of the Thatcher era. The essays were all written for a wide audience and will be essential reading for both economists and non-economists alike.

Patrick Minford has been a close adviser to Mrs Thatcher during the last decade. He has made an important contribution to the ideas of Thatcherism and Britain's monetarist/supply side programme in the 1980s.This book brings together, for the first time, essays written as a contribution to the supply side revolution in Britain. Some focus on monetary and fiscal policy, while others deal with the principles and mechanisms for supply side reform. Taken together, they represent an invaluable source book and reference point on the political philosophy and economic strategy of the Thatcher era. The essays were all written for a wide audience and will be essential reading for both economists and non-economists alike.

Most works on John Maynard Keynes deal with his General Theory of Employment, Interest and Money and his theory of unemployment. Much less well-known are his publications on money, finance, and international trade. This book fills that void by providing an analysis of Keynes' works from "Indian Currency and Finance" to "The Proposal for a Currency Union." It seeks to show that his concerns extended beyond his magnum opus to include the monetary and financial concerns of Great Britain and the world at large.

This is the first full length study of Thomas Tooke, a leading monetary economist of the 19th century, a pioneer of quantitative monetary history and the greatest opponent of the quantity theory of money in the history of economic thought.

Monetary Scenarios is an original synthesis of post Keynesian macroeconomic and monetary theory with the new microeconomics of the behavioural, transaction cost and public choice theorists. These theoretical ideas are integrated with recent historical and institutional material from the United Kingdom, the United States and Australasia.

Relying on new statistical and archival material, this book tells the story of the operation of the international monetary system of the mid-nineteenth century. It seeks to explain how this system was able to weather the impact of the California and Australia gold discoveries. It shows how France contributed to global financial stability by standing ready to exchange silver from gold at a fixed rate - a consequence of its bimetallic system. This book also shows how France's decision to change its domestic monetary rules caused the emergence of the gold standard in 1873, and thus offers a new interpretation of the global monetary history of the nineteenth century.

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and social responsibility as central banks wake up to new realities. The book examines this relationship not only in connection to the economic, monetary and financial impact of the so-called 'unconventional' monetary policies, but also in connection to the functioning of today's democracies. A new framework and model for central banking is proposed in this rethinking of monetary policy, and the role of central banks as institutions in democracies is considered. Scholars and students interested in central banking and monetary policy, the issue of social responsibility and the relationship between central banks and democracy will benefit from the ideas presented by the editors and authors of Central Banking, Monetary Policy and Social Responsibility.

This influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments. Although so-called 'real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely 'realistic'. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money. This insightful book will be of interest to all those concerned with monetary economics and macroeconomics, including academic researchers, graduate and senior undergraduate students - particularly those looking for an alternative to current economic orthodoxy - and historians of economic thought. Practitioners in central banks, international financial institutions, the financial markets and finance ministries will also find this work invaluable.

This ground-breaking book introduces macro accounting. Most modern money emerges out of accounting documentation of private executory debt contracts within exchange processes. Money-information markers are basically negotiable (exchangeable for value) debt instruments. Macro accounting techniques provide sufficient detail to examine the complex coupling relations and the resulting constraints among exchanges of good, services, and money-information markers of various sorts.

The book begins with a discussion of the fundamental concepts of trades, exchanges, and the accounting basis of money. Accounting is then described as an aspect of empirical science--a means of observing concrete processes. Drawing on these basic ideas, Swanson extends organizational accounting to societies and supranational systems. The last four chapters simulate economic processes. The book should be read by serious students of economics, accounting, and political science as well as societal policy markers and the international banking community.

A pioneering work in comparative monetary and financial studies, this is the first international comparative, empirical study of the money supply process (MSP) that involves all of the basic types of economies and institutional economic systems at all levels of economic development. As the authors note at the outset, the highly relative nature of the MSP contributes to wide differences in the MSP in different types of economies. Yet the MSP is one of the most important topics of both monetary theory and monetary practice. The comparative approach adopted here enables the authors to explain the differences that do occur in the MSP across economies and what causes them. By properly defining the general theory and overall monetary theory of MSP, the authors offer the reader both a better understanding of the national MSP and a broad framework of possibilities for improving the efficiency of monetary policy.

The authors begin by describing their approach to an analysis of the MSP in national economies and the concepts and models used in this analysis. They then explain the classification of economies used in the study and their methodological approach, which is based on a two-dimensional flow of funds accounts matrix. Four chapters present the empirical evidence derived from this approach. Included are both a holistic analysis and a structural comparative analysis of the MSP. A separate chapter presents a comparative analysis involving 100 countries of the MSP during the 1978-83 time period. Finally, the authors look at the influence of the balance-of-payments and of domestic institutional sectors on the MSP. Their concluding chapters summarize their findings and point the way to further research in this area. Scholars and policymakers in economics, macroeconomics, and monetary policy will find this an illuminating addition to the literature of the money supply process.

A pioneering exploration of the relevance of economic theory to the practical realities of the foreign exchange market, this volume presents a well-reasoned, comprehensive examination of the degree to which economic theories and forecasts are helpful in predicting exchange rates. Douch, an economist who has worked closely with the foreign exchange market, argues that theoretical economic models have exhibited some serious inadequacies in forecasting the future. In an attempt to determine the real predictive value of economic theory in this context, Douch examines each of the different economic approaches in-depth and then analyzes the actual workings of the foreign exchange market from the perspective of the market participants. Particular emphasis is placed upon the reasons for the observed failure of economic theory to reliably predict exchange rate movements over time.

Divided into three major sections, the book begins with five chapters that describe and evaluate the different economic approaches to explaining exchange rate movements. The next two chapters link the theories of the first section with the practical realities of the third by discussing the advantages of fixed and floating exchange rates and presenting a brief history of exchange rate regimes since World War II. In the final section, Douch first looks at how the spot and forward exchange rate markets actually work by examining the motives of market participants. Subsequent chapters explore such issues as whether Game Theory might be used to explain market actions, the effect of new foreign exchange hedging instruments on the market, and the contribution of Chart Analysis to exchange rate forecasts. A detailed appendix defines various economic indicators and seeks to explain how the market might react to them and why. Advanced students of economics as well as foreign exchange market participants with little economic training will find here important new insights into when economic theories can be helpful in predicting exchange rates--and, even more importantly, when they can not.

While oil price fluctuations in the past can be explained by pure supply factors, this book argues that it is monetary policy that plays a significant role in setting global oil prices. It is a key factor often neglected in much of the earlier literature on the determinants of asset prices, including oil prices. However, this book presents a framework for modeling oil prices while incorporating monetary policy. It also provides a complete theoretical basis of the determinants of crude oil prices and the transmission channels of oil shocks to the economy. Moreover, using several up-to-date surveys and examples from the real world, this book gives insight into the empirical side of energy economics. The empirical studies offer explanations for the impact of monetary policy on crude oil prices in different periods including during the subprime mortgage crisis of 2008-2009, the impact of oil price variations on developed and emerging economies, the effectiveness of monetary policy in the Japanese economy incorporating energy prices, and the macroeconomic impacts of oil price movements in trade-linked cases. This must-know information on energy economics is presented in a reader-friendly format without being overloaded with excessive and complicated calculations. enUsed="false" QFormat="true" Name="Subtle Emphasis"/>