This important book presents a theory of general equilibrium and was the first to present in condensed form the construction of the two-sector model, its applications to the theory of distribution and public finance for income redistribution, and its conversion into a growth model. It assembles a body of analysis that was previously available only in scattered journal articles and a few textbook chapters.

In the first of three chapters Johnson constructs the two-sector model, using only geometric tools, and establishes the basic relationships between commodity and factor prices and between production allocation and the distribution of income. He then discusses the determination of full general equilibrium and the possibility of multiple equilibrium. In a second chapter he examines the effects of various kinds of changes in the parameter of the system on the distribution of income. He also considers both changes in factor quantities and changes in technology, and the economics of various kinds of government policies for the redistribution of income, with special reference to the possibility of altering the distribution of income by trade union action and by minimum wage laws. Finally the author converts the two-sector model into a model of economic growth by converting one of the sectors into a capital-goods producing sector. He discusses questions such as the stability of equilibrium and the uniqueness of the steady-state growth path of the economy.

The book is rounded out with three appendixes: the basic mathematics of the one-sector growth model, the standard against which the analysis of the two-sector model is mainly constructed; an analysis of the distributional effects of excise taxation; and an extension of the analysis to the general equilibrium consequences of the existence of public goods. This is an essential text for students and is especially useful for courses in price theory, international economics, and public finance.

"Harry G. Johnson" was professor of economics at the London School of Economics and the University of Chicago. He was a fellow of the American Academy of Arts and Sciences and a member of the executive committee of the American Economic Association. He has been editor of "The Manchester School" and the "Journal of Political Economy" and has served on the research staff of the Royal Commission on Banking and Finance, as a consultant to the Board of Governors of the Federal Reserve System and as a member of the review committee on Balance of Payments Statistics.

Benjamin J. Cohen has been one of the most original and influential writers on international political economy. This book provides an overview of his contribution to the field, grouped around the central theme of global monetary governance. The book is divided into three sections: challenges to systemic governance - examines the challenge of governance of the international monetary system looking at such crucial issues as monetary reform, the growth of capital markets and financial globalization dealing with financial crisis - looks at efforts to deal effectively with financial crises, analyzing the relationships between governments and banks in the management of international debt problems and the case for capital controls. There are case studies of the Asian financial crisis and several other key instances of instability in world markets the new geography of money - analyzes the crisis of legitimacy created by a global system where governing authority is exercised now more by market forces than by sovereign states. It explores the geopolitical implications of the competition between the two most widely used currencies in the world today, the US dollar and the Euro and spells out the main implications for policy makers. The concluding chapters evaluate the merits and prospects for the two most widely discussed policy alternatives available to governments responsible for the world's many less competitive currencies - dollarization or monetary union.

The World Bank considers financial inclusion to be an enabler for at least 7 of the 17 United Nation's sustainable development goals (SDGs). Financial inclusion, with its associated policy implications, is an important issue for ASEAN. This book examines the economic effects of financial inclusion. It explores issues surrounding measurement and impact of financial inclusion. The book looks at various, salient topics including measurement of financial inclusion, the impact of (various indicators of) financial inclusion on development outcomes and macroeconomic volatility using aggregate data, as well as the effects of financial inclusion on poverty and development outcomes using micro data.

The Washington financier who first proposed creation of a trust fund to retire the national debt has written a book outlining a new plan that would prevent Congress from raiding the fund to supplement the cost of regular government programs. In 1982 he suggested a temporary 5% tax on manufacturers sales. The income would go into a debt trust fund similar to the highway trust fund. The $1 trillion federal debt would have been retired in five years (by 1985 or 1986) under that proposal. In the past decade, however, federal trust fund have not fared as well. For example, contributions to the social security fund essentially are borrowed for the regular budget. The trust fund contains federal I.O.U.s. A special tax that raised secure funds exclusively for debt retirement might well get public support. Without federal interest payments, the 1992 federal deficit would have been cut to $114 billion from $314 billion.

Washington banker and attorney Charles W. Steadman, who made the 1982 proposal, now has eliminated the trust fund from his method of paying off the debt. In "The National Debt Conclusion: Establishing the Debt Repayment Plan," (Praeger Publishers, November 1993), Steadman lays out his proposal to eliminate the debt in ten years. Steadman would issue new debt bonds for existing federal government debt securities in a single exchange. A sales tax at the producers' level would be dedicated solely to paying off the new debt bonds on schedule. There would be no trust fund. The rate of the sales tax would be scheduled to raise only enough money each year to call the bonds scheduled for retirement in that year. The debt bonds could be retired only by income from the special purpose tax. Steadman's plan establishes a contract between the government and the bondholders, who would have no claim on general funds of the United States. The Congress would have no way to borrow from the debt retirement receipts. Steadman argues that America must adopt a fundamentally different fiscal structure before the debt burden ultimately causes collapse of the nation's financial structure.

Comparative in structure and covering an extensive number of transition countries in its survey, this comprehensive book overviews the development of the banking systems in Central and Eastern European since the communist era until the present time.

Taking in a range of countries including Hungary, Poland, Czech Republic, Slovakia, Bulgaria, Romania, Croatia, Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, Barisitz - an economist with the Central Bank of Austra - analyzes the evolution of legal foundations, banking supervision, banks' major sources of assets, liabilities, earnings and related changes, banking crises, restructuring, rehabilitation programs, the role of foreign-owned banks and FDI.

A significant publication, it is fascinating reading for all those studying and working in the areas of transition economy, macro and monetary economy and economic history

Private enterprises have contributed significantly to China's recent economic growth and will play a key role in achieving China's goal of building a comprehensively well-society. But how can private enterprises help China mitigate its macroeconomic problems such as unemployment, income inequality, financial disintermediation, and an unhealthy economic cycle? And what are the main obstacles to private enterprise development? Private Enterprises and China's Economic Development answers these questions by identifying the range of cultural, political and financial challenges confronting China's private enterprises, and assessing their performance and potential. Contributors also analyse the experiences and lessons of other countries, and propose strategies and policies to help China promote private enterprise development.

Using the most up to date research on private enterprises, including detailed econometric analysis and national representative data, authors including economists, policy-makers and academics from the USA, China, Singapore and Canada comprehensively address the most important aspects of China's private enterprise development. As such this book will appeal to students, scholars and policy-makers alike with an interested in the Chinese economy, economic growth, comparative economics and transitional economics.

The book analyses the establishment of De Nederlandsche Bank and its early development as a case study to test competing theories on the historical development of central banking. It is shown that the establishment of DNB can be explained by both the fiscal theory and the financial stability theory. Later development makes clear that the financial stability role of DNB prevailed. DNBs bank notes were not forced onto the public and competition was fierce. A prudent and independent stance was necessary to be able to play its intended role. This meant that DNB played a modest role in the Amsterdam money market until 1852. By 1852 it had established itself to become the central bank. By then its bank notes had become generally accepted and it could start to operate as a reserve bank. Also the market context had changed dramatically, its competitors had been driven out of the market and several credit institutions had become customers of DNB. "On the occasion of the Nederlandsche Bank's 200th Anniversary, it is good to have a new, and an extremely good, history of its founding and first fifty years of operation. The only previous account of this period of the DNB's history was legalistic and did not sufficiently place the Banks development in its wider context. Uittenbogaard's book provides a much broader, and better, story of the personnel, economics, and finance of the DNB at this juncture." - Charles Goodhart, LSE.

Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates.

Core topics covered include:

• the purchasing power parity hypotheses and the PPP puzzle
• the monetary and portfolio-balance approaches to exchange rates
• new open economy macroeconomics approach to exchange rates
• the determination of exchange rates in target zone models and speculative attack models.

Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach.

The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners interested in issues of equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.

Martin Bronfenbrenner in the Journal of Finance had this to say when the book was first released "A thoughtful, scholarly, and systematic treatise on the economics of inflation. If this reviewer were asked to hang a course on inflation theory upon one single text, it would almost certainly be this one."

The principal concern of this book is to set out the elements that enter into problems of analyzing inflation. This detailed, readable review of contemporary theory on the problems of inflation fills an important gap in the literature on macro-economics that: 1) assesses the implications of inflationary processes for economic policy; 2) synthesizes a general framework within which to illustrate inflationary processes; 3) reconciles the approaches of "demand inflation" and "cost inflation"; and 4) analyzes the determination and behavior of the general price level in an exchange economy.

The first part of the book reviews neo-classical and "Keynesian" type models of the closed macro-economy, analyzes determination of the general price level, and introduces a restatement of conventional employment theory with emphasis on the general price level.

The second part considers the problems of price and wage determinations and the demand for money in more detail, synthesizing the analyses into a model of the macro-economy and discussing the implications of this model and the preceding analysis for economic policy. Describing alternative approaches to the theory of inflation, each of which has resulted in partial theories, the book avoids fragmentary explanations by setting the entire discussion in the context of a macro-economic general equilibrium framework.

In this book Miroslav Beblavy, who has been involved in policy-making at the highest level in his country, offers a detailed study of monetary policy and monetary institutions in the Czech Republic, Hungary, Poland and Slovakia during the 1990s and the early 2000s and a more general look at monetary policy in less developed, but highly open and financially integrated market economies.

Taking an innovative approach, this text focuses on a range of areas where few articles or books have been published and where very little empirical research has been undertaken, covers the topics of monetary policy frameworks, institutions inflation in transition and developing economies. As well as these border themes it analyzes specific factors that have significant influence on the conduct or outcomes of monetary policy including:

• the transmission mechanism of monetary policy in Central Europe
• use of principal types of constraints on policy discretion, such as central bank independence, exchange rate commitments and domestic targets for monetary policy.

This book is a valuable resource for postgraduate students and research working or studying in the areas of development economics, public finance and banking. "

Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates.

Core topics covered include:

• the purchasing power parity hypotheses and the PPP puzzle
• the monetary and portfolio-balance approaches to exchange rates
• new open economy macroeconomics approach to exchange rates
• the determination of exchange rates in target zone models and speculative attack models.

Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach.

The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners interested in issues of equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.

The failure of the dollar peg to prevent the Asian currency crisis of 1997 to 1998 has highlighted the importance of the exchange rate regime in Asia and provoked much discussion as to what the alternatives are in terms of exchange rate systems.
Bringing together extensive research on Asian basket currencies in one volume, this new text discusses whether a currency basket system is the answer, striking a balance between the theoretical and empirical. With strong policy implications for East Asia, the impressive team of contributors argue that for countries that have close economic relationships with several currency areas, it is well worth considering a currency basket system. The book also pursues the important idea of coordination failure, whereby if each individual country tries to adopt an optimal exchange rate given other neighboring countries' policies, they may collectively fail to reach a region's optimal exchange rate regime.
"A Basket Currency for Asia" is a topical and significant text that will appeal to students and scholars of international finance and Asian economics.

Recent economic growth in China and other Asian countries has led to increased commodity demand which has caused price rises and accompanying price fluctuations not only for crude oil but also for the many other raw materials. Such trends mean that world commodity markets are once again under intense scrutiny. This book provides new insights into the modeling and forecasting of primary commodity prices by featuring comprehensive applications of the most recent methods of statistical time series analysis. The latter utilize econometric methods concerned with structural breaks, unobserved components, chaotic discovery, long memory, heteroskedasticity, wavelet estimation and fractional integration. Relevant tests employed include neural networks, correlation dimensions, Lyapunov exponents, fractional integration and rescaled range. The price forecasting involves structural time series trend plus cycle and cyclical trend models. Practical applications focus on the price behaviour of more than twenty international commodity markets.

Financial markets across the Arabian Peninsula have gone from being small, quasi-medieval structures in the 1960s to large world-class groupings of financial institutions. This evolution has been fueled by vast increases in income from oil and natural gas. The Financial Markets of the Arab Gulf presents and analyzes the banks, stock markets, investment companies, money changers and sovereign wealth funds that have grown from this oil wealth and how this income has acted as a buffer between Gulf society at large and the newfound cash reserves of Gulf Cooperation Council states (Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain) over the last fifty years. By assessing the development of institutions like the Abu Dhabi Investment Authority, the Saudi Arabian Monetary Authority, the Public Investment Fund and the National Bank of Kuwait, The Financial Markets of the Arab Gulf evaluates the growth of the markets and provides a detailed, critical, snapshot of the current form and function of the Gulf's financial markets. It argues that the markets have been controlled by various state institutions for socio-political reasons. In particular, the Saudi state has used its sophisticated regulatory regime to push for industrialization and diversification, which culminated in the Vision 2030 plan. The UAE, Qatar, Kuwait, Bahrain and Oman have also been strongly involved in establishing modern markets for similar purposes but have done so through different means, with varying results, and each in line with what has been considered their respective comparative advantages. Along with critically surveying these institutions and their role in global finance, the book also presents case studies depicting transactions typical to the region, including the highly profitable documentary credits of commercial banks, the financial scandal of certain financiers and their regulatory arbitrage between Bahrain and Saudi Arabia, a review of the Dubai's trade miracle, and an assessment of the value and importance of the privatization of Saudi Aramco.

Renminbi (RMB) internationalization and the "One Belt One Road" initiative are two important development strategies launched by China. From the perspectives of theoretical exploration, historical experience, and empirical research, this book discusses how the two strategies interact with each other. To start with, it introduces the current situation of RMB internationalization and the history of the Silk Road. Then it examines the mutual benefit relationship between the two strategies, emphasizing that commodity pricing and account settlement, infrastructure finance, industry development zone construction, and cross-border e-commerce should be the key to RMB internationalization.

This book analyses the formation of the Spanish banking system. It provides a general overview of European financial systems in operation during the mid-nineteenth century, followed by a detailed analysis of the economic and institutional changes that gave rise to a new form of banking in Spain. The chapters analyse changes on banking regulation; study the social origin of banks' promoters; investigate the economic results of banks; and evaluate the interaction between banks and the economy as a whole. Finally, the causes, extent and consequences of monetary plurality in Spain and its European context are discussed. As such, this book covers the gap that exists in the Spanish banking historiography. Until now only the Bank of Spain and its predecessors had been adequately examined. As the Bank of Spain acted mostly as the state's financial agent, we know very little about private-sector financing. This text provides data and analysis for a more comprehensive view of early Spanish financial development in a comparative European framework. The Origins of Modern Banking in Spain should be considered essential reading for financial history students and scholars, as well as anybody interested in longview approaches to modern financial development.

In this comprehensive historical overview, the author writes about monetary unions with an admirable completeness and covers such themes as:
*The Gold Standard
*Monetary Unions in Countries and Areas from Latin America to The British Empire to Japan and Korea with many in between
*EMU and its Policy Ramifications
*the CFA Franc Zone in the former French Colonies.
Written in readable and enjoyable prose, A History of Monetary Unions combines historical analysis with present day context. The book will be of great interest to students and academics involved in the study of money, banking and finance. It is also essential reading for anyone working in the financial sector.

This book examines regional economic integration in West Africa within the context of the institutional evolution of the Economic Community of West African States (ECOWAS). It uses the tools of the New Institutional Economics School to explore the origins and development of the most recent ECOWAS Treaty. Particular attention is given to the interface between domestic legal arrangements and the success of open markets at the regional and international levels. The impetus given to regional integration schemes by the belief that international economic institutions are designed to serve the interests of advanced countries is also considered.

This book provides a comprehensive and critical analysis of research outcomes on the equity home bias puzzle - that people overinvest in domestic stocks relative to the theoretically optimal investment portfolio. It introduces place attachment - the bonding that occurs between individuals and their meaningful environments - as a new explanation for equity home bias, and presents a philosophically multi-paradigmatic view of place attachment. For the first time, a comprehensive and up-to-date review of the extant literature is provided, demonstrating that place attachment is a contributing factor to 22 different topics in which variations of home bias are present. The author also analyses the social-psychological underpinnings of place attachment, and considers the effect of multi-culturalism on the future of equity home bias. The book's unique approach discusses the issues in conceptual terms rather than through data and statistical methods. This multi- and inter-disciplinary book is an invaluable resource for graduate students and researchers interested in economics, finance, philosophy, and/or methodology, introducing them to a new line of research.

Whether a theoretical system is realistic or not has been a major concern in economics, particularly in monetary theory, over the past century. Following John R. Hicks' proposal that a realistic monetary theory could be constructed along an evolutionary path, starting with the workings of a real market, this volume considers whether we can look to the medieval economy as the point of departure.
"Money and Exchange" draws upon the work of Aristotle, scholastic economists, Adam Smith, Karl Marx, William Stanly Jevons and Leon Walras, as well as some modern monetary theorists, to provide a critical analysis of some basic theories that form the starting point of monetary analysis. It concentrates primarily on certain interrelated and fundamental building blocks of monetary theory, such as the difficulties of barter as the origin of money, the concept of exchange as an equation, the notion of the exchange relation as a relation of equality, the distinction between barter and monetary relations, and money and non-money commodities.
This groundbreaking study dispels some of the old myths and conjectures concerning money and exchange and opens up the way for the development of new approaches to monetary theory - approaches that are both realistic and evolutionary. It will be of particular interest to researchers and students of monetary theory and history, and the history of economic thought.

If you think Bitcoin is just an alternative currency for geeks, it's time to think again. Grokking Bitcoin opens up this powerful distributed ledger system, exploring the technology that enables applications both for Bitcoin-based financial transactions and using the blockchain for registering physical property ownership.

With this fully illustrated, easy-to-read guide, you'll finally understand how Bitcoin works, how you can use it, and why you can trust the blockchain.

Grokking Bitcoin explains why Bitcoin’s supporters trust it so deeply, and why you can too. This approachable book will introduce you to Bitcoin’s groundbreaking technology, which is the key to this world-changing system. This illustrated, easy-to-read guide prepares you for a new way of thinking with easy-to-follow diagrams and exercises. You’ll discover how Bitcoin mining works, how to accept Bitcoin, how to participate in the Bitcoin network, and how to set up a digital wallet.

This book is the culmination of a major research programme on the monetary history of the United Kingdom.

This volume contains monetary series ranging from detailed balance sheet material to monetary aggregates such as M3 and are in monthly, quarterly and annual form. The data are drawn mostly from primary sources in the early part of the period and from more accessible published sources for more recent years. Critiques of existing series are given and assessments of the value of different sources are provided. The user should be able to build his/her own series from the basic constituents given here.

This sources and assessment of data should be an essential reference to economic historians and applied economists with an interest and use to the students of money and banking and to monetary economists of other countries. This classic book was first published in 1985.

International Money was first published in 1981.

This book was first published in 1985.

Who would disagree that money matters? Economists have yet to sufficiently explore issues related to monetary inflation in relation to the Cantillon effect, i.e. distribution and price effects resulting from uneven changes in the money supply and their impact on the economy. This book fills this important gap in the existing literature. The author classifies the various channels through which new money can be injected into the economy and demonstrates that it is not only the increase in money supply that is important, but also the way in which it occurs. Since the increase in money supply does not affect the cash balance of all economic entities in the same proportion and at the same time - new money is introduced into the economy through specific channels - a distribution of income and changes in the structure of relative prices and production occur. The study of money supply growth, carried out in the spirit of Richard Cantillon, offers an important analytical framework that facilitates the development of a number of sub-disciplines within economics and provides a better understanding of many economic processes. It significantly explores the theory of money and inflation, the business cycle and price bubbles, but also the theory of banking and central banking, income distribution, income and wealth inequalities, and the theory of public choice. This book is therefore an important voice in the fundamental debate on the role of monetary factors in the economy, as well as on the effects and legitimacy of a loose monetary policy. In 2017, the doctoral dissertation on which the book is based was awarded the Polish Prime Minister's prize. In these times of non-standard monetary policy and rising income inequalities in OECD countries, the focus on the distribution effect of monetary inflation makes this a must read for researchers and policy-makers and for anyone working in monetary economics. This title was translated from Polish by Martin Turnau.