The analysis of any monetary policy framework necessarily extends beyond the confinements of the central bank. A country's monetary framework can depend on many factors such as: its form of government; its legal system; the level of expertise in monetary policy matters that exists inside and outside the central bank; the country's financial institutions; as well as wider characteristics including the political system and level of literacy. This broad ranging collection focuses on the monetary policy frameworks used by central banks and governments in their attempt to achieve their various goals, of which price stability has become increasingly unpopular. It assesses the links between targets and central bank independence, accountability and the transparency of monetary policy. Based on data collected through a questionnaire completed by over 70 central banks in industrialized, transitional and developing economies, the analysis shows how the detailed characteristics of a monetary framework depend upon: structural differences; varying degrees of indexation and other nominal rigidities that affect the speed of transmission from monetary policy to inflation; and institutional arrangem

This work, integrating monetary and value theory in a Walrasian general equilibrium context, anticipated by almost two decades the line of research which attempts to recast macroeconomics by reference to its microeconomic foundations. The notion of an integrated set of markets offered intuitive perception of intermarket linkages. At the same time it highlighted some of the pitfalls of traditional neoclassical monetary analysis, such as the erroneous imputation of unitary elasticity to the demand curve for money.;Patinkin's presentation of general equilibrium illuminated the difficulty in upholding the Keynesian notion of underemployment equilibrium. His insightful efforts to understand behaviour in labour markets in disequilibrium led him to provide the first well worked out example of the powerful implications of disequilibrium and thereby to lay the foundations for the disequilibrium analysis of the 1970s.

John Hicks's writing on monetary economics spans over 50 years. This book draws together the common threads of his work in a single succinct statement of the basics of monetary theory. It also outlines a theory of competitive markets which can be linked to the monetary sector; neither standard classical or neo-classical value theory can , on its own, fill the gap between monetary and non-monetary economics. In reviewing his own work, Hicks explains the way in which economic theory has been adjusted to reflect developments in the real economy. He sees these changes, sometimes quite major, as the discovery of truths which have become more appropriate, rather than the the discovery of completely new truths.

Robert W. Clower has had a profound effect on the theory and practice of economics. The distinguished group of contributors to this book celebrates his seminal contribution to economic methodology and theory by providing key accounts of important themes in the area of money, markets and method. The volume begins with a number of papers dealing with Robert Clower's work and his views on methodology. The contributors then discuss Keynes's General Theory and its relationship to conventional Keynesian macroeconomic theory as well as the origins of the General Theory itself, a subject that has been central to Clower's writings. The analysis is then expanded to concentrate on how institutions matter in thin markets. Finally, the authors analyse ways in which adaptive behaviour influences the stability of markets in the context of trading relationships, repeated games and retail stores.

The book gives an overview of the implications of population ageing for economic development in general and financial systems in particular. It describes several challenges which the ageing process poses for central banks, giving special consideration to the situation in Europe. The first two chapters discuss the relationship between ageing and saving and between ageing and international capital flows. Other chapters consider the possible implications for financial markets. The final part of the volume raises issues which are of particular relevance for central banks, namely ageing and financial stability and how ageing will affect monetary policy. While the ageing problem has been the object of a growing debate in Europe during the past few years, little attention has been devoted so far to its monetary aspects.

This six volume set includes "The Supply and Control of Money in the USA - Lauchlin B. Currie", "Banking Policy and the Price Level and Money - Dennis H. Robertson", "The Problem of Unemployment - P.H. Douglas and A. Director", "The Art of Central Banking - R.A. Hawtrey", and "Balanced Deflation, Inflation, or More Depression - J. Viner". During a long, varied, influential and productive career as a macroeconomic policy advisor, Lauchlin B. Currie developed and applied theoretical insights and new data sources to improve national well-being. From 1934 to 1945, Currie advised the New Deal on monetary and fiscal policies for recovery, full employment, maximum production for war and price stability. He sought public policies that would allow competitive markets to yield high saving and investment required for productivity and stable growth. Dennis H. Robertson studied economics at Cambridge, and in 1914 was elected to Fellow of Trinity College, followed by Reader in the University of Cambridge. In 1938 he left to become a Professor in the University of London, but during his time in that post he was seconded to the Treasury on war-related work. Elected in 1944 to succeed Pigou in the

Understanding the New Global Economy: A European Perspective argues that globalisation is facing economic and political headwinds. A new global economic geography is emerging, cross-border relationships are changing, and global governance structures must come to terms with a new multipolar world. This book clarifies the fundamental questions and trade-offs in this new global economy, and gives readers the tools to understand contemporary debates. It presents a range of possible policy options, without being prescriptive. Following a modular structure, each chapter takes a similar approach but can also be read as a stand-alone piece. State-of-the-art academic research and historical experiences are weaved throughout the book, and readers are pointed towards relevant sources of information . This text is an accessible guide to the contemporary world economy, suited to students of international economics, political economy, globalisation, and European studies. It will also be valuable reading for researchers, professionals, and general readers interested in economics, politics, and civil society.

The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice. There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU. The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges for Economic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.

Combining a rich mixture of technical economics, political repercussions, and even the psychology of symbols and beliefs, monetary problems are both fascinating and perplexing. Given the unprecedented fiat monetary regime currently emerging, past and present struggles for monetary supremacy provide valuable lessons. This book provides insight into monetary and political problems as they appear in past and ongoing struggles for monetary supremacy in the United States and elsewhere.

In effect, the issue is control over the stock of money. After examining such subjects as the failure of a common currency and the rise of barter economies, pricing in the currency of another country, specie standard monetary regimes with fixed exchange rates, currency boards, and common currency, the book considers the obstacles to the operation and survival of the current fiat monetary system. Arguing that member nation-states with competing and conflicting agendas pose the most serious obstacle, the book concludes with a consideration of cooperation theory.

The remarkably successful gold standard before 1914 was the first international monetary regime. This book addresses the experience of the gold standard peripheries; i.e. regime takers with limited influence on the regime. How did small countries adjust to an international monetary regime with seemingly little room for policy autonomy?

Financial managers rarely find a one-stop source for a complete course in currency management. Expanding on his work, "Currency Risk Management," Gary Shoup builds a practical foreign currency management program. This extensive text covers everything managers and their consultants need to implement a program, from trends in exchange rates to understanding pricing determinants. He discusses in detail the market for currencies, price forecasting, exposure and risk management, managing accounting exposure, and managing strategic exposure.

Peter Burnham presents a detailed, archive-based account of the keys aspects of international monetary relations in the 1950s focusing in particular on Anglo-American policy surrounding the restoration of sterling convertibility. He argues that in 1952 the British government had a unique opportunity to take an almost revolutionary step in the external field to transform the international political economy (through the abolition of the fixed rate system, the International Monetary Fund, and the European Payments Union) and restructure Britain's domestic economy to tackle longstanding productivity, export and labour market problems.

This book is written for quantitative finance professionals, students, educators, and mathematically inclined individual investors. It is about some of the latest developments in pricing, hedging, and investing in incomplete markets. With regard to pricing, two frameworks are fully elaborated: neutral and indifference pricing. With regard to hedging, the most conservative and relaxed hedging formulas are derived. With regard to investing, the neutral pricing methodology is also considered as a tool for connecting market asset prices with optimal positions in such assets.

SrdjanD.Stojanovic isProfessor in the Department of Mathematical Sciences at University of Cincinnati (USA) and Professor in the Center for Financial Engineering at Suzhou University (China)."

Are we doomed because of the new digital technologies used in workspaces? Can we avoid measuring in our work? Or are we trapped in a metrification dystopia? Can we create workspaces that can produce what we prefer in order to use our human effort in ways that support nature and our communities? And if yes, what technologies could we use? Here, monetary-theorist Irene Sotiropoulou explores and critiques the information and communication means that were created for capitalist profit-making, showing how we can subvert these and use them for our own non-capitalist purposes. Machines Against Measures shows that in times of capitalist restructuring and multiple social reproduction crises, there open up new possibilities to experiment with quantity, measuring, machines and digital technologies, creating new ways of production and transaction. Within these, are ways of sharing and producing that defy many principles of capitalist relations. Using everyday examples from grassroots activity, this book offers new insights into how to be inventive with what we have at hand and be able to reflect on what technologies we truly need, revealing a grounded and practical vision of technology and work, based on re-defining why and how we measure what we do.

This book argues for a new conceptual framework that analytically distinguishes between North-South monetary co-ordination, which involves an international key currency, and South-South arrangements between economies all marked by external indebtedness and the resulting macroeconomic instabilities ('original sin'). In this light, the book analyzes different types of monetary co-ordination, ranging from ad hoc exchange rate policy agreements to projects of a common supranational currency, and it examines selected regional cases in Eastern Europe, North and South America, Africa and Asia.

Electronic Money Flows describes the far-reaching present changes under way in payments and capital markets. Electronic payment forms are in the process of molding a new financial regime-largely shared and inter dependent-throughout the world. Our earlier Electronic Funds Transfers and Payments (Kluwer, 1987) looked at the new money technology in its initial phases of development and in broad focus. Then, as now, the contributors came from many different disciplines. The synthesis of their diverse views laid out the background for the electronic payments revolution to come, and the great benefits but also risks for segmented sectors of society. The old questions have not gone away; new ones have been added to the agenda. For example, what is the nature of money today amidst an array of computer-based options? What money and turnover concepts are appropriate to the electronic age? What are the effects of high-speed money flows on markets, volatility, money control, even the business cycle? Is the financial system more prone to instability but also to faster correction, given the swift movement of money and payments? At the same time, is privacy imperilled by the ubiquitous computer-linked webs that move both information and money? This second book is thus companion to Electronic Funds Transfers and Payments and expands upon it. Contributors discuss the expectations that have and have not come to fruition, together withthe new issuesofthe past four years."

This is a systematic study of monetary policy and financial institutions in China during its decentralization- and market-oriented economic reform. It not only contains substantial information on money and finance, and the operation of financial institutions in China, but also identifies mechanisms of the monetary expansion as the general feature of monetary policy.

This book presents the most significant theoretical articles by Bertram Schefold to illuminate the development and the present state of modern classical theory. It assembles twenty heavily discussed papers on joint production and fixed capital, choice of technique and technical progress, composition of output and the relation between classical, neoclassical and keynesian economics. There is a broad new introduction. The chapter on the critique of intertemporal general equilibrium is novel and represents an original theoretical advance.

This six-volume set contains the writings of the earliest pioneers of monetary theory. It contains some 28 texts, beginning with Gerard de Maynes' "A Treatise of the Canker of England's Common Wealth" (1601) and ending with Joseph Harris' "An Essay on Money and Coins" (1757/58). It contains some 28 texts, beginning with Gerard de Maynes' "A Treatise of the Canker of England's Common Wealth" (1601) and ending with Joseph Harris' "An Essay on Money and Coins" (1757/58). Many of the texts reproduced are both rare and difficult to read in their original form. Here each text has been carefully re-typeset and produced in its entirety, which should give scholars full access to this area of monetary theory. The material is organized chronologically, and begins with early mercantilist writings which explore the crucial relationship between money and trade.

The Financial Analyst's Guide to Monetary Policy approaches monetary policy in a straightforward manner. In each chapter, a particular monetary policy problem is addressed and analyzed. Then it considers the practical implications and strategies that are important to the business executives, financial analysts, portfolio managers, and investors in general.

"Monetary Policy and the Economy in South Africa" covers both modern theories and empirical analysis, linking monetary policy with relating house wealth, drivers of current account based on asset approach, expenditure switching and income absorption effects of monetary policy on trade balance, effects of inflation uncertainty on output growth and international spill overs. Each chapter uses data and relevant methodology to answer empirical and pertinent policy questions in South Africa. The book gives new insights into understanding these areas of economic policy and the wider emerging-markets.

The spread of currency convertibility is one of the most dramatic trends of the late twentieth century. It reflects the desire of policymakers to integrate their economies into the global trading system and to attract financial capital and direct investment from abroad. In this book a team of leading international economists and economic historians look at parallel situations in the history of the international monetary system, focusing in particular on the gold standard. The concluding chapter uses a case study of modern Portugal to draw out implications for modern international monetary relations in Europe and for the rest of the world.

The Bretton Woods system ensured a quarter of a century of relative stability on the world's financial markets. The quarter of a century which has followed has brought financial chaos and excessive financial volatility. Exchange Rate Chaos: 25 Years of Financial and Consumer Democracy describes and compares US and British financial history during this period. It highlights: * similarites in financial developments between the two countries * consumer democracy: Have the wishes of consumers dominated exchange rate policy? * The decline of the small investor and the hegemony of financial institutions * How the floating exchange rates are manipulated to government advantage One of the few financial histories to deal with the postwar period, this book shows how financial developments have shaped contemporary society and politics.

In the aftermath of the debates between Keynesians and monetarists, this book provides a lucid, concise overview of the most recent developments in monetary theory. Professor Visser has written an up-to-date survey which discusses major issues such as crowding out, the new classical macroeconomics, the breakdown of the stable money demand function, buffer stocks and currency substitution.Currency problems in general have come to the fore after the collapse of the Bretton-Woods system. The book addresses topical issues including Hayek's proposal to denationalize money as well as theoretical issues, such as the search for the microfoundations of monetary theory. This is an important, up-to-date survey of recent developments in monetary theory, and the economic reasoning which underlies it. The use of mathematics has been kept to a minimum.