This edited collection seeks to advance thinking on money and the monetary nature of the economy, macroeconomic analysis and economic policy, setting it within the context of current scholarship and global socioeconomic concerns, and the crisis in the economics discipline. A key aim is to highlight the central contribution that Sheila Dow has made to these fields. Bringing together an impressive panel of contributors, this volume explores topics including central bank independence, liquidity preferences, money supply endogeneity, financial regulation, regional finance and public debt. The essays in this first collection of two will be thought-provoking reading for advanced students and scholars of macroeconomics, monetary economics, central banking and heterodox economics. Contributors have a broad range of professional experience at universities, central banks, business, development institutions and policy advisories.

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.

This textbook provides a first-hand account of impact of volatility on valuations. It focuses on valuation of the investment with fair, practical and insightful explanations. Volatility in markets can form the foundation of fair value. A marginal change in volatility has a significant impact on the effective cost of borrowing (capital). Portfolio managers, fund managers and corporates continue to watch as prices plunge due to volatility and can impose future restrictions on their skillful maneuver. The book highlights the approaches, design of tests, comparison and matching or making of models. It delves into techniques for measuring the contours and boundaries of risk and translating the losses to end impact. It explains the post facto and post period nuances to recover from money loss. The book further elaborates combining positions and hedging, to evaluate and choose to conduct tests of effectiveness. It provides guidance on benchmarks of portfolios, tax implications and carrying forward benefits of losses. The text includes examples and business use cases that build on analysis, common tools and highlights the end use of volatility for stakeholders.

This book is a product of applying info-gap decision theory to policy formulation and evaluation in monetary economics and related domains. Info-gap theory has been applied to planning and decision problems in many areas, including engineering, biological conservation, project management, economics, medicine, homeland security, and more.

This book explores how dissimilar patent systems remain distinctive despite international efforts towards harmonization. The dominant historical account describes harmonization as ever-growing, with familiar milestones such as the Paris Convention (1883), the World Intellectual Property Organization's founding (1967), and the formation of current global institutions of patent governance. Yet throughout the modern period, countries fashioned their own mechanisms for fostering technological invention. Notwithstanding the harmonization project, diversity in patent cultures remains stubbornly persistent. No single comprehensive volume describes the comparative historical development of patent practices. Patent Cultures: Diversity and Harmonization in Historical Perspective seeks to fill this gap. Tracing national patenting from imperial expansion in the early nineteenth century to our time, this work asks fundamental questions about the limits of globalization, innovation's cultural dimension, and how historical context shapes patent policy. It is essential reading for anyone seeking to understand the contested role of patents in the modern world.

This book sheds new light on a recently introduced monetary tool - negative interest rates policy (NIRP). It provides in-depth insight into this phenomenon, conducted by the central banks in several economies, for example, the Eurozone, Switzerland and Japan, and its possible impact on systemic risk. Although it has been introduced as a temporary policy instrument, it may remain widely used for a longer period and by a greater range of central banks than initially expected, thus the book explores its effects and implications on the banking sector and financial markets, with a particular focus on potentially adverse consequences. There is a strong accent on the uniqueness of negative policy rates in the context of financial stability concerns. The authors assess whether NIRP has any - or in principle a stronger - impact on systemic risk than conventional monetary policy. The book is targeted at presenting and evaluating the initial experiences of NIRP policy during normal, i.e. pre-COVID, times, rather than in periods in which pre-established macroeconomic relations are rapidly disrupted or, specifically, when the source of the disruption is not purely economic in nature, unlike in systemic crisis. The authors adopt both theoretical and practical approaches to explore the key issues and outline the policy implications for both monetary and macroprudential authorities, with respect to negative interest rate policy, thus the book will provide a useful guide for policymakers, academics, advanced students and researchers of financial economics and international finance.

This book presents an innovative history of the first Portuguese public bank, by exploring the relationship between banking activities and the political context. It provides an overview of the origins of the banking system in Portugal, and also in Brazil, and explores new archive materials related to the first years of activity of the Bank of Lisbon and to the public debates on monetary and public finance topics. It discusses the main features of the Bank of Lisbon: a private bank with a mandate to issue banknotes for the purposes of regulating monetary circulation, and with the function of financing the State for current payments, as well as for the amortisation of public debt and the creation of new debt. The aim of contributing to the re-establishment of public trust and credit conferred upon the Bank of Lisbon the status of a quasi-central bank with the obligations of lending and issuing money. This historical case study offers new insights for a better understanding of the role of banks on the regulation of monetary circulation and on the management of sovereign debt. By stressing the relevance of the political context, it also illustrates the key issues of trust, independence and rules associated to decision-making processes in the study of European banking history. The main focus is the link between banking practices and the political environment. However, the reader will also engage in discussions on theoretical and economic policy issues on the main economic topics under survey: money, paper money, public debt and credit system.

In this controversial and authoritative account of Japan's public budgeting and politics, the author traces the origins and development of Japan's present fiscal crisis. In a detailed analysis of the institutions, structures, and processes of central government, the role of the Ministry of Finance is analysed and its relationship with other ministries in deciding how much to spend and on what is examined. Drawing on a rich archive of interview material and primary budget data, the author explains how and why Japan accumulated the world's largest public debt.

This innovative book uses mainstream theoretical analysis to explain the successes and failures of monetary reforms. Andreas Freytag argues that there is a systematic economic relationship between the success of a reform, the degree of monetary commitment and the institutional setting in a particular country. The book begins with a theoretical discussion of this relationship, and a formalisation of the theory of monetary reform. It goes on to offer an empirical assessment of the theory, using cross-section methods and case studies, before finally presenting economic policy options for countries facing monetary problems. Success and Failure in Monetary Reform will be of unique interest to economists and central banks. Scholars and students of monetary economics all over the world, in particular in developing countries, will also find this book invaluable.

With Economic and Monetary Union, the European Union has embarked on one of the biggest projects in its history. Previous literature has focused on how EMU came into being and on the policy issues that it raises. This text seeks to move the discussion forwards by offering a systematic evaluation of how it is affecting EU states, both members and non-members of the Euro-Zone. It explicitly situates EMU in the growing literature on Europeanization. It examines the effects on public policies, political structures, discourses, and identities. The book seeks to identify the scope of EMU's effects, the direction that it imparts to political and policy changes, the mechanisms by which it produces its effects, and the role of domestic institutions, political leadership and specific forms of discourse in shaping responses. In addition, the book assesses how, and with what effects, EMU is affecting key policy sectorslabour markets and wages, welfare states, and financial market governance.

Insurance Market Integration in the European Union offers an in-depth analysis of the mechanisms of insurance market integration and measures the degrees of this integration. It examines the operation of the EU single financial market and, against this backdrop, the regulation relating to the insurance market. In addition, the book focuses on the specificity and determinants of international insurance market development and the issues with assimilation set against other financial market segments such as money market, credit-deposit and bond and equity. It discusses the advantages and disadvantages of insurance market integration on an international scale. The authors propose a unique approach to the subject in the context of the EU and particularly in relation to the European area. They also apply new measures of insurance market integration in the EU in practice through the use of statistical data and implementation of econometric modeling. Further, they investigate how the financial and fiscal crisis has affected the insurance market in EU countries and the impact of European Central Bank monetary policy on the degrees of integration in the European area during and after the financial crisis. This book will find an audience among academics and researchers in the fields of international economics and finance and applied, financial and growth economics.

In his book, Cole points out that a simple monetarist model can explain Latin Amercian inflation, although it cannot by itself provide an explanation in terms of the ultimate causes of inflation. This is the basis of the structuralist critique, which attempts to provide an explanation in a deeper, overall sense. The author concludes that while the monetarist model deals with empirical testing and data, the structuralist approach highlights the human element and country-specific circumstances that cannot really be measured. In addition, an analysis of the recent Bolivian hyperinflation is given.

This authoritative book analyses the recent problems associated with the UK's monetary system and suggests a long-term solution to control bank lending in the future. It draws on extensive historical material, discussions with former senior officials and politicians, and the perceptive insights of Gordon Pepper, an advisor to Margaret Thatcher when the foundations of monetary control were being laid, to revisit and re-examine the monetarist experiment of the 1980s. The authors argue that, in spite of the instinct of the Prime Minister, the authorities never attempted to control the supply of money in the 1980s and only paid lip service to controlling the demand for money. Extraordinary behaviour of bank lending was a significant cause of the Barber boom in the mid-1970s, of the Lawson boom of the 1980s and of the depth of the recession in the early 1990s. They assert that varying interest rates is an ineffective tool to manage lending and controversially propose that the only enduring solution is to control the banks' reserves. The authors forcefully argue that should the UK not become a member of the European Single Currency the debate surrounding monetary base control will need to be reopened. By reassessing a significant era in British economic policy and suggesting a strategy for the future, this book will be of great interest to economic historians, monetary and political economists, policymakers and investment advisers.

This book is an authoritative collection of the most important published articles on key issues in securities markets including market design, the sources of the bid ask spread, and the short term movement of prices. The articles trace the development of this relatively new field of market microstructure while at the same time reflecting the latest ideas. At a time when securities markets are undergoing dramatic change, this two volume set provides important guidance to students, users and regulators of securities markets.

Dramatic changes in the foreign exchange and money markets have considerably altered the way international business will be conducted in the new millennium. The advent of the Euro, the enormous growth of the swaps market, and the daily increase in the development of derivative instruments are at the forefront of this evolution. If you're an investor, corporate finance officer, or anyone seeking to gain the essential edge in the world's major financial markets, resources for sound, accessible, and timely information are more important than ever. This updated, totally revised, and expanded edition of finance expert Julian Walmsley's popular classic is the one book you'll need. Practical and easy-to-understand, this unique reference provides guidance on every important market around the world, including closely related money markets such as the commercial paper and Eurocommercial paper markets, national money markets, interest rate options markets, and numerous related instruments. You will also find state-of-the-art sections on:
* The Euro
* Swaps-the instrument with the fastest growing market of all time
* Money market calculations
* Foreign exchange calculations
* Derivatives
* Risk issues

From currency option markets to the "third generation" hedging products that combine forwards and options, The Foreign Exchange and Money Markets Guide, Second Edition, unites volumes of information in one single source-and demystifies the seemingly complex concepts facing investors today. Julian Walmsley is Managing Director of Askeaton Associates Ltd. and a Visiting Research Fellow at the International Securities Market Association Centre for Securities Research at the University of Reading, England. Previously, he was Chief Investment Officer for Mitsubishi Finance International and also Senior Investment Officer for Oil Insurance in Bermuda. He spent many years working with Barclays Bank's foreign exchange operations and their interest rate and currency swaps group in London and New York, and was a director in charge of swaps at the London subsidiary of National Bank of North Carolina (NCNB). His other books include New Financial Instruments and The Foreign Exchange Handbook (both published by Wiley), and Global Investing: Eurobonds and Alternatives. Mr. Walmsley earned his MA in economics at Cambridge University.

THE CLASSIC GUIDEBOOK COMPLETELY REVISED AND UPDATED FOR THE NEW MILLENNIUM

Written by a well-known financial author and respected authority on international investing, trading, and risk management, this updated, totally revised, and expanded second edition of The Foreign Exchange and Money Markets Guide provides essential, easy-to-understand coverage of the considerable developments that have drastically reshaped the way international business will be conducted in the new millennium. From state-of-the-art sections on the dawn of the Euro, the rapidly growing swaps market, and the daily increase in derivative instruments, to money market and foreign exchange calculations and risk issues, this invaluable classic includes the most timely, accessible, and dependable information on every important market around the world. Here is the quintessential resource for institutional investors, bankers, pension fund managers, or anyone seeking to gain that crucial edge in the world's major financial markets.

This important collection of previously published articles and papers, together with an original introduction by the editor, provides both a comprehensive overview of the subject and a more detailed examination of the issues. Topics covered include: the objectives and effectiveness of foreign exchange intervention; the portfolio-balance and expectations channel; new approaches to foreign exchange intervention; technical analysis, private information and game-theoretic models.

Radical change seems to be the only panacea for inefficient economies. This work takes a look at the financial system and its function in socialist central planning economies. It provides an explanation of the partial reforms in socialist economies from the 1950s to 1988. With Yugoslavia as the example, the work discusses financial and monetary reforms and adjustments in socialist economies. An explanation of monetary reform includes the changes in the role of financial intermediation and monetary policy goals, target and instruments, and methodological questions. General conclusions about recent monetary reforms in socialist economies completes the discussion. Scholars, students, and those interested in comparative, developmental, international, and historical economics will find this a valuable resource and interesting reading. It is an especially useful book at the graduate and seminar level.

Has the economic and financial crisis changed the way we conduct monetary policy? Is quantitative easing consistent with the endogeneity of money? These are but two of the questions this new book explores. The various contributors offer interesting and new perspectives on the conduct of monetary policy during the crisis, and provide sharp criticism of central bank policies in the US and Europe. Divided into two parts, this book presents a detailed, multi-faceted analysis of banking and monetary policy. The first part examines the role of central banks within an endogenous money framework. These chapters address post-Keynesian interest rate policy, monetary mercantilism, financial market organization and developing economies. In the second part of the book, the focus switches to the analysis of the financial crisis that began in 2007. The chapters in this section discuss the role of central banks in times of crisis. Monetary Policy and Central Banking is a must read for all those interested in the critical analysis of monetary policy. Students and scholars of post-Keynesian economics, banking, and financial crises will find this book of particular relevance. Contributors: A. Asensio, J. Bibow, R. Dimand, R. Guttmann, E. Kam, R. Koehn, M. Lavoie, E. Le Heron, N. Levy-Orlik, W. Mosler, S. Olawoye, L.-P. Rochon, M. Seccareccia, M. Setterfield, J. Smithin, D. Tropeano, K. von Seekamm

This book presents a quarter of a century of empirical research on interest rates and a variety of asset prices. It will serve to deepen our understanding of asset price inflation. The book includes extensive analysis of the measurement of interest rates, with case studies from The Netherlands, Belgium and EMU, and emphasizes statistical measurement and the attempt to understand interest rate behaviour through statistical estimation. The book also includes an examination of historical interest rate development in the long run, both theoretically and empirically. In conclusion, Professor Fase also analyses the behaviour of bonds, stocks and investment in art and examines the factors indispensable for a monetary strategy designed to target inflation.

The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.

This is a comprehensive, critical introduction to the sociology of money, covering many topics, from the origins of money to its function today. Though our coins, bank notes and electronic tokens do function as means of exchange, money is in fact a social, intangible institution. This book shows that money does indeed rule the world. Exploring the unlikely origins of money in early societies and amidst the first civilizations, the book moves onto inherent liaison with finance, including the logic of financial markets. Turning to the contemporary politics of money, monetary experiments and reform initiatives such as Bitcoin and positive money, it finally reveals the essentially monetary constitution of modern society itself. Through criticizing the simplistic exchange paradigm of standard economics and rational choice theory, it demonstrates instead that money matters because it embodies social relations.

Classical Economics, Keynes and Money casts new light on an approach to economic theory and policy that combines the modern classical theory of prices and income distribution with a Keynesian analysis of money and finance. Structured in four parts, the work considers issues within classical economics, monetary economics, Keynesian and post-Keynesian Economics, rationality and economic methodology. These themes are all central to the work of Carlo Panico, and the chapters both reflect on and build on his key contributions to the field. This collection is of interest to advanced students and researchers in the history of economic thought, monetary theory, financial economics and heterodox economics.

This book is a timely exploration of an unprecedented, cataclysmic pandemic episode. It examines certain critical aspects of socio-scientific theory across a variety of diverse themes, and through an epistemic lens. The book investigates the general theory of pandemic episodes and their adverse long-term effects on human and environmental wellbeing. It includes an in-depth study of COVID-19 but also looks to the future to contemplate potential pandemics to come. The existing approach to the study of pandemics is critically examined in terms of the prevalent isolated and thus mutated way of viewing human and mechanical relations in the name of specialization and modernity. The book presents a novel model of science-economy-society moral inclusiveness that forms a distinctive theoretical approach to the issue of normalizing all forms of pandemic challenges. It is methodologically different from existing economic theory, including the critical study of microeconomic foundations of macroeconomics. Human and environmental existence along with its multidisciplinary outlook of unity of knowledge between modernity, traditionalism, and socio-cultural values is emphasized in the treatment and cure of pandemic episodes. The book is a unique reference work, offering fresh wisdom within the moral methodological worldview.