Federal Reserve monetary policy has a profound effect on the U.S. economy and consequently on investments. This unique book combines the institutional approach to monetary policy with the theories and principles involved in applying that knowledge to investing. Although there are many books on the Federal Reserve and a myriad of books on investing, this synthesis of institutional, theoretical, and practical applications is unique to the marketplace.

In part I, Laura Nowak reviews the political origins of the Federal Reserve and follows its growth into the powerful arbiter of U.S. economic policy today. The actual conduct and effects of monetary policy are then explained with an eye toward identifying changes in policy that can be applied to the investment world. In part II, the effects of monetary policies on stock and bond markets and on particular industires are discussed, followed by a description of the investment instruments that will be impacted by different policies. In conclusion, Nowak offers a chapter of suggestions for hedging against changes in monetary policy and another chapter describing the tools that can be used for this purpose. The book will be useful to investment professionals who are intimately involved in their own specialty but who want and need to understand how the system works so they can improve their performance and advise their clients with more knowledge and authority.

Although economic growth has historically been an engine of prosperity in the United States, recent trends have generated uncertainty regarding the prospects for sustaining such growth. Economists disagree about the relative importance of many factors affecting future growth, including rapid technological advances, immigration, the growth of the financial sector, problems with the educational system, increasing income inequality, an aging population, and large fiscal imbalances that have not been addressed by the political system. This collection of chapters, authored by many of today's leading economists, addresses the prospects for economic growth in the United States over the next few decades. During a time of great economic uncertainty, this book engages with both sides in the debate over economic growth, focusing on policy options that increase the prospects for vigorous economic growth in the future.

Contemporary financial markets have been characterized by sociocultural phenomena such as "meme stocks", the Gamestop short squeeze, and "You Only Live Once (YOLO) trading". These are movements led by small-scale retail investors banding together to participate forcefully in financial markets through decentralized but coordinated actions. This book deploys many different subdisciplines to explore the recent ‘power grabbing’ of retail investors and the online environment that enables them to join the ranks of major financial players, and participate in contemporary capitalism. It offers multiple perspectives on the genesis, role, motivations, power, and future prospects of retail investors as a force in contemporary financial markets. Drawing upon the insights of authors hailing from many different countries, the book frames YOLO capitalism through numerous angles that help to explain the context and the importance of activist retail investors in modern financial markets, and thereby explore the possibilities of a transformed financial future with much wider small-scale participation. The book assesses the potential of online - and other - communities in enabling global coordination in impacting or even driving financial and crypto markets, and the challenges that come with it and weighs the competing narratives both positive and negative regarding YOLO capitalism. It strikes a balanced assessment of their legal, cultural, behavioural, economic, and political roles in modern finance. This book will be of interest to a multidisciplinary and interdisciplinary audience of scholars in financial markets, financial regulation, political economy, public administration, macroeconomics, corporate governance, and the philosophy and the sociology of finance.

European economies have been plagued by successive crises, from the Global Financial Crisis (GFC) to the COVID-19 pandemic, through to the economic and geopolitical instability in Ukraine. These events, the uncertainty they generate combined with dynamic technological progress and significant sociocultural changes, have profoundly modified the character of modern finance. Understanding what happened, what mechanisms worked, and the reaction of the banking sector, bank customers, and policymakers require an in-depth and structured analysis. This book critically assesses the impact of these events, notably the COVID-19 pandemic, on the performance of the banking sector in Europe and serves as a compendium of knowledge on recent changes in European banking from two perspectives: firstly, European banking transformation, analyzing the process of what has already taken place, in particular, the GFC and COVID-19 crises; secondly, the challenges facing the operations and strategic management of European banks. It identifies specific areas of impact on the activity of commercial banks and the determining factors that will shape the economic and financial condition of banks and their customers – borrowers – in the future. Risk management, particularly credit risk, is a key focus of this volume. Each chapter, implicitly or explicitly, address a variety of questions that can help the reader to understand the complex nature of the transformation of the banking sector. The book provides a structured reference for those concerned with the impact of volatility on the business models of modern banks. As such, it will find a broad audience among students, academics, banking, financial, business, and industry professionals, policymakers, and market regulators.

For many observers of international politics, the classical gold standard is the premier example of successful international monetary cooperation. Curiously, most studies portray this 19th century system as a spontaneous development. Reti, after a thorough investigation of diplomatic records, argues that the gold standard grew out of several years of international negotiation. At the Conference of 1867, delegates for 20 states debated the monetary standard and agreed to adopt gold as soon as possible. In response to worldwide deflation from 1873 to 1896, the Conferences of 1878, 1881, and 1892 reconsidered the merits of gold, and the leading states reaffirmed their adherence to the gold standard. Reti uses theories of international regimes to explain the roles of hegemonic power, domestic politics, and causal beliefs on conference diplomacy. He asserts that the classical gold standard can best be understood as a coordination game in which negotiations informed nations about how to cooperate.

Recent developments in macroeconomic and monetary thinking have given a new impetus to the management of the economy. The use of monetary policy by way of manipulating the rate of interest to affect inflation is now well accepted by both academic economists and central bank practitioners. Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of the money supply, which was fashionable in the 1970s and 1980s in the UK, US, Europe and elsewhere, was abandoned in favour of monetary rules that focus on interest rate manipulation by the central bank. The objective of these rules is to achieve specific, or a range of, inflation targets. Bringing together a distinguished cast of international contributors, this book presents a collection of papers, which discuss the following issues amongst others: * the stability of the macroeconomic equilibrium * monetary policy divergences in the Euro area * stock market prices * the US post-'new economy' bubble * the information economy * inflation targeting. This useful analysis of New Consensus Monetary Policy will be of great interest to financial economists and international monetary economists, as well as students and scholars of macroeconomics and finance.

This book concentrates on exchange rates and their macroeconomic consequences, analytical and empirical issues relating to currency crises and policy responses and monetary and financial cooperation in Asia. It is truely pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia.

In this book on disequilibrium, growth and labor market dynamics we take predominantly a macroeconomic perspective. We present a working model that can easily be varied in different directions in order to subsume innovations in the literature on macroeconomics, old and new, and to contribute to important currently discussed macroeconomic issues. Our working model is set up in a way that there is a close relationship between our presented dynamic models and modern macro econometric models with disequilibrium both in the labor and the goods markets. One of our objectives is, therefore, to narrow the gap between theoretical and applied structural macrodynamic model building. We hope that the book will be a useful reference for all researchers, academic teachers and practitioners of macroeconomic and macro econometric model building who are interested in economic dynamics, independently of whether they use equilibrium or disequilibrium methods in their own research. We base this hope on the fact that our approach contains a number of unique features. The emphasis on the identification and analysis of the basic feedback mechanisms at work in modern macro economies. A detailed study of the partial as well as integrated dynamic interaction between these feedback mechanisms that consti tute the interdependence of markets and sectors of the modern macro economy. The rela tionship between the macroeconomic framework of our working model and the Walrasian, Non-Walrasian and New-Keynesian reformulations of macroeconomics."

This book examines how the International Monetary Fund engages in the politics of ideas to shape domestic institutional change. Drawing on case studies from post-Soviet Central Asia, Andr Broome explains that how governments interpret their policy options mediates the IMFs influence over economic reform during periods of crisis and uncertainty.

An examination of the role of money in a dynamic economy within the context of theoretical developments both within, and in opposition to, the Quantity Theory tradition. The book aims to integrate the most important contributions to understanding the money economy dealing with market competition and the impact of attempts by government to manipulate the economy towards high levels of employment and output. The author emphasizes the dangers of basing economic policy upon macroeconomic analysis and stresses the relevance of the market process within a dynamic theory. Steele also shows the relevance of Hayek's work to Keynesian/monetarist controversies and examines the impact of inflation upon economic activity, which arises from distortions caused to relative prices. He also explains the importance of the Ricardo effect to the business cycle and indicates the monetarist sentiment in Keynes' early work. The author considers that the legacy of the Keynesian era has been costly in terms of human welfare and that Keynes was wrong to deny the link between money and prices as established by the Quantity Theory of money. He also notes that while the most dubious aspects of Keynes' "General

In May 2010 the incoming UK Coalition Treasury Secretary was greeted by a light-hearted note from his predecessor, stating 'there is no money.' This message was relayed more seriously to the country that indeed 'we have no money' - a warning of the difficulties to come. A prime challenge to be faced is how to reduce public spending in relation to national income, while achieving a balance between a public sector that provides services that people need and also supports the functioning of a private sector that can finance a generous welfare state. Warwick Lightfoot uses his experience in government and economics to analyse the background to the current situation and sets out the potential for reform in the public sector. He shows that a large public sector can yield significant social and economic benefits, ultimately a wealthier economy with higher living standards and an economy better placed to meet the challenges of an older community in a more competitive world. "This book is a timely reminder of how little the UK's problems have to do with individual bank failures, recession and the business cycle. Warwick Lightfoot provides a clear and balanced account of the last few decades' dilemmas, controversies and policy choices; and argues convincingly that we should revisit the analysts and analyses of the 1970s as a guide to future action." Alison Wolf, Sir Roy Griffiths Professor of Public Sector Management, King's College London "All main party politicians are signed up to Mr Lightfoot's direction of travel; they should look to this book to understand why it might be a good idea to cut public spending." John Redwood MP, Chairman of the Conservative Economic Affairs Committee "A very timely book with a wide perspective and good argument." Professor Peter Sinclair, University of Birmingham "The historical causes and possible consequences of Britain's large public sector are the focus of Sorry We Have No Money. The arguments made by Warwick Lightfoot are provocative and well worth reading." Dr Graham Brownlow, Queen's University Belfast

The arrival of European economic and monetary union (EMU) has been one of the biggest and most controversial issues that has confronted British politics in recent memory. Successive British governments from Callaghan to Blair and Conservative Prime Ministers in between have chosen a path that has placed Britain as the 'awkward partner' in Europe, and have often been accused of bending under the pressure of Euroscepticism either in their parties or the wider public. Through official government papers and interviews with former ministers and officials, this book goes behind the doors of the Treasury and Number 10 and reveals that policies were not shaped by Euroscepticism but rather primarily by repeated and methodical Treasury-led cost-benefit analysis of the EMU option. Furthermore, the findings of this book have real significance for our wider understanding of both the machinery of British government and the drivers of its relationship with Europe over recent decades.

Money, Financial Institutions and Macroeconomics presents a comparative and international perspective on the current state of research in monetary theory, and the application of monetary theory to important policy issues. The main emphasis is on views stressing the importance of credit creation in the monetary process, in a tradition which arguably encompasses Wicksell, the later Swedes and the Austrians, through the later Hicks, the circuit school and contemporary post-Keynesians. In addition, however, there are distinguished contributions from economists with a more `mainstream' approach to the issues. The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy; Part II explores alternative views on money and credit; Part III deals with monetary policy issues in North America; and Part IV discusses monetary policy issues in Europe. `Taken together, the contributions to this volume certainly bear out Hick's famous adage about the much closer relationship between `monetary theory' and `monetary history' than is the case in other branches of economic thought.'

This book focuses on the achievements, current trends and further potential of microfinance to scale-up and serve many more clients with financial services that enable them to improve their living conditions. The book asks what it takes to achieve sustainable impact: to know your clients and to understand their needs, to treat them in a fair and transparent way, and to safeguard the synthesis between the financial and social dimension of sustainable microfinance. The book also sheds light on the future funding landscape and what is necessary to bring more commercial funders on board while ensuring that these new funders will continue the commitment to responsible finance. While being forward looking, the book reflects the debate on core values of microfinance, triggered by recent criticisms of an approach that was hailed as a panacea in the beginning and which had proved over time as one of the most effective models of development finance. These criticisms emerged over signs of overheating in some markets, particularly the 2010 events in Andhra Pradesh, and turned into an assumption of a worldwide microfinance crisis, putting seriously at stake the good reputation microfinance had enjoyed so far.

Written for international finance executives, economists, and policymakers, this is the first book to describe in detail the money markets of the eight major developing countries of East Asia: Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore, Thailand, and Taiwan. Robert F. Emery makes use of the most recent and complete data available to analyze the strengths and weaknesses of each individual market and identify the main participants, the nature of the instruments used, the size of the market, and any official influences on the market. He also assesses each market in terms of its past performance, suggests possible measures to improve the market, and describes the basic ingredients for establishing a viable and growing market.

Following an introductory chapter that explains Asian money markets, the volume contains chapters on each of the eight countries that analyze their respective markets in detail. Each chapter is organized into a standard format, making it easy for the reader to locate specific information. The introductory section contains information on the country's general economy, its financial system, the structure of the money market, and significant money market developments. Subsequent sections examine individual components of the money market, such as the interbank or commercial paper market. An analytical section discusses how large a role the money market plays in the country's economy, evaluates past financial policies, and proposes future policy initiatives. The final chapter makes cross-country comparisons of the various countries' markets and indicates what lessons can be derived from the preceding analyses. Numerous explanatory tables and figures amplify points made in the text.

Contains a statement of the balance-of-payments accounting, and a critical appraisal of balance-of-payments adjustment theory. The book also features chapters on the capital account of the balance-of-payments and on the new theory of exchange rate determination (with discussion of the EMS). There is extensive and extended coverage of the UK's balance of payments position with chapters on the structural and non-price determinants of trade and the balance-of-payments as well as the link between de-industrialization and the balance-of-payments.

The research purpose of this book is to advance the reform of the existing international monetary system through the establishment of a new international currency standard that is a super-sovereign currency. International Monetary System provides international economic activities rules for the human society. It has significant influences not only on international economic activities of various countries but also on their domestic economic activities as well. Since the disintegration of International gold standard in 1971, studies on reform of international monetary system have remained as the important research themes for international economic research fields. Improvements of international monetary system to facilitate worldwide economic developments have been interests to all. Thus this book has valuable theoretical contributions. Since the collapse of Bretton Woods System, the current international monetary system of Jamaica System has come into being. Under Jamaica System, the sovereign currency US dollar has acted as the main international currency. This has caused vulnerability of money standard, instability of exchange rate system, and frequent occurrences of currency crises. Calls for international monetary system reforms have increased under these circumstances. Various programs such as improved international gold standard system, expansion of Special Drawing Rights, as well as establishment of single world currency surface. So this book has significant practical contributions as well. The major contribution of this book is the proposal of new scheme of establishment of supra-sovereign international currency. This is an entire new reform program that differs significantly from any past or current reform programs in international economic research fields from all over the world.

Whether the source is more industry-based or academic research, there certainly appears to be a growing interest in the field of cryptocurrency. The New York Times had a cover story on March 24, 2022, titled "Time to Enter the Crypto Zone?," and they talked about institutional investors pouring billions into digital tokens, salaries being taken in Bitcoins, and even Bitcoin ATMs in grocery stores. Certainly, there have been ups and downs in crypto, but it has a kind of alluring presence that tempts one to include crypto as part of one’s portfolio. Those who are "prime crypto-curious" investors are usually familiar with the tech/pop culture and feel they want to diversify a bit in this fast-moving market. Even universities are beginning to offer more courses and create "Centers on Cryptocurrency." Some universities are even requiring their students who take a crypto course to pay the course tuition via cryptocurrency. In response to the growing interest and fascination about the crypto industry and cryptocurrency in general, Cryptocurrency Concepts, Technology, and Applications brings together many leading worldwide contributors to discuss a broad range of issues associated with cryptocurrency. The book covers a wide array of crypto-related topics, including: Blockchain NFTs Data analytics and AI Crypto crime Crypto industry and regulation Crypto and public choice Consumer confidence Bitcoin and other cryptocurrencies. Presenting various viewpoints on where the crypto industry is heading, this timely book points out both the advantages and limitations of this emerging field. It is an easy-to-read, yet comprehensive, overview of cryptocurrency in the U.S. and international markets.

The book investigates British, French and EU-wide responses to the Single Financial Market initiative. It outlines the contexts of the globalization of financial markets and the pressures towards competitive deregulation. The '1992' package is assessed and its differing impact in Britain and France explained by comparing the different regulatory regimes through detailed case-studies. A policy network approach is applied throughout to European integration in this field.

Following the British referendum held on June 23, 2016, voters supported the withdrawal of the UK from the European Union (EU) (Brexit), a starting point for the third round of European crisis, following the eurozone debt crisis and the migration crisis. This volume provides an overview of the process and consequences of Brexit for EU member states, with an emphasis on possible future EU-UK relations, and a particular focus on countries in Central and Eastern Europe (CEE). The authors assess the extent to which firms in CEE states have already put in place strategies to counter the new economic reality post-Brexit and identify the strategies that firms are exploiting to better cope with the anticipated implications of Brexit. The book includes a ranking of countries most and least likely to be affected by Brexit; identification of the main determinants of the expansion of companies on the British market and the creation of a typology of strategies used by these companies in the face of Brexit. The book stands out as a complex and multidimensional research work that draws its roots from distinct yet simultaneously interlinked research areas. It will find a broad audience among academics and students across diverse fields of study, as well as practitioners and policy makers. It is a key reference for all those who want to better understand the complex nature of Brexit and its implications, not only for EU member states but, first and foremost, the business environment.

This book is about how the rise of democracy has transformed economics over the past 150 years. As voting was expanded to the masses in the late 19th century, political leaders faced emergent pressures to deliver prosperity to their newly enfranchised populations. This led to the rise of the guardian state: a state whose prime directive was to protect economic growth and employment. Domestic economic goals now became sacrosanct, and if that meant a failure on the international stage to construct solutions to problems in monetary relations, so be it. The book traces the history of international monetary diplomacy during this long period to show how the guardian state has manifested itself, and how it has shaped the course of international monetary relations. Each of the most important international monetary conferences in history is scrutinized with respect to how nations sought to protect the prosperity within their national economies. The historical narratives give a bird's-eye view into how domestic political priorities have intruded on and shaped economic relations among nations. The book clearly demonstrates the advantages of an interdisciplinary understanding of how politics shapes economics. It will be invaluable reading for scholars and students of international economics, politics and economic history.

This book examines the history of what became one of Portugal's largest banks, the Caixa Geral de Depositos. The bank was founded in 1876 by the state to run public deposits, and evolved into a savings bank, catering for both public and private deposits. Its history goes beyond the history of banking, as it ties in with the role of the state in the banking sector and financial markets. The book weaves in and out of different political and international contexts, following the many changes of the Portuguese political regime and of its interactions with the national and international economy. The most important lesson from the study is that publicly owned institutions can compete successfully with the private sector when they simultaneously cater for the interests of policy makers as well as those of the public, in this case, the depositors. The history of the Caixa Geral de Depositos therefore shows how the state of a peripheral economy is capable of successfully managing a large financial institution when the right set of incentives is in place. This work will be a valuable resource for researchers and students of financial and economic history at both the advanced undergraduate and postgraduate levels. It will also provide interesting insights for practitioners in the financial sector.

This book charts the course of monetary policy in the UK from 1967 to 1982. It shows how events such as the 1967 devaluation, the collapse of Bretton Woods, the stagflation of the 1970s, and the IMF loan of 1976 all shaped policy. It shows that the 'monetarist' experiment of the 1980s was based on a fundamental misreading of 1970s monetary policy.