International in scope and written by a leading young
Post-Keynesian economist, this book focuses on the working of money
and payments in a multi-bank settlement system within which banks
and non-bank financial institutions have been expanding their
operations outside their countries of incorporation. Departing from
conventionally held beliefs, Sergio Rossi sets off from a positive
analysis of the logical origin of money, which is the essential
principle of double-entry book-keeping through which banks record
all debts and credits for further reference and settlement and
provides theoretical and empirical advances in explaining money
endogeneity for the investigation of contemporary domestic and
international monetary issues. Showing that both money and banking
have profound implications for real economic activities, this
innovative work is essential reading, not only for scholars in
monetary economics, but also for professionals concerned with
monetary policy and payments system issues.
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