Monetary economics Books

Book SynopsisThe future of European Monetary Union (EMU) stands as one of the most important economic issues of the era. The author argues that in the event of macroeconomic shocks, rather than acting as a cohesive force, EMU could give rise to disunity. As EMU is not an optimal currency area, asymmetric shocks affecting each country differently could be critical to its future. The success of EMU depends upon the ability of institutions in the EU to satisfy the monetary and fiscal policy demands of sufficient numbers of national constituents, interest groups, and multinational corporations. This book employs principles from public choice to analyze the EU institutions that participate in the monetary policy making process of EMU and assesses whether they have the mechanisms to cope with asymmetric macroeconomic shocks. In particular, it examines the European Council, Council of Ministers, European Commission, European Parliament and the European Central Bank.This book provides an invaluable critique of the EMU plan and will be of interest to scholars of European economics, macroeconomics and public choice.Trade Review'This book examines European economic and monetary union from the perspective of public choice theory - that is, whether it is consistent with the interests of the protagonists. EMU was born mainly out of the political agenda for creating ever-closer union. Professor Martin-Das explains how the interaction of economic shocks and political interests has the potential to break up EMU and frustrate that objective. The book is a careful survey of the various fields of economic thought that come together in this topic, as well as a mine of information on the European Union's institutions and evolution.' -- Patrick Minford, University of Wales, UKTable of ContentsContents: Preface 1. Introduction 2. European Economic and Monetary Integration, Prior to the Creation of the European Communities 3. European Economic and Monetary Integration: The Creation and Development of the European Communities 4. The Theory of Currency Unions 5. Economic Background to the European Monetary Union 6. Monetary and Fiscal Policy and Institutions in the European Monetary Union 7. A Rational Choice Approach to the Political Marketplace of the European Union 8. Institutions and Monetary Policy 9. Macroeconomic Shocks to the European Monetary Union 10. Political Implications of Macroeconomic Shocks 11. Conclusion References Index

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Book SynopsisThis book provides the first comprehensive and accessible account of the evolution of exchange rate regimes in the twentieth century. It presents a chronological, non-technical history and in doing so manages to link the past with the present to shed new light on the merits of different exchange rate systems.Since the golden age before the First World War, the international monetary system has experienced several changes in exchange rate regimes, alternating between fixed and floating rate systems interspersed with managed or dirty floats. The authors examine and assess the evolution of exchange rate regimes since the First World War to the present day. They discuss the forces that have brought about change in order to determine how different regimes affected the economic environment. They consider the merits or otherwise of the respective regimes and assess the evidence and arguments for and against fixed and floating exchange rate systems.Exchange Rate Regimes in the Twentieth Century provides a coherent and manageable analysis of a complex subject. It will prove invaluable to both undergraduates and postgraduates studying economic history, international economics and international studies.Trade Review'This book provides an accessible survey of the substantial literature that has now accumulated on exchange-rate regimes in the twentieth century . . . a welcome addition to the literature.'Table of ContentsContents: Preface Introduction 1. The Restoration of Monetary Stability in the 1920s 2. The New Gold Standard and its Disintegration 3. Life after Gold: Currency Regimes of the 1930s 4. The Bretton Woods Era 5. The Aftermath of Bretton Woods 6. The Evolution of the European Monetary System 7. Do Monetary Systems Matter? References Index

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Book SynopsisThis highly topical book examines the development and future prospects for economic and monetary union in Europe. European Monetary Integration examines the background to economic and monetary union from a historical perspective that distinguishes between national and supranational currency areas, and an optimal currency area theory. The gradualist transition process is also considered. The authors, leading academics from five European countries, consider the principal economic policies to be followed in achieving economic and monetary union. The role of the European central banks and monetary policy is examined, along with fiscal policy in monetary union and the operation and policies of the labour markets. The authors discuss the economic relationships between the euro area and other European economies including the transition and accession economies of Eastern Europe.Trade Review'In European Monetary Integration, the editors E.J. Pentecost and A. van Poeck, put together a series of papers that provide a useful overview of the continuing efforts by the European Union to establish, maintain, and extend a common European currency. The editors have done well in presenting analyses that cover the past of the system before addressing the current and future issues . . . European Monetary Integration presents a series of informative papers that provide well-balanced expositions of empirical material and analyses. The collection is quite appropriate for an audience with less-profound knowledge of the issues.' -- Antony P. Mueller, Journal of Markets & Morality'This book is an excellent contribution to the understanding of the past, present and future of the European monetary integration . . . This book is written in a very pedagogical manner and should be part of the literature for graduate and undergraduate students of monetary economics.' -- Estela Bee Dagum, Recensioni e Segnalazioni BibliograficheTable of ContentsContents: Preface 1. The Historical Background to European Monetary Union Part I: EMU: The Past, 1979–99 2. The Political Economy of Transition to Monetary Union in Western Europe 3. German Monetary Unification and its Implications for EMU 4. The Theory of Monetary Union and EMU Part II: Present Issues for EMU 5. Monetary Policy in EMU 6. Fiscal Policy in EMU 7. EMU and European Unemployment Part III: The Future: Beyond 2000 8. ERM-II: Problems for the ‘Outs’ and their Relationship with the ‘Ins’ 9. Exchange Rate Strategies of New EU Entrants References Index

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Book SynopsisEuropean economic and monetary union continues to be the subject of intense controversy, and the launch of a single currency in January 1999 served to concentrate this debate around one issue: is the euro in the interests of Europe? This pertinent book attempts to address this contentious question.The authors offer a sustained argument that the single currency as currently implemented does not promise to deliver prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be destabilising and deflationary; that the political impact is profoundly undemocratic and that the social consequences are likely to be deleterious. They do not reject the concept of a single currency but are highly critical of policy arrangements such as the Stability and Growth Pact which govern the euro. The authors propose alternative policy and institutional arrangements within which the euro should be embedded. They demonstrate that these would have the benefits of a single currency whilst avoiding many of the potential costs identified by detractors. EMU will continue to cause huge changes in the social and economic sphere of Europe. This book does not attempt to polarise the debate by simply advocating for or against the euro, but instead puts the situation into context, identifies potential problems and proposes possible remedies. It will be required reading for economists, political scientists, politicians and policymakers.Trade Review'The Euro provides a concise, useful overview of the evolution of European economic integration, and the political and economic challenges that it faces. Highly readable, it is appropriate for scholars and students interested in understanding the history of the Euro and the debates and challenges surrounding it. . . this work helps establish the Euro as an important integrationist event in world monetary history.' -- Jacqueline McGlade, Eastern Economic JournalTable of ContentsContents: 1. Introduction 2. From Common Market to EMU: An Historical Perspective on European Economic and Monetary Integration 3. The Conditions Surrounding the Launch of the Euro 4. Monetary and Financial Arrangements Accompanying the Euro 5. Channels of Monetary Policy and Implications for the Euro 6. The Causes of Euro Instability Bibliography Index

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Book SynopsisIn the past thirty years the financial sector has seen unparalleled growth and has exerted increased economic and political influence and significance. This growth has come hand-in-hand with several serious economic crises and greater monetary instability. Set against this background, this important book offers a wide ranging, critical analysis of the financial sector.Each of the chapters explores a different theme under the general topic of money, finance and capitalist development. The performance of capitalist economies is first analysed from a Keynesian evolutionary perspective before moving to a focus on the East Asian crisis and asking the question of whether the global neo-liberal regime can survive in Asia. The rapid growth of the financial sector has involved, amongst other changes, a dramatic growth in the sale of financial derivatives. This activity is examined and found to increase uncertainty rather than decrease risk. The nature of money, and in particular the nature of endogenous credit money, is thoroughly discussed, and the political economy of central banks and their operations is reviewed. The book concludes with a critical assessment of the non-accelerating inflation rate of unemployment.Money, Finance and Capitalist Development will be of great value and interest to financial and monetary economists, as well as students and scholars of macroeconomics and finance.Trade Review'A valuable collection for those interested in contemporary economic issues. . . an excellent overview of the increasingly important financial sector and of its implications for macroeconomic performance and development.' -- Charles J. Whalen, Journal of Economic IssuesTable of ContentsContents: Preface 1. Money, Finance and Capitalist Development 2. An Evolutionary–Keynesian Analysis of Capitalist Performance 3. Can the Global Neoliberal Regime Survive Victory in Asia? 4. Financial Derivatives, Liquidity Preference, Competition and Financial Inflation 5. The Endogeneity of Money 6. Political Economy of Central Banks: Agents of Stability or Sources of Instability 7. The NAIRU: A Critical Appraisal Index

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Book SynopsisThis 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.Trade Review'Many monetarists would agree with the premise of this book, namely that the monetarist experiment was a flawed or incomplete experiment. The authors argue that a major flaw was the lack of monetary control. In doing so they resurrect a long-standing debate on interest rate versus money base control (MBC). Those who think that the issue of MBC was buried in the 80s should think again and read this book.' -- Kent Matthews, Cardiff University, UK'At last, something approaching a technically rigorous and politically informed account of the British monetarist policy experiment of the 1980s. Love or loath Thatcherism, admire or abhor those who brought the revised quantity theory from the Chicago lecture hall to the City dealing room and onward to the British Cabinet and Treasury, you will need to read this latest work from Gordon Pepper, the leading City monetarist of the 1970s and 1980s, and Michael Oliver, the unofficial chronicler of this fascinating episode in British monetary history. Moreover, in speaking of the present, as well as of the past, they will command attention for their controversial recommendations for monetary policy today and in the future.' -- Roger Middleton, University of Bristol, UK'No-one can truly comprehend the role of monetarism both during and after the Thatcher years without a thorough reading of this book. To complement Pepper's incisive analysis of processes and institutions, Oliver provides an historical context for the skirmishes and full scale battles that attended the principles and practice of monetarism. The authors rightly identify the 'true monetarists' and the miscellaneous pseuds that litter the history. On the whole the ideas, if not the detailed mechanisms, of -- monetarism seem to me to have won the day and the decades since 1979.'– Sir Alan Walters, Chief Economic Adviser to Lady Thatcher'A characteristically provocative critique by two of monetarism's most tenacious theologians which identifies Margaret Thatcher and Keith Joseph as the only "true believers" - perhaps significantly the two who had been furthest away from the coal-face of economic policy.' -- The Rt. Hon. The Lord Howe of Aberavon, CH, QC Chancellor of the Exchequer, 1979-1983Table of ContentsContents: Foreword Preface Introduction Part I: History 1. A Brief History of Monetary Policy since Radcliffe 2. Monetarism in the UK 3. Monetarism and the Officials 4. Monetarism under Thatcher 5. Monetarism and the Politicians 6. Summary and Conclusions of Part I Part II: Policy Dilemmas 7. A Type of Supply-side Control: Control via the ‘Counterparts’ 8. Overfunding: A Useful Tool or Cosmetic Device? 9. Asset-Price Inflation 10. Debt Deflation 11. Summary and Conclusions of Part II Part III: Policy Solutions 12. Monetary Base Control 13. MBC versus Funding Policy 14. A Published Target for the Monetary Base 15. Summary and Conclusions of Part III Appendices References Index

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Book SynopsisThis book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic.Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics.Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.Trade Review'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.' -- Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US'One dimension of Keynes's revolution was his insistence that money and finance must be integrated with real factors right from the start of analysis. This collection fits centrally in this tradition, as well as in the post-Keynesian approach which combines the insights of the classical political economists Marx and Sraffa with those of Keynes, Kalecki, and Pasinetti.' -- G.C. Harcourt, University of New South Wales, Australia'Contemporary orthodox economic theory notoriously lacks a viable theory of money, and hence has no means of understanding the role and significance of this key social institution within capitalism. Fortunately, there are now a number of promising heterodox theories of money that may ultimately succeed in filling the gap. Louis-Philippe Rochon and Sergio Rossi have provided an invaluable service to the economics profession in making available this collection of essays on modern monetary theories, including contributions by many of the most interesting writers in the field.' -- John Smithin, York University, CanadaTable of ContentsContents: Introduction Part I: The Post Keynesian Monetary Approach Part II: The Theory of the Monetary Circuit Part III: The Theory of Money Emissions Part IV: Further Contributions to Monetary Analysis Index

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Book SynopsisThis valuable book examines the interaction between economic ideas and the policy-making process in Europe, centred around the creation of European Monetary Union. The essays cover three broad areas: early debates on European monetary integration, economic thought at the European Community institutions, and the establishment of Economic and Monetary Union (EMU) in Europe. Core elements of the book are analyses of Europe's quest for exchange rate stability and of the debates on the nature of EMU and the path towards it. With the aid of crucial case studies, Ivo Maes goes on to chart the growing awareness among policymakers of the increasing interdependence between Europe's economies and the rise of a new medium-term, stability-oriented policy conception - both vital and necessary factors in the genesis of EMU.Drawing on the extensive experience of the author, both as an academic and a senior official involved in European economic policy-making, this book undoubtedly contributes towards a better understanding of the role of economic ideas in the process of European monetary integration. It will be an important addition to the literature on EMU and will be required reading for scholars and policymakers in the fields of economics, European studies and the history of economic thought.Trade Review'Maes has written a valuable and readable book, proving the value of having historians of economics write about contemporary macroeconomic policy debates.' -- Robert W. Dimand, Research in the History of Economic Thought and Methodology'. . . Ivo Maes's essays on European monetary integration are of particular value because of the importance of the issues involved, which are so sensitive politically, and from the standpoint of national sovereignty. Here, as elsewhere, Maes's combination of historical knowledge and analytical insight will be helpful to students of all ages and to intelligent laymen seeking to understand how we got where we are.' -- From the foreword by A.W. Coats, University of Nottingham, UK and Duke University, US'. . . This volume offers a very useful contribution to the dialogue between the academic community and the world of European economic policy-making . . . By highlighting crucial forces in the integration process, it comes into the area where history borders on, and flows over into, a more prospective analysis.' -- From the foreword by G. Quaden, Governor of the National Bank of Belgium, Member of the Governing Council of the European Central BankTable of ContentsContents: Foreword by G. Quaden Foreword by A.W. Coats Introduction Part I: Early Debates on European Monetary Integration 1. State and Market Post-war Integration Theory 2. Optimum Currency Area Theory and European Monetary Integration 3. Monetary Integration Debates in the 1970s Part II: Economic Thought at the European Community Institutions 4. The Development of Economic Thought at the European Community Institutions 5. Macroeconomic Thought at the European Commission in the 1970s: The First Decade of the Annual Economic Reports 6. Macroeconomic Thought at the European Commission in the First Half of the 1980s Part III: The Making of European Monetary Union 7. EMU From a Historical Perspective Index

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Book SynopsisThis 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.Trade Review‘Success and Failure in Monetary Reform is a volume that should be read by policy analysts and policymakers who are considering reforms in any segment of a country's economy.' -- M.K. Ulan, Journal of Economics/Zeitschrift fur NationalokonomieTable of ContentsContents: Foreword 1. Introduction 2. Inflation, Credibility and Monetary Commitment 3. Institutional Constraints to Monetary Policy 4. The Positive Theory of Monetary Reform 5. The Empirical Analysis: Some Facts and Figures 6. Cross Country Studies: Commitment and Institutions Matter 7. Successful and Unsuccessful Monetary Reforms: The Case Studies 8. Economic Policy Options 9. Summary and Conclusion Appendix 1: Sample of Countries Appendix 2: Detailed Explanations and Alternative Specifications of the Variables Appendix 3: Calculated Degree of Commitment Appendix 4: The Institutional Factors Calculated References Index

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Book SynopsisThis influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments.Although so-called 'real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely 'realistic'. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money.This insightful book will be of interest to all those concerned with monetary economics and macroeconomics, including academic researchers, graduate and senior undergraduate students - particularly those looking for an alternative to current economic orthodoxy - and historians of economic thought. Practitioners in central banks, international financial institutions, the financial markets and finance ministries will also find this work invaluable.Trade Review'John Smithin's erudite and eloquent Controversies in Monetary Economics (now in a revised second edition) reminds us that a cashless economy is by no means a moneyless economy. Drawing on Keynes's concept of monetary production and on the later work of Sir John Hicks, Smithin argues persuasively for the continuing central importance of money in understanding interest rate determination and economic fluctuations. This insightful book illuminates the role of monetary policy, notably within the European Monetary Union.' -- Robert W. Dimand, Brock University, Canada'This book provides an excellent overview of the controversies that have driven debate about monetary theory and policy over the last two centuries. I highly recommend the book for use in advanced undergraduate or graduate courses. This new edition revises and updates some of the arguments, with some additional treatment of orthodoxy so that it can serve as a stand-alone text in monetary theory courses.' -- L. Randall Wray, University of Missouri, US'John Smithin is one of the deepest thinkers writing today about monetary matters in modern economics. Not only has he a thorough and full knowledge of past contributions, he is also an original thinker in his own right. The processes he depicts at work in modern economies are immediately recognisable and make good sense. He allies his theoretical understanding with advocacy of wise and humane policies. In John Smithin's writings the spirits of Keynes and Hicks live on, with also, dare I say it, the insights of Marx about the relationship between the real and the monetary in capitalism. Any student brought up on Smithin's clear and lucid accounts of controversies in monetary economics will have a firm grounding on which to base their understanding of the world around them.' -- G.C. Harcourt, University of New South Wales, AustraliaTable of ContentsContents: Preface to the Revised Edition 1. Money and Economic Theory and Policy 2. The Nature and Functions of Money: A Re-Examination 3. Monetarism and the Quantity Theory of Money 4. Short-Run Non-Neutralities, Nominal Rigidities, Misperceptions and the Concept of the Phillips Curve 5. The Real Bills Doctrine, Interest Rate Pegging and Endogenous Money 6. Money, Interest Rates and Output 7. An Alternative Monetary Model of Inflation and Economic Growth 8. The International Economy and Alternative Exchange Rate Regimes 9. Inflation and the Economy 10. Concluding Remarks Index

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Book SynopsisForeign Exchange Markets presents a selection of classic finance and economics articles on key topics in the behavior of exchange rates and the analysis of foreign exchange markets. The editor has written an authoritative introduction to the literature.The volume comprises five sections which cover a range of topics. The first section deals with fundamental analysis and the second with statistical models of exchange rate behavior. The third section discusses technical analysis and the fourth covers central bank intervention. The fifth section looks at the micro structure of foreign exchange markets. Many of the papers deal with analysis of daily or intra-day data. The papers are chosen to blend theory and empirics.Trade Review'This book with its collection of classical and influential articles is a must on the desk of any scholar with an interest in the behavior of foreign exchange rates. Researchers in the field of foreign exchange are provided with an extremely valuable mini-library containing an up-to-date overview of research questions, and in depth analyses of empirical methods and data problems. The collection starts with articles on the failure of fundamentals as determinants of exchange rate behavior. It continues through statistical models and technical analysis to research on the micro structure of foreign exchange markets. In the end the circle is closed with research on the linkages between micro structure and long term exchange rate behavior. The introductory chapter provides an excellent overview of the issues from the micro level to macro policy issues and it includes valuable references to additional literature that could not fit in between the covers.' -- Clas Wihlborg, Copenhagen Business School, DenmarkTable of ContentsContents: Acknowledgements Foreword Richard Roll Introduction Richard J. Sweeney PART I FUNDAMENTALS IN THE FOREIGN EXCHANGE MARKET 1. Stanley Fischer (2001), ‘Exchange Rate Regimes: Is the Bipolar View Correct?’ 2. Rudiger Dornbusch (1976), ‘Expectations and Exchange Rate Dynamics’ 3. Richard A. Meese and Kenneth Rogoff (1983), ‘Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?’ 4. Nelson C. Mark and Donggyu Sul (2001), ‘Nominal Exchange Rates and Monetary Fundamentals: Evidence from a Small Post-Bretton Woods Panel’ PART II STATISTICAL MODELS OF THE FOREIGN EXCHANGE MARKET 5. Torben G. Andersen and Tim Bollerslev (1997), ‘Intraday Periodicity and Volatility Persistence in Financial Markets’ 6. Torben G. Andersen and Tim Bollerslev (1998), ‘Deutsche Mark-Dollar Volatility: Intraday Activity Patterns, Macroeconomic Announcements, and Longer Run Dependencies’ 7. Jun Cai, Yan-Leung Cheung, Raymond S.K. Lee and Michael Melvin (2001), ‘“Once-in-a-Generation” Yen Volatility in 1998: Fundamentals, Intervention, and Order Flow’ PART III TECHNICAL ANALYSIS OF FOREIGN EXCHANGE MARKETS 8. Christopher J. Neely (2002), ‘The Temporal Pattern of Trading Rule Returns and Exchange Rate Intervention: Intervention Does Not Generate Technical Trading Profits’ PART IV CENTRAL BANK INTERVENTION IN THE FOREIGN EXCHANGE MARKET 9. Richard T. Baillie and William P. Osterberg (1997), ‘Why Do Central Banks Intervene?’ 10. Rasmus Fatum and Michael Hutchison (1999), ‘Is Intervention a Signal of Future Monetary Policy? Evidence from the Federal Funds Futures Market’ 11. R.J. Sweeney (2000), ‘Does the Fed Beat the Foreign-Exchange Market?’ 12. Andreas M. Fischer and Mathias Zurlinden (1999), ‘Exchange Rate Effects of Central Bank Interventions: An Analysis of Transaction Prices’ 13. Kathryn M.E. Dominguez (2003), ‘The Market Microstructure of Central Bank Intervention’ PART V MICRO STRUCTURE OF THE FOREIGN EXCHANGE MARKET 14. Richard K. Lyons (1995), ‘Tests of Microstructural Hypotheses in the Foreign Exchange Market’ 15. Bettina Peiers (1997), ‘Informed Traders, Intervention, and Price Leadership: A Deeper View of the Microstructure of the Foreign Exchange Market’ 16. Vicentiu Covrig and Michael Melvin (2002), ‘Asymmetric Information and Price Discovery in the FX Market: Does Tokyo Know More About the Yen?’ 17. Martin D.D. Evans and Richard K. Lyons (2002), ‘Order Flow and Exchange Rate Dynamics’ Name Index

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Book SynopsisIt is a popular notion that money and output are separate and autonomous entities. Money and Inflation argues that this idea can neither explain the purchasing power of money nor its variations over time, and a new theory is therefore presented in its place.The book aims to provide the foundations for a new analysis of inflation from a macroeconomic perspective. The role of money is investigated in terms of value, prices, profit, and capital accumulation.The author argues that in order to gain a thorough comprehension of inflation it is necessary to focus on the formation of national income, not on its distribution. Sergio Rossi's new approach proposes a structural reform of modern banking systems, and outlines an original macro-theoretical investigation of measurement problems in price index theory.Despite its elective affinity with the works of Ricardo, Walras and Keynes, the new analysis overturns traditional concepts of money. The discussion elicits a deeper understanding of the conditions underlying today's inflationary pressures and prescribes new solutions to permanently eradicate them.This unique and path-breaking study will be of enormous interest to academics, researchers, and students involved in monetary economics, as well as monetary policy makers, and central bank and international banking officials.Trade Review'Reading Rossi's book is . . . fascinating and refreshing, and highly worthwhile.' -- Heinrich Bortis, Journal of Economic Studies'It is one of Rossi's merits that his book moves from a critical to a positive analysis of inflation. . . The reader is thus taken on a stimulating journey where well-established "truths" are challenged on logical and factual grounds.' -- From the foreword by Mauro Baranzini and Alvaro CenciniTable of ContentsContents: Foreword by Mauro Baranzini and Alvaro Cencini Preface Introduction Part I: Methodological Issues in the Measurement of Inflation 1. The Methodological Debate in Traditional Inflation Analysis 2. From Technical Biases to Analytical Issues Part II: Towards a Macroeconomic Analysis of Inflation 3. The Neoclassical Analysis of Inflation: A Critical Appraisal 4. The Argument Refined: Exogenous and Endogenous Money Part III: A Modern Paradigm for Inflation Analysis 5. Wage Setting, Credit Policy and Inflation 6. Inflation and Fixed Capital Accumulation Conclusion Bibliography Index

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Book SynopsisThis book is unique in providing the first full English translation of Menger's seminal article Geld - one of the most influential papers on the origin of money. The editors aim to facilitate a broader and more detailed discussion of Menger's method, theory and findings with this translation and in depth analysis.Menger's institutional approach is applied and extended to the analysis of the evolution of payments systems, focusing in particular on electronic money, on its institutional character, and on monetary policy as well as predictions of likely future developments.Carl Menger and the Evolution of Payments Systems will be of great interest to financial economists and Austrian economists as well as historians of economic thought.Trade Review'The book edited by Michael Latzer and Stefan W. Schmitz is a very exciting book. It creates an intellectual link between the past and the future. It makes it possible for readers to better know the fundamental insights of Carl Menger about money; but it also provides an outstanding analysis of possible developments of electronic money, demonstrating that they cannot be understood without looking back at the theoretical debate about money initiated by Carl Menger. For those interested in money and its future, this book is unique.' -- Pascal Salin, Universite Paris-Dauphine, France'This is a fascinating conglomeration of a book. The volume will appeal equally to historians of economic thought and to economists who wish to explore the implications of the recent emergence of electronic money. Seldom has the relevance of the Mengerian research tradition for understanding the evolution of contemporany social institutions been more powerfully demonstrated.' -- Bruce J. Caldwell, University of North Carolina, Greensboro, US'Carrying out this translation was a splendid idea. Menger has been enormously influential on the development of money - and his influence has been increasing in recent years. Yet this publication for the first time makes available in English his long article on "Money". It can now reach the audience it deserves. It reveals in full the distinctiveness of Menger's vision of historical development with its powerful case for the transactions cost explanation of the emergence of money. It has been set in context with admirable contributions from several leading scholars in the field. It will be widely used.' -- Forrest H. Capie, Bank of England, UK'Carl Menger is of immense importance in the development of monetary economics. He built on the work of Adam Smith, showing how money evolved as a result of individuals trying to better themselves and was not, as some have claimed, an invention of a benevolent state. But despite Menger's importance, there is remarkably little written on him in English, and some even of his most important work remains untranslated. This excellent book goes far to remedy this situation. It is a major contribution to the history of economic thought. Furthermore it develops Menger's analysis of transactions so as to illuminate and advance discussions on the prospects for electronic money, an important topic in modern monetary theory. This is a fascinating, well written, and important book.' -- Geoffrey Wood, City University Business School, London, UKTable of ContentsContents: Introduction Part I: Carl Menger’s Article ‘Money’: From Barter to Money 1. Carl Menger’s Article ‘Money’ in the History of Economic Thought 2. Money Part II: Perspectives on the Evolution of Electronic Money 3. Carl Menger’s ‘Money’ and the Current Neoclassical Models of Money 4. Mengerian Perspectives on the Future of Money 5. The Institutional Character of Electronic Money Schemes: Redeemability and the Unit of Account Index

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Book SynopsisMonetary Policy and Taiwan's Economy questions whether the Asian crisis could have been avoided through the application of recommendations highlighted by the contributors. The conclusion reached is that in an abstract world, perhaps; but in the world in which we live; no. It is argued that the proposals made could certainly contribute to improved policy, albeit effecting marginal improvements rather than ground breaking changes.The contributors demonstrate that proficient monetary policy and banking regulation can be achieved through sound economic analysis that takes into account: monetary aggregates in monetary policy the role of exchange rate policies in the Asian crisis the relationship between the exchange rate, capital flows and central bank intervention similarities between the restructuring of banking systems in Asia and in Eastern Europe following the fall of communism. This book will appeal to academics and researchers of macroeconomics - especially those with a particular interest in monetary theory and policy. Economic analysts, commercial banks, financial institutions and specialists in financial crisis will also find the book to be a fascinating read.Table of ContentsContents: Part I: Introduction 1. Editors’ Introduction Part II: Monetary Policy 2. Inflation and Money Stock Targets: Is There Really a Difference? 3. Historical U.S. Money Growth, Inflation and Inflation Credibility 4. Money Growth and Inflation in the United States 5. Inflation Targeting and Inflation Forecasting: Two Sides of the Same Coin? 6. Monetary Policy and the Asian Crisis: The Role of Dollar Exchange Rate Targets 7. Capital Flows and Exchanges Rates in Taiwan 8. The Choice of Intermediate Targets – Money or Interest Rate: The Case of Taiwan Part III: Banking Regulation 9. The Microeconomic Dimension of Monetary Policy 10. Enterprise Restructuring and Banking Reform: Lessons from Eastern Europe Since 1990 Index

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Book SynopsisThis book examines the major economic and political factors influencing China's exchange rate policies from the foundation of the People's Republic to the present. It considers how national economic and political priorities, international influences, domestic institutional interests and the new constraints imposed by China's rapidly globalising post-Mao economy determine exchange rate policy. The authors argue that China's exchange rate decisions were not made simply in response to external pressures, rather that they were formed on the basis of domestic assessments of domestic circumstances to serve domestic interests. They go on to illustrate that such decisions are made on the basis of what policymakers perceive are the nation's best interests, and thus constitute dynamic interplay between national priorities and the interests of institutional and non-institutional actors in the policy arena.Fulfilling the demand for further research on how China formulates exchange rate policy, this book will strongly appeal to a wide-ranging audience including: students, academics and researchers with an interest in political economy, Asian studies, international relations, comparative politics, international business and international economics and finance. Policymakers and bankers will also find much to interest them in this book.Table of ContentsContents: Preface 1. Why Does the Rest of the World, Especially the US, Care About the Renminbi? The Rebirth of China and Rise of the Renminbi 2. Managing Foreign Exchange: From Birth to Decline of Central Planning 3. Post-Mao Reform of the Foreign Exchange Regime 4. Foreign Trade, Prices and the Exchange Rate 5. Institutions and Exchange Rate Policy: China and the Asian Financial Crisis 6. The WTO and China’s Exchange Rate 7. Conclusion References Index

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Book SynopsisThe integration process of 'The Common Market of the South' (MERCOSUR) has been characterized by serious economic turbulence, including the devaluation of the Brazilian currency and the severe Argentinean monetary crisis. As a response to these difficulties, the adoption of monetary union has emerged as one possible solution to the financial uncertainty which has plagued this region.Whereas some believe MERCOSUR should become a free trade area, others are convinced that nothing less than full monetary union can bring stability to the region and ease the financial fragility of the member countries. This book discusses the future of MERCOSUR, focusing on monetary union and macroeconomic policy co-ordination, and addresses a number of important questions including: is it possible, or even desirable, to achieve monetary integration? what would the pre-conditions be for establishing such a union? what would the convergence criteria be for joining the monetary union? what are the expected economic consequences for the member countries? These questions are all addressed with particular reference to the experience of EMU and the lessons which can be learnt by MERCOSUR countries, in terms of the difficult transitions they may have to face.The book brings together a host of distinguished British, Argentinean and Brazilian economists to elucidate the critical policy issues surrounding the merits of monetary union in South America. Financial economists, international monetary economists, international relations experts, academics and practitioners interested in the issues surrounding economic and monetary union will all value the perceptive insights found in this volume.Table of ContentsContents: Introduction Part I: Lessons from the Euro and EMU for MERCOSUR 1. Learning From, and About, EMU – A UK View 2. The Euro and the EMU: Lessons for MERCOSUR Part II: MERCOSUR Macroeconomic Policy Co-ordination 3. MERCOSUR: Why Does Monetary Union Make Sense in the Long Term? 4. Macroeconomic Coordination in MERCOSUR – A Sceptical View 5. Monetary and Exchange Rate Arrangements: A Puzzle to be Solved Among Major MERCOSUR Countries 6. Some Issues on the Financial/Monetary Integration of MERCOSUR Part III: Exchange Rate Regimes and Monetary Dilemmas for MERCOSUR 7. Financial Opening, Instability and Macroeconomic Performance in Latin America During the 1990s: Some Possible Perverse Links 8. Monetary Dilemmas: Argentina in MERCOSUR Index

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Book SynopsisEMU is a completely new policy regime which has significant economic implications and which, it is hoped, will ultimately enhance the role of Europe on the world stage. EMU and Economic Policy in Europe takes stock of the initial experiences of EMU and assesses the challenges which will have to be addressed in the early years of its existence to ensure its long-term objectives are successfully achieved.Bringing together leading scholars and policymakers, the book considers some of the most pertinent and significant issues surrounding the euro from a variety of different perspectives. These include the behaviour of monetary and fiscal authorities, the implications for policy co-ordination, the impact of the euro on financial markets and the consequences of EU enlargement.The distinguished array of authors have produced a comprehensive and balanced assessment of the initial economic and policy challenges facing EMU. European policymakers, financial economists and anyone with an interest in the process of European integration will benefit from reading this accomplished book.Trade Review'All the economists who have contributed to this volume are both distinguished scholars and active participants in the policy debate. Over the years, they have greatly helped policymakers, at the national and Union levels, to identify and understand the difficult policy choices involved in the running of EMU. I am grateful for their contribution to the success of the euro.' -- From the foreword by Pedro SolbesTable of ContentsContents: Foreword by Commissioner Pedro Solbes PART I: OVERVIEW 1. EMU in the Early Years: Differences and Credibility Marco Buti and André Sapir PART II: MONETARY POLICY 2. Monetary Policy in the Early Years of EMU Jordi Galí 3. The ECB’s Monetary Policy Strategy: Responding to the Challenges of the Early Years of EMU Vítor Gaspar, Klaus Masuch and Huw Pill 4. Monetary Policy Transmission in EMU Massimo Suardi PART III: FISCAL POLICY 5. Fiscal Policy and EMU: Challenges of the Early Years Antonio Fatás and Ilian Mihov 6. Fiscal Policy in the Early Years of EMU Anne Brunila and Carlos Martinez-Mongay PART IV: POLICY COORDINATION 7. The Functioning of Economic Policy Coordination Jürgen von Hagen and Susanne Mundschenk 8. Economic Policy Coordination in EMU: Accomplishments and Challenges Servaas Deroose and Sven Langedijk 9. The EMU’s Economic Policy Principles: Words and Facts Jean Pisani-Ferry PART V: LABOUR MARKETS 10. EMU Labour Markets Two Years On: Microeconomic Tensions and Institutional Evolution Giuseppe Bertola and Tito Boeri 11. Wage Discipline in EMU. A Feature of the Early Years. Only? Karl Pichelmann PART VI: FINANCIAL MARKETS AND THE INTERNATIONAL FINANCIAL SYSTEM 12. EMU and Financial Market Structure Harry Huizinga 13. The Euro and the International Financial System Richard Portes 14. The Euro and the International Monetary System Johan Baras, Reinhard Felke and Daniel Daco PART VII: THE FUTURE OF EMU 15. EMU and Enlargement Barry Eichengreen and Fabio Ghironi 16. EMU – The First 10 Years: Challenges to the Sustainability and Price Stability of the Euro Area – What Does History Tell Us? Lars Jonung References Index

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Book SynopsisIs the theory of money that underlies most modern macroeconomics well-grounded? What determines the value of a currency, and how is the state's power over its currency related to its ability to stabilize prices and employment? Charles Goodhart's classic paper 'The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas' which first raised these questions is reprinted here, and the distinguished authors expand its line of argument and comment on its central themes. The issues discussed are of fundamental importance in contemporary monetary theory and policy.The State, the Market and the Euro presents two sharply contrasting theories of money - Chartalist and Metallist - and the resulting equally sharply contrasting approaches to macroeconomic policy.Academic monetary, financial and political economists will find this book of great interest as will policymakers, financial analysts and journalists.Trade Review'. . . This book is a short, readable, and valuable contribution toward understanding money's origin and the role that understanding can play in monetary policy analysis and monetary regime design. It raises some important issues with respect to the design and implementation of the Euro and Euro-related institutions. . .' -- - The Economic Record'. . . very rich and enlightening. . . For everyone interested in monetary history, The State, the Market and the Euro represents without any doubt a reference to know and to study.' -- Ziet Ben Hmida, OeconomicusTable of ContentsContents: Preface 1. The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas 2. Mr Goodhart and the EMU 3. The Creditary / Monetarist Debate in Historical Perspective 4. Some Limitations of the Chartalist Perspective: A Comment on ‘The Two Concepts of Money’ 5. The Neo-Chartalist Approach to Money 6. Nominal Money, Real Money and Stabilization 7. Money as a Social Institution: A Heterodox View of the Euro 8. Neglected Costs of Monetary Union: The Loss of Sovereignty in the Sphere of Public Policy 9. A Reply to the Contributors Index

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Book SynopsisPhilipp Maier offers a unique examination of the extent to which governments and various interest groups have exerted pressure on central banks. The book looks in particular at the Deutsche Bundesbank - which acted as the blueprint for the European Central Bank (ECB) - and utilises an original set of indicators to measure external pressure and support from the government and other institutions.The author demonstrates that although some of the rhetoric of the Bundesbank may have been a response to political pressure, the operation and conduct of German monetary policy has not been influenced. The role of various pressure groups remains a more contentious issue, as there is evidence that the Bundesbank may have acted to appease the financial sector. The author also finds that a high degree of public support towards the Bundesbank has helped to mitigate the effect of external forces. As the ECB was closely modelled on its German counterpart, the author is able to extend his analysis to the European level and draw out explicit predictions for the ECB. He argues that external pressure is unlikely to influence the conduct of monetary policy, as it will be less efficient and organised, and public support is likely to be high. In the future, however, this could be jeopardised by a rapid enlargement of EMU which may result in more concentrated and powerful pressure groups.This interesting empirical study of the effect of governments, interest groups and public support on the behaviour and rhetoric of Central Banks will be welcomed by financial and monetary economists, students and scholars of European finance and European policymakers.Trade Review'This book is a must-read for serious students and scholars of monetary institutions. It is comprehensive in its coverage of the relevant issues that arise in testing political economy theories of central banking, and is rich with ideas for testing possible political influences on central banks across the globe.' -- Michelle R. Garfinkel, Public Choice'By empirically analysing the rhetoric and decisions of the 'most independent central bank in the world', Philipp Maier provides a fresh perspective on the eternal triangle of government, the financial sector and monetary authority. Maier's findings regarding the actual independence of the Bundesbank's monetary policy do not only provide a better explanation of the past. Equally important are the author's innovative analyses which provide a greater understanding of the future prospects and challenges for the European Central Bank, at a time when Europe's key monetary institution faces the impact of a broadening EMU.' -- Peter A.G. van Bergeijk, Netherlands Competition Authority, The NetherlandsTable of ContentsContents: 1. Introduction 2. Review of the Literature 3. Political Pressure in OECD Countries Before Elections 4. The Rhetoric of Central Banks 5. A New Indicator for (Political) Pressure 6. The Role of Public Support 7. The European Context: An Economic Analysis 8. The European Context: A Political Assessment 9. The Impact of EMU Enlargement 10. Conclusion A. Germany’s Institutional Setting B. The Refined ‘Corridor’ for the Standard Deviation C. Data Sources Bibliography Index

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Book SynopsisThis authoritative book comprises key papers written on exchange rate economics by the eminent scholar Ronald MacDonald.Each of the highly focused chapters discusses the important issues that his research has pursued in this area. The papers are organised under four headings: monetary fundamentals and exchange rate forecasting; equilibrium exchange rate; expectations formation news and risk; and the economics of fixed exchange rates and credibility issues. Among the key findings, Ronald MacDonald concludes that it is possible to successfully forecast currencies in an out of sample context using macroeconomic fundamentals. Additionally, from a practitioner's perspective, well-founded and useful measures of an equilibrium exchange rate can be calculated once violations of the purchasing power parity concept are recognised.This essential book contains a number of academic orientated papers that postgraduate students and academics will find invaluable for their research. Practitioners in the financial sector will also be extremely interested in the chapters on exchange rate forecasting and issues relating to equilibrium exchange rates.Table of ContentsContents: Introduction PART I: MONETARY FUNDAMENTALS AND EXCHANGE RATE FORECASTING 1. ‘Exchange Rate Behaviour: Are Fundamentals Important?’ Economic Journal, 109 (459), 1999, F673–F691 2. ‘The Monetary Model of the Exchange Rate: Long-run Relationships, Short-run Dynamics and How to Beat a Random Walk’, with M.P. Taylor, Journal of International Money and Finance, 13 (3), 1994, 276–90 3. ‘On Fundamentals and Exchange Rates: A Casselian Perspective’, with I.W. Marsh, Review of Economics and Statistics, 79 (4), 1997, 655–64 4. ‘Monetary-based Models of the Exchange Rate: A Panel Perspective’, with S. Husted, Journal of International Financial Markets, Institutions and Money, 8 (1), 1998, 1–19 5. ‘Modeling the ECU Against the U.S. Dollar: A Structural Monetary Interpretation’, with L. La Cour, Journal of Business Economics and Statistics, 18 (4), 2000, 436–50 6. ‘Currency Spillovers and Tri-polarity: A Simultaneous Model of the US Dollar, German Mark and Japanese Yen’, with I.W. Marsh, Journal of International Money and Finance, 23 (1), 2004, 99–111 7. ‘Markov Switching Regimes in a Monetary Exchange Rate Model’, with M. Frömmel and L. Menkhoff, Economic Modelling, 22 (3), 2005, 485–502 PART II: EQUILIBRIUM EXCHANGE RATES: PURCHASING POWER PARITY AND THE REAL EXCHANGE RATE 8. ‘Long-run Purchasing Power Parity: Is it for Real?’, Review of Economics and Statistics, 75 (4), 1993, 690–95 9. ‘Panel Unit Root Tests and Real Exchange Rates’, Economics Letters, 50 (1), 1996, 7–11 10. ‘International Parity Relationships Between the USA and Japan’, with K. Juselius, Japan and the World Economy, 16 (1), 2004, 17–34 11. ‘Filtering the BEER: A Permanent and Transitory Decomposition’, with P.B. Clark, Global Finance Journal, 15 (1), 2004, 29–56 12. ‘The Real Exchange Rate and the Balassa–Samuel Effect: The Role of the Distributional Sector’, with L.A. Ricci, Pacific Economic Review, 10 (1) 2005, 29–48 13. ‘Real Exchange Rates, Imperfect Substitutability, and Imperfect Competition’, with L.A. Ricci, Journal of Macroeconomics, 29 (4) 2007, 639–64 PART III: EXPECTATIONS FORMATION, NEWS AND RISK 14. ‘£M3 Surprises and Asset Prices’, with T.S. Torrance, Economica, 54 (216), 1987, 505–15 15. ‘Expectations Formation and Risk in Four Foreign Exchange Markets’ with T.S. Torrance, Oxford Economic Papers, 42 (3), 1990, 544–61 16. ‘Combining Exchange Rate Forecasts: What is the Optimal Consensus Measure?’ with I.W. Marsh, Journal of Forecasting, 13, 1994, 313–32 17. ‘Currency Forecasters are Heterogeneous: Confirmation and Consequences’, with I.W. Marsh, Journal of International Money and Finance, 15 (5) 1996, 665–85 18. ‘Models of Exchange Rate Expectations: How Much Heterogeneity?’, with A. Bénassy-Quéré and S. Larribeau, Journal of International Financial Markets, Institutions and Money, 13 (2) 2003, 113–36 PART IV: THE ECONOMICS OF FIXED EXCHANGE RATES AND CREDIBILITY ISSUES 19. ‘On the Mean-reverting Properties of Target Zone Exchange Rates: Some Evidence from the ERM’, with M. Anthony, European Economic Review, 42 (8) 1998, 1493–523 20. ‘Crash! Expectational Aspects of the Departures of the United Kingdom and the United States from the Inter-war Gold Standard’, with C.P. Hallwood and I.W. Marsh, Explorations in Economic History, 34 (2) 1997, 174–94 21. ‘Realignment Expectations and the US Dollar, 1890–1897: Was There a “Peso Problem”?’ with C.P. Hallwood and I.W. Marsh, Journal of Monetary Economics, 46 (3) 2000, 605–20 22. ‘Interest Rate Interactions in the Classical Gold Standard, 1880–1914: Was There Any Monetary Independence?’, with M.D. Bordo, Journal of Monetary Economics, 52 (2) 2005, 307–27

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Book SynopsisThe studies included in these two volumes have been selected to highlight key recent contributions to scholarship on the political economy of international monetary relations. Over the last decade, the central theme of research in this area has been the growth and increasingly pervasive influence of capital mobility. The papers collected here have significantly advanced theoretical and analytical understanding of the causes and, even more importantly, the political and economic consequences of financial liberalization. Among the issues addressed are the impact of growing capital mobility on domestic policy, the choice of exchange-rate regimes and monetary institutions, governance of international capital, policy cooperation and monetary integration. These volumes will be of particular interest to specialists in international political economy.Trade Review'These volumes contain the best articles political scientists have published in recent years on international monetary relations. They cover every conceivable topic of interest, including the domestic politics of capital mobility, monetary institutions, and policy cooperation. It is no surprise that both the collection and the introduction to it are of such high quality - Benjamin J. Cohen is the editor of these volumes and the author of the introduction, and his expertise in this area is unparalleled in the field.' -- Joanne Gowa, Princeton University, USTable of ContentsContents: Volume I Acknowledgements Introduction Benjamin J. Cohen PART I THE GLOBALIZATION OF FINANCE 1. Benjamin J. Cohen (1996), ‘Phoenix Risen: The Resurrection of Global Finance’ 2. Philip G. Cerny (1994), ‘The Dynamics of Financial Globalization: Technology, Market Structure, and Policy Response’ 3. Eric Helleiner (1995), ‘Explaining the Globalization of Financial Markets: Bringing States Back In’ 4. Andrew Sobel (1998), ‘Domestic Policy Choices, Political Institutional Change, and Financial Globalization’ 5. David M. Andrews (1994), ‘Capital Mobility and State Autonomy: Toward a Structural Theory of International Monetary Relations’ 6. Louis W. Pauly (1995), ‘Capital Mobility, State Autonomy and Political Legitimacy’ PART II CAPITAL MOBILITY AND DOMESTIC POLICY 7. William Roberts Clark and Usha Nair Reichert with Sandra Lynn Lomas and Kevin L. Parker (1998), ‘International and Domestic Constraints on Political Business Cycles in OECD Economies’ 8. William Roberts Clark and Mark Hallerberg (2000), ‘Mobile Capital, Domestic Institutions, and Electorally Induced Monetary and Fiscal Policy’ 9. Thomas Oatley (1999), ‘How Constraining Is Capital Mobility? The Partisan Hypothesis in an Open Economy’ 10. Geoffrey Garrett (1995), ‘Capital Mobility, Trade, and the Domestic Politics of Economic Policy’ 11. Layna Mosley (2000), ‘Room to Move: International Financial Markets and National Welfare States’ PART III EXCHANGE RATES AND MONETARY INSTITUTIONS 12. Jeffry A. Frieden (1994), ‘Exchange Rate Politics: Contemporary Lessons from American History’ 13. Carsten Hefeker (1996), ‘The Political Choice and Collapse of Fixed Exchange Rates’ 14. William Bernhard and David Leblang (1999), ‘Democratic Institutions and Exchange-rate Commitments’ 15. David A. Leblang (1999), ‘Domestic Political Institutions and Exchange Rate Commitments in the Developing World’ 16. William Roberts Clark (2002), ‘Partisan and Electoral Motivations and the Choice of Monetary Institutions Under Fully Mobile Capital’ 17. J. Lawrence Broz (2002), ‘Political System Transparency and Monetary Commitment Regimes’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I GOVERNING GLOBAL CAPITAL 1. John B. Goodman and Louis W. Pauly (1993), ‘The Obsolescence of Capital Controls? Economic Management in an Age of Global Markets’ 2. David A. Leblang (1997), ‘Domestic and Systemic Determinants of Capital Controls in the Developed and Developing World’ 3. Beth A. Simmons (2001), ‘The International Politics of Harmonization: The Case of Capital Market Regulation’ 4. Geoffrey R.D. Underhill (1995), ‘Keeping Governments Out of Politics: Transnational Securities Markets, Regulatory Cooperation, and Political Legitimacy’ 5. Timothy J. Sinclair (2001), ‘The Infrastructure of Global Governance: Quasi-Regulatory Mechanisms and the New Global Finance’ PART II POLICY COOPERATION AND COMMITMENT 6. Benjamin J. Cohen (1993), ‘The Triad and the Unholy Trinity: Lessons for the Pacific Region’ 7. Michael C. Webb (1994), ‘Capital Mobility and the Possibilities for International Policy Coordination’ 8. Thomas D. Willett (1999), ‘Developments in the Political Economy of Policy Coordination’ 9. Beth A. Simmons (2000), ‘The Legalization of International Monetary Affairs’ 10. Beth A. Simmons (2000), ‘International Law and State Behavior: Commitment and Compliance in International Monetary Affairs’ PART III REGIONAL MONETARY INTEGRATION 11. C. Randall Henning (1998), ‘Systemic Conflict and Regional Monetary Integration: The Case of Europe’ 12. Wayne Sandholtz (1993), ‘Choosing Union: Monetary Politics and Maastricht’ 13. Kathleen R. McNamara (1999), ‘Consensus and Constraint: Ideas and Capital Mobility in European Monetary Integration’ 14. Benjamin J. Cohen (2001), ‘Beyond EMU: The Problem of Sustainability’ PART IV THE FUTURE OF MONEY 15. Jonathan Kirshner (2000), ‘The Study of Money’ 16. Susan Strange (2002), ‘Finance in Politics: An Epilogue to Mad Money, 1998’ 17. Benjamin Cohen (1999), ‘The New Geography of Money’ Name Index

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Book SynopsisCapitalizing on the extensive experience of the author in estimating shadow prices, Shadow Prices for Project Appraisal forges a bridge between theory and practice, explaining what shadow (or accounting) prices are, how they are used, and how they can be estimated.Starting from the basic principles of applied welfare economics, Elio Londero's book provides a step by step derivation of those formulas more frequently utilized in estimating shadow prices. The preparation and use of input-output techniques are examined in detail, and different estimation approaches and updating procedures are presented. Finally, a detailed case study of shadow prices for Colombia illustrates their practical application.This book will be essential reading for students and teachers interested in cost-benefit analysis, and in shadow prices as a specialized field of applied welfare economics. In addition, the book will be an invaluable source for applied economists and practitioners interested in calculating shadow prices.Trade Review'This is an excellent overview of both the conceptual underpinnings and the practical application of project economic analysis. It is strongly recommended for those wishing to explore the subject in depth. It is a major contribution to the literature.' -- John Weiss, Asian Development Bank Institute, Tokyo, Japan'Cost-benefit analysis is back in fashion, stronger than ever. There is no better guide to shadow pricing for policy and project appraisal than Elio Londero's text. A must for teachers and practitioners.' -- David Pearce, University College London, UKTable of ContentsContents: Preface 1. Basic Concepts 2. Foreign Exchange 3. Labor 4. Land 5. Fiscal Resources 6. Produced Goods 7. Using and Updating Shadow Prices 8. Shadow Prices for Colombia References Index

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Book SynopsisThis book provides coherent theoretical and empirical analysis of firms' investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed. Overall, the empirical results confirm theoretical precedents. Some firms are indeed financially constrained, for fixed investment as well as for R&D projects. The 'free cash-flow' hypothesis holds, that is managers divert excess funds away for their own interests, but less so in closely controlled companies. In accordance with the real option theory, the results suggest that uncertainty leads firms to adopt a 'wait and see' strategy which eventually reduces investment, especially for irreversible investment. Corporate governance features are shown to affect managers, discipline and companies' restructuring plans. Finally, different tax reforms are evaluated, and an alternative tax structure that would stimulate growth is proposed.Scholars, including those with an interest in microeconomics and econometrics, and staff within central banks and national and international organisations will also find the book of interest, as will policymakers and decision-makers concerned with the role of financing, corporate governance and taxation on firm's decisions.Table of ContentsContents: Foreword by Guy Quaden Introduction 1. Lifting the Burden: Fundamental Tax Reform and US Economic Growth 2. Structural Modelling of Financial Constraints on Investment: Where Do We Stand? 3. Capital Market Imperfections and Investment: Evidence from Belgian Panel Data 4. Investment, R&D and Liquidity Constraints: A Corporate Governance Approach to the Belgian Evidence 5. Financing and Investment Interdependencies in Unquoted Belgian Companies: The Role of Venture Capital 6. Financing Constraints, Fixed Capital and R&D Investment Decisions of Belgian Firms 7. Real Options and Investment under Uncertainty: What Do We Know? 8. Development Path and Capital Structure of Belgian Biotechnology Firms 9. Investment, Uncertainty and Irreversibility: Evidence from Belgian Accounting Data 10. The Impact of Uncertainty on Investment Plans: A Survey Data Approach 11. Governance as a Source of Managerial Discipline 12. Capital Structure, Firm Liquidity and Growth Bibliography Index

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Book SynopsisMany theoretical and empirical analyses have been put forward to explain currency crises, but this book is unique in providing an extensive perspective and a comprehensive view of the field. Andre Fourcans and Raphael Franck assert that models concerning the outbreak and the propagation of currency crises share many similarities and may therefore be studied together. Theoretical developments in the currency crises literature lead to three distinct types of models. The authors focus on these first, second and third-generation models of currency crises and also discuss the role of the international financial system in preventing currency crises.Appealing to graduate students, academics and researchers in international economics, this book is a must have for those interested in learning about currency crises and the evolution of currency crises research.Trade Review'This book is a valuable contribution to the literature and it deserves the attention of those interested in the evolution of the currency crisis literature.' -- Ferda Donmez, Ankara University, TurkeyTable of ContentsContents: Introduction Part I: First-Generation Models of Currency Crises 1. Main Assumptions of First-Generation Models 2. Aspects of the Policymaker’s Behaviour 3. Extensions of First-Generation Models Part II: Second-Generation Models of Currency Crises 4. Self-fulfilling Expectations and the Outbreak of Currency Crises 5. Self-fulfilling Expectations and Currency Crisis Contagion 6. The Relevance of Second-Generation Models Part III: Third-Generation Models of Currency Crises 7. Economic Policy Tradeoffs and the Outbreak of Currency Crises 8. Deteriorated Fundamentals and Currency Crisis Contagion 9. Deteriorated Fundamentals and Speculators’ Expectations Part IV: Currency Crises and the International Financial System 10. The Spread of Currency Crises in Emerging Countries from 1997 to 1999: A Case Study 11. Currency Crises and Exchange Rate Regimes 12. The Role of International Financial Institutions References Index

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Book SynopsisAs a tribute to the exceptional contributions of Alan Walters to monetary theory and policy, this book draws together a distinguished cast of international contributors to write about money. In a series of essays they review controversies in monetary economics and debate current policy issues.Combining theoretical analysis with policy evaluation, this book touches on a whole spectrum of issues ranging from monetary union and exchange rate regimes, to credit rationing and policy games. The book focuses on the problems of modelling the effects of monetary and fiscal policy, and setting optimal policies for the future. It concludes with two stimulating panel discussions, one questioning whether the UK should join the Euro and the other discussing the appropriate targets of monetary policy.Bringing together for the first time papers celebrating Alan Walters' achievements in this field, this book will be warmly welcomed by those with special interest in monetary economics, particularly policymakers, students and academics.Table of ContentsContents: Preface Introduction 1. Taking on the Economics Establishment: An Appreciation of Alan Walters the Political Economist 2. Consistent Expectations, Rational Expectations, Multiple-Solution Indeterminacies, and Least-Squares Learnability 3. The Efficacy of Monetary Policy in a Multi Sector, Two Country Model 4. Model Misspecification, Robustness and Monetary Policy 5. The Case for Monetary Union in Mercosur 6. De Facto Exchange Rate Regimes in Transition Economies: Identification and Determination 7. News-Magazine Monetarism 8. Alan Walters and the Demand for Money: An Empirical Retrospective 9. The Interaction of Monetary and Fiscal Policy: Solvency and Stabilisation Issues 10. Monetary Policy under Banking Oligopoly 11. Money Targeting 12. Credit Value-at-Risk Constraints, Credit Rationing and Monetary Policy 13. Policy Games and the Optimal Design of Central Banks 14. Policy Evaluation with a Forward-Looking Model 15. Policy Panel Contributions (i) Should the UK Join the Euro? The Monetary Issues (ii) What Should Monetary Policy be Targeting? Appendix: European Monetary Forum Conference in Honour of Alan Walters, May 2002 Index

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Book SynopsisThe dramatic evolution of financial markets in the 1980s and 1990s, accompanied by increasing institutional integration between nations (most notably in the EU), have fostered a widespread belief that governments - particularly those of small economies - have essentially lost the power to pursue sovereign, independent economic policies. At the same time, it is widely assumed that the loss of monetary-policy control is a major opportunity cost for a country adopting a rigid exchange-rate regime or, in the European context, for countries joining the EMU.This book sheds light on these arguments by examining the relationship between the international integration of domestic money markets and the degree of monetary-policy independence in eleven small, open economies in Europe. The authors address these important issues in the context of a broad-based historical analysis of market formation and growth, exchange-rate policies and deregulation. They find that political motives, in conjunction with competitive forces, path dependence and institutional factors, are a major determinant of market development. Moreover, they reveal that credible commitment to a stability goal is a far more reliable predictor of monetary-policy autonomy than the adoption of a specific exchange-rate regime.This accessible investigation of the relationship between domestic money-market development, international financial integration and the monetary-policy options available to small, open economies will be welcomed by students and researchers of macroeconomics, financial economics and political economy. The extensive empirical research and original conclusions will also be of interest and benefit to corporate decisionmakers, bankers, policymakers and regulators.Trade Review‘Money Markets and Politics offers a bounty of comparative, cross-national statistics that document important money market developments in these eleven countries. The authors have gone to great lengths to present a consistent set of data over a broad range of areas, during a time of remarkable turmoil and change.' -- Jonathon W. Moses, Scandinavian Journal of Economic History'This topical book is a valuable contribution, providing interesting and detailed analyses of the developments in financial, monetary and foreign exchange markets across countries, as well as more sophisticated sections that use empirical tools for exploration and modelling. The originality of the approach chosen for the analysis, the diversity of the topics covered and the breadth of the information collected are clearly the book's primary strength.' -- Natalie Chen, Transnational Corporations'The book provides a lucid, painstaking, and insightful analysis of the potentiality for small European "policy taking" countries to conduct monetary policy independently in an era of globalising money markets.' -- Andrew W. Mullineux, SUERF Newsletter'These eleven small, open economies teach us a great deal about the behaviour of money and financial markets. This volume sets the standard for investigating them. Any future serious work must take account of this book and build on it.' -- Richard J. Sweeney, Georgetown University, USTable of ContentsContents: Preface 1. Introduction 2. Background Indicators of Economic and Financial Development and Integration 3. Money Market Formation and Transformation 4. Money Market Development and Monetary Policy Operations 5. External Arrangements: Exchange Rate Regimes and Capital Controls 6. Measuring Capital Mobility: The Degree of Direct Money Market Integration 7. Monetary Policy Autonomy under Different Institutional Regimes 8. Money Market Development and Monetary Policy Options: Concluding Remarks References Index

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Book SynopsisEast Asia's Monetary Future is an illuminating and valuable work which uniquely focuses on a long-term monetary view of the region. There are multiple and varied future scenarios which can be applied to this region - an enlarged Singapore-Brunei currency area, a greater China monetary bloc and even a Northeast Asian bloc comprising Japan and Korea.Leading scholars from East Asia, Europe and the US contribute valuable new insights to the key questions facing the organization and future of the monetary system in East Asia. Central questions discussed and analysed in the book include, amongst others: should the region move towards monetary union? Should countries peg their exchange rates to the US dollar? Is complete dollarization an option for East Asia? The authors argue that, having realized price stability over the last twenty years, in contrast to Latin America and Africa, the next logical step would be the gradual formation of various currency blocs within the region. This comprehensive discussion of the fundamental issues at stake will ensure the book's appeal to academics and researchers of Asian studies and financial economics. Financial experts working in this area and policymakers will also find much of interest to them within this book.Trade Review'Now that the economics profession has returned its attention to the structural impediments and deficiencies that may bar economies from high performance we are at risk of forgetting that there is more to political economy than corporate governance, entrepreneurship, financial institutions and the economic culture. The traditional concerns of macroeconomics with exchange rates, interest rates and tax rates retain their importance. This quality volume helps to right the balance with eleven essays analyzing how monetary systems, currency arrangements, the dollar standard, exchange rate policies and related matters all play a part in the economic problems and opportunities in east Asia.' -- Edmund S. Phelps, Columbia University, USTable of ContentsContents: Preface 1. East Asia’s Monetary Future: An Introduction Part I: East Asia’s Monetary Future 2. Currency Area Formation and the East Asian Region 3. One Country, Two Monetary Systems: Hong Kong and China 4. The Role of the Yen in East Asia 5. The Dollarization Debate: Is it Over? 6. The East Asian Exchange Rate Dilemma and the World Dollar Standard Part II: East Asia’s Currency Crisis and Monetary Responses 7. Causes of the Currency Crisis: Indonesia, Korea, Malaysia, the Philippines and Thailand 8. Exchange Rate Policy and the Asian Crisis: Thailand, Indonesia and Korea 9. Inflation Targeting after the Currency Crisis: The Case of Thailand 10. Rethinking Capital Controls: The Case of Malaysia 11. Singapore and Brunei: Lessons for Monetary Clusters within East Asia 12. Costs and Benefits of a Common Currency for the ASEAN Index

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Book SynopsisPaul Davidson investigates why the 1990s was a decade of financial crises that almost precipitated a global market crash. He explores the reasons why the global economy still struggles with the aftermath of these crises and discusses the possibility that volatile financial markets in the future will have real impacts on whole industries and national economic systems.The author highlights the central role that domestic and international financial markets play in determining the economic growth rate, unemployment rate and international payments position of capitalist economies. He explains why the primary function of financial markets is to create liquidity and demonstrates that a liquid market cannot be efficient, and an efficient market cannot be liquid. He also proves that preventing liquidity problems from developing in national and international financial markets is the key element in fostering prosperity. Statistical evidence and theoretical analysis are combined to demonstrate why orthodox prescriptions for 'liberalizing' labor, product, and capital markets are the wrong policies for promoting a civilized society in the 21st century.Professional economists, financial reporters, government policy makers, those working in international economic organizations such as the IMF, the World Bank and the WTO, and concerned citizens will all benefit greatly from reading this highly acclaimed book.Trade Review‘Financial Markets, Money and the Real World by Paul Davidson is an informed and informative study of why the 1990s experienced a series of financial crises with terrible repercussions that reverberated throughout the global market. Focusing on the central role that domestic and international financial markets play in affecting the economic growth rate, and offering prescriptions to improve worldwide economic viability in the 21st century, Financial Markets, Money and the Real World is highly practical, forward thinking, and strongly recommended reading for students of economics in general, and the interactive, interdependent global financial markets in particular.' -- Library Bookwatch/Midwest Book Review'In Financial Markets, Money and the Real World Professor Davidson lucidly and persuasively sums up his major insights into the working of "non-ergodic" (uncertain) economic systems. It is essential reading for those who wish to understand why financial markets have become so volatile and are puzzled to know what to do about it. It is refreshing to read an author who writes so much in the spirit of Keynes and who is able and willing to develop Keynes's ideas creatively and apply them imaginatively to the understanding and management of today's globalized economy.' -- Lord Skidelsky, University of Warwick, UK'This book should be a classic in economics. Paul Davidson combines dazzling clarity and a passion for economic truth and common sense in illuminating the dark thickets surrounding today's free enterprise system. Professional economists and concerned citizens should both pay heed to this fine book.' -- Peter L. Bernstein, Peter L. Bernstein Inc., US'Professor Paul Davidson has long been a major avenue to the economic reality and the controlling economic ideas, especially those that have come into professional discussion with and since John Maynard Keynes. This is a major contribution, deserving the close attention of economists and all who seek accomplished economic guidance. I strongly recommend it.' -- John Kenneth Galbraith, Harvard University, USTable of ContentsContents: 1. Keynes, You Should be Alive Today! 2. Keynes’s Principle of Effective Demand 3. Uncertainty and Reality in Economic Models 4. Investment: Illiquid Real Capital versus Liquid Assets 5. Why Liquidity Preference? 6. Financial Markets, Liquidity and Fast Exits 7. Planned Investment, Planned Savings, Liquidity and Economic Growth 8. Complicating the Picture: Money and International Liquidity 9. Trade Imbalances and International Payments 10. International Liquidity and Exchange Rate Stability 11. If Markets are Efficient Why Has There Been so Much Volatility in Financial Markets? 12. Exchange Rates and the Tobin Tax 13. The Plumbers’ Solution to Destabilizing International Capital Flows 14. The Architectural Solution: Reforming the World’s Money 15. The Economy and the Twenty-first Century Index

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Book SynopsisThis book provides a much-needed re-examination of monetary and fiscal policies, their application in the real world and their potential for macroeconomic policy in the 21st century. It provides a detailed discussion and critique of the 'new consensus' in macroeconomics along with the monetary and fiscal policies encapsulated within it. The authors argue that monetary policy is an ineffective means of controlling inflation and, if not used properly, can also have detrimental effects on the supply-side of the economy. They further contend that fiscal policy remains a potent instrument for influencing aggregate demand. Using detailed analysis the authors emphasise the role of capacity constraints as possible inflation barriers and argue against the NAIRU as a labour market phenomenon. The book concludes by critically examining the economic policies of the European Economic and Monetary Union.Written by two of the leading scholars in the field, this provocative new volume is concise, well argued and rich in new insights. It will interest all those concerned with the current problems and future development of monetary and fiscal policy.Trade Review'. . . the book is original and well-organized. And perhaps most importantly, it brings macroeconomics back to the realm of political economy where depth, rigour, controversy and rhetoric are equally important.' -- Oscar De-Juan, Review of Political Economy'Overall, the book presents a critical and appealing perspective on contemporary topics in macroeconomics and economic policy and certainly would interest policy makers, scholars, and students in these fields. The arguments presented are clear and straightforward, and the reader is led to question some common beliefs in the economics profession and to evaluate which ones are sensible and which ones are simply nonsense.' -- Gilberto Libanio, Journal of Economic Issues'This is an incisive analysis explaining why the conventional wisdom regarding the role of monetary and fiscal policy has failed to create a full employment economy for European nations. This is followed by a thoughtful examination of how the nations of Euroland can achieve a prosperous economy through the proper use of fiscal and monetary policies. A must read for policymakers, economists and concerned citizens.' -- Paul Davidson, Journal of Post Keynesian Economics and New School University, US'Philip Arestis and Malcolm Sawyer offer us an accessible, insightful account of the major issues in current macroeconomics. No one reading his book will doubt the poverty and incoherence of the modern orthodoxy, nor the sad results, especially in underachieving Europe. Nor can one escape the urgent case for the new departures to which the authors have provided this excellent guide.' -- James K. Galbraith, University of Texas, Austin, USTable of ContentsContents: 1. Introduction: Debates Over Monetary and Fiscal Policy 2. The ‘New Consensus’ in Macroeconomics and Monetary Policy 3. The Macroeconometric Model of the Bank of England 4. Can Monetary Policy Affect Inflation or the Real Economy? 5. Does the Stock of Money Have Any Casual Significance? 6. The Inflationary Process 7. The Nature and Role of Monetary and Fiscal Policy when Money is Endogenous 8. Reinventing Fiscal Policy 9. The Case for Fiscal Policy 10. Macroeconomic Policies of the European Economic and Monetary Union References Index

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Book SynopsisNow in its third incarnation, this widely acclaimed and popular text has again been fully updated and revised by the author. There is a bewildering array of models to explain the volatility of exchange rates since the collapse of the Bretton Woods system in the early 1970s. It is therefore invaluable that Hans Visser is able to bring method to this 'model madness' by grouping the various theories according to the time period for which their explanation is relevant, and further subdividing them according to their assumptions as to price flexibility and international financial asset substitutability.A Guide to International Monetary Economics is a systematic overview of exchange rate theories, an analysis of exchange rate systems and a discussion of exchange rate policies including discussion of the obstacles that may confront policymakers while running any particular system. This third edition emphasises recent developments such as the creation and expansion of the euro and the radical solution of dollarisation. The book is a concise treatment of this complex field and does not encumber the reader with a surfeit of potentially distracting institutional details.As with previous editions, the emphasis is on the economic reasoning behind the formulae while introducing students to the mathematics that will enable them to pursue further reading. This book is aimed at postgraduate and advanced undergraduate students in general and international economics and international finance, as well as business management scholars and researchers specialising in finance. Professional economists wishing to bring up to date their knowledge of the subject will also find much within this book of value to them.Trade Review‘A Guide to International Monetary Economics is a "must-have" for college library and economics reference shelves, as well as intermediate to advanced economic students and professional economists seeking to stay abreast of the latest changes in common understanding of economic theory.' -- Midwest Book ReviewAcclaim for the second edition:'This is a timely and welcome second edition of an established text, successfully blending theory and application. The pace of change in international monetary economics is fast, and Hans Visser's excellent book, which includes new material on highly topical issues such as capital flows, the East Asian crisis, the Tobin tax debate and currency boards, will be very useful indeed both in and out of the classroom. Highly recommended.' -- Mark P. Taylor, University of Warwick, UKTable of ContentsContents: Foreword Introduction 1. Asset Models 2. IS/LM for an Open Economy 3. Dependent-Economy Models 4. The Long and Very Long Periods 5. Exchange-Rate Policy 6. Monetary Unions References Index

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Book SynopsisThis collection of seminal papers examines how economies behave under deflationary conditions. The volumes cover both theoretical and empirical aspects of this important subject. The editor presents articles exploring whether, and under what conditions, deflation can lead to beneficial economic outcomes, and also articles emphasizing that deflation should be avoided at all costs. Further sections examine specialized topics of the economics of deflation; including wage rigidities, the liquidity trap, and the zero lower bound of interest rates. A selection of important case studies of economies in deflation completes this comprehensive collection.Trade Review'Deflation may be one of the most daunting policy challenges facing policymakers today. What makes deflation particularly challenging is its multifaceted nature and its newness for the current generation of economists and policymakers. With his extensive knowledge of history and the current debate, Pierre Siklos brings together an essential collection of readings that surveys the key aspects of deflation - from the microeconomic costs to the implications for monetary policy. This volume offers a concise, yet rich, overview of the economics of deflation and will be an indispensable reference for policy makers, their staffs, economists and all those grappling with the complexities of the phenomena called deflation.' -- Andrew Filardo, Bank for International Settlements, SwitzerlandTable of ContentsContents: Volume I Acknowledgements Introduction Pierre L. Siklos PART I MONETARY REGIMES AND DEFLATION 1. Milton Friedman (1969), ‘The Optimum Quantity of Money’ 2. R.G. Hawtrey (1919), ‘The Gold Standard’ 3. Lauchlin Currie (1933), ‘Treatment of Credit in Contemporary Monetary Theory’ 4. L.J. Hume (1963), ‘The Gold Standard and Deflation: Issues and Attitudes in the Nineteen-Twenties’ 5. Robert B. Barsky and J. Bradford De Long (1991), ‘Forecasting Pre-World War I Inflation: The Fisher Effect and the Gold Standard’ 6. J. Bradford DeLong (2000), ‘America’s Historical Experience with Low Inflation’ 7. David Reifschneider and John C. Williams (2000), ‘Three Lessons for Monetary Policy in a Low-Inflation Era’ PART II DEBT DEFLATION: CAUSES AND CONSEQUENCES 8. Irving Fisher (1933), ‘The Debt-Deflation Theory of Great Depressions’ 9. Ben S. Bernanke (1983), ‘Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression’ 10. Mervyn King (1994), ‘Debt Deflation: Theory and Evidence’ 11. Charles W. Calomiris (1993), ‘Financial Factors in the Great Depression’ 12. Robert W. Dimand (2003), ‘Irving Fisher on the International Transmission of Booms and Depressions through Monetary Standards’ PART III MONETARY POLICY UNDER DEFLATION 13. F.W. Pethick Lawrence (1918), ‘Deflation and Prices after the War’ 14. Lars Jonung (1979), ‘Knut Wicksell’s Norm of Price Stabilization and Swedish Monetary Policy in the 1930s’ 15. Gustav Cassel (1928), ‘The Rate of Interest, the Bank Rate, and the Stabilization of Prices’ 16. F.A. Hayek (1984), ‘The Monetary Policy of the United States After the Recovery from the 1920 Crisis’ 17. Bruce D. Smith (1985), ‘American Colonial Monetary Regimes: The Failure of the Quantity Theory and Some Evidence in Favour of an Alternate View’ 18. Scott Sumner (1993), ‘Colonial Currency and the Quantity Theory of Money: A Critique of Smith’s Interpretation’ 19. Milton Friedman (1992), ‘Franklin D. Roosevelt, Silver, and China’ 20. Marvin Goodfriend (2000), ‘Overcoming the Zero Bound on Interest Rate Policy’ 21. Charles W. Calomiris and R. Glenn Hubbard (1989), ‘Price Flexibility, Credit Availability, and Economic Fluctuations: Evidence from the United States, 1894–1909’ PART IV THE LIQUIDITY TRAP AND THE ZERO LOWER BOUND 22. Don Patinkin (1974), ‘The Role of the ‘Liquidity Trap’ in Keynesian Economics’ 23. Karl Brunner and Allan H. Meltzer (1968), ‘Liquidity Traps for Money, Bank Credit, and Interest Rates’ 24. Jean-Michel Grandmont and Guy Laroque (1976), ‘The Liquidity Trap’ 25. Paul R. Krugman (1998), ‘Its Baaack: Japan’s Slump and the Return of the Liquidity Trap’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I WAGE RIGIDITY AND DEFLATION 1. Robert E. Hall (1980), ‘Employment Fluctuations and Wage Rigidity’ 2. A.C. Pigou (1923), ‘Prices and Wages From 1896–1914’ 3. Barry Eichengreen and Jeffrey Sachs (1985), ‘Exchange Rates and Economic Recovery in the 1930s’ 4. Ben S. Bernanke and Kevin Carey (1996), ‘Nominal Wage Stickiness and Aggregate Supply in the Great Depression’ 5. Anthony Patrick O’Brien (1989), ‘A Behavioral Explanation for Nominal Wage Rigidity During the Great Depression’ 6. Christopher Hanes (1993), ‘The Development of Nominal Wage Rigidity in the Late 19th Century’ 7. Michael D. Bordo, Christopher J. Erceg and Charles L. Evans (2000), ‘Money, Sticky Wages, and the Great Depression’ PART II SELECTED HISTORICAL STUDIES OF DEFLATIONARY EPISODES 8. Ben Bernanke and Harold James (1991), ‘The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison’ 9. Lauchlin Currie (1934), ‘The Failure of Monetary Policy to Prevent the Depression of 1929–32’ 10. Peter Temin and Barrie A. Wigmore (1990), ‘The End of One Big Deflation’ 11. Riccardo Faini and Gianni Toniolo (1992), ‘Reconsidering Japanese Deflation during the 1920s’ 12. Albert O. Hirschman (1948), ‘Inflation and Deflation in Italy’ 13. Stephen G. Cecchetti (1992), ‘Prices during the Great Depression: Was the Deflation of 1930–1932 Really Unanticipated?’ 14. James D. Hamilton (1992), ‘Was the Deflation During the Great Depression Anticipated? Evidence from the Commodities Futures Market’ PART III A MODERN EPISODE OF ONGOING DEFLATION: JAPAN 15. Kenneth N. Kuttner and Adam S. Posen (2001), ‘The Great Recession: Lessons for Macroeconomic Policy from Japan’ 16. Robert L. Hetzel (2003), ‘Japanese Monetary Policy and Deflation’ 17. Thomas F. Cargill (2001), ‘Monetary Policy, Deflation, and Economic History: Lessons for the Bank of Japan’ PART IV POLICIES TO END DEFLATION 18. T. E. Gregory (1925), ‘What Can Central Banks Really Do?’ 19. John R. Commons (1925), ‘The Stabilization of Prices and Business’ 20. O.M.W. Sprague (1929), ‘Price Stabilization’ 21. John B. Taylor (2001), ‘Low Inflation, Deflation, and Policies for Future Price Stability’ 22. Thomas M. Humphrey (2001), ‘Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s’ 23. Christina D. Romer (1992), ‘What Ended the Great Depression?’ Name Index

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Book SynopsisAll the major financial centres have experienced a rise in anti-money laundering rules and regulations. Initially, anti-money laundering laws were used as a weapon in the war on drugs, whilst more recently they have been deployed in the ongoing fight against terrorism. These developments, the authors reveal, have had serious consequences for banks and other financial institutions - affecting not only profit margins but also the way in which business is conducted. Topical and pertinent issues addressed in this book include questions such as, has all the recent legislative activity really put a stop to the problem? Are the international rules being implemented as carefully as they should? How level is the playing field in cross border banking?The regimes and implementation of anti-money laundering laws and regulations of four major, cross border, financial centres are also examined in depth: Switzerland, Singapore, the UK, and the USA. Going beyond the purely descriptive, there are comparative analyses of these countries against existing international standards - with illuminating results.This new book is full of original insight and analysis and will be an invaluable resource for lawyers, both scholarly and practitioner based, with an interest in economic crime as well as policymakers and compliance officers within banks and other financial institutions.Trade Review'This analysis is extremely illuminating because it demonstrates a level of diversity that can be generated when implementing at national-level multifaceted, complex, and extensive global requirements. The authors suggest that the latest trend in antimony laundering measures, regulation on the basis of a "risk-based" approach, may serve to promote greater convergence in the future. It is in these insights - along with the detailed approach to subject matter - that the value of this volume lies.' -- Valsamis Mitsilegas, International Criminal Justice ReviewTable of ContentsContents: Foreword Introduction Part I 1. International Standards Against Money Laundering Part II: Country Reports 2. Role of Switzerland, United States of America, United Kingdom and Singapore as Major Financial Centres 3. Country Report: Anti-Money Laundering Laws and Regulations in Singapore 4. Country Report: Combating Money Laundering in Switzerland 5. Country Report: Customer Due Diligence in Switzerland 6. Country Report: Anti-Money Laundering Rules in the United Kingdom 7. Country Report: The US Anti-Money Laundering System Part III 8. Synthesis: Comparing International Standards and their Implementation Index

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Book SynopsisThe ten countries joining the EU in 2004 will soon be forced to focus on the next big challenge of integration: their adoption of the euro.In this book, well-known economists and policymakers look at the next step in the integration process for accession countries: accession to European Monetary Union (EMU). They debate which monetary and exchange rate strategies are optimal during the run-up to EMU, and consider the conflict that may arise in trying to meet both the exchange rate stability and the Maastricht inflation criteria. The impossible trinity between monetary independence, exchange rate stability and free capital flows is also addressed, as is the question of the effects of structural changes on the real exchange rate. Estimates of the 'Balassa-Samuelson effect' on five of the new member states, and the experiences of Portugal and Greece in their run-up to EMU are discussed, and lessons for the economic policies of the new EU member states are illustrated.The distinguished list of contributors have published extensively in the relevant fields making Monetary Strategies for Joining the Euro a must-read for policymakers and economists interested in European studies. It will also be welcomed by those with an interest in the process of European integration.Trade Review'This book is a welcome addition to a controversial topic, and a good buy to any serious library.' -- Laszlo Csaba, Acta Oeconomica'Now that EU enlargement to the east is a fact, the challenge ahead is how to smooth the accession economies' adoption of the euro. This is not an issue that has exactly benefited from an abundance of clear thinking. Here the volume by Szapary and von Hagen is a beam of light. If clear analysis is a prelude to consensus, then we have new reason to hope that a sensible policy consensus will follow in short order.' -- Barry Eichengreen, University of California, Berkeley, USTable of ContentsContents: Foreword Introduction and Summary 1. Challenges Faced by the Accession Countries 2. Some Thoughts on Monetary Strategy 3. Exchange Rate Policies on the Last Stretch 4. Disentangling the Balassa–Samuelson Effect in CEC5 Countries in the Prospect of EMU Enlargement 5. Float in Order to Fix? Lessons from Emerging Markets for New EU Member Countries 6. Portugal and the EMU: 1996–2001, the Crucial Years 7. Macroeconomic Adjustment to Structural Change Index

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Book SynopsisThis book is an up-to-date, authoritative and comprehensive analysis of the key issues and challenges facing regional currency area projects in the context of financial globalization. The authors focus on several central issues that emerged during the experiences of the 1990s and 2000s: exchange rate regimes and optimal currency area theory; exchange rate regimes in emerging countries, international capital markets and regional currency areas; EMU and the euro; exchange rate regimes in Central and Eastern Europe, Asia and Latin America; dollarization and the coordination of macroeconomic policies in the presence of regional currency areas.Regional Currency Areas in Financial Globalization will have wide appeal to scholars and researchers of money and finance, and international economics, as well as economists working in international financial institutions or development banks, and bankers.Table of ContentsContents: Preface Regional Currency Areas and International Financial Architecture in Financial Globalization: An Introduction Part I: International Financial Markets and Regional Currency Areas 1. Financial Markets Aspects of Regional Currency Areas 2. Currency Regimes and Process of Regional Financial Integration of the Emerging Countries 3. Pensions and Savings in a Monetary Union: An Analysis of Capital Flows 4. Emerging Sovereign Bond Markets: A View from the Extremes Part II: Exchange-rate Regimes and Regional Currency Areas in Emerging Countries 5. Financial Vulnerability and Exchange Rate Regimes in Latin American and Asian Emerging Countries: Towards New Criteria? 6. The Dollar, the European and Exchange Rate Regimes in Latin America 7. Big and Small Currencies: The Regional Connection 8. Regional Integration and the Issue of Choosing an Appropriate Exchange Rate Regime in Latin America 9. Is a Monetary Union in CARICOM Desirable? Part III: Regional Currency Areas and Economic Policy 10. Exchange Rate Regimes in the Route to EMU 11. Can the Free Rider Behaviour of Small Countries Offset the Profligacy Spending Bias of Large Countries in the Euro Zone? 12. Comparing Monetary and Fiscal Policies in Europe and in the United States: A Strategic Analysis 13. Fiscal Policy and War of Attrition: The Case of Latin American Countries 14. Are there Benefits to a Monetary Policy Rule in the EMU?

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Book SynopsisThis influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments.Although so-called 'real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely 'realistic'. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money.This insightful book will be of interest to all those concerned with monetary economics and macroeconomics, including academic researchers, graduate and senior undergraduate students - particularly those looking for an alternative to current economic orthodoxy - and historians of economic thought. Practitioners in central banks, international financial institutions, the financial markets and finance ministries will also find this work invaluable.Trade Review'John Smithin's erudite and eloquent Controversies in Monetary Economics (now in a revised second edition) reminds us that a cashless economy is by no means a moneyless economy. Drawing on Keynes's concept of monetary production and on the later work of Sir John Hicks, Smithin argues persuasively for the continuing central importance of money in understanding interest rate determination and economic fluctuations. This insightful book illuminates the role of monetary policy, notably within the European Monetary Union.' -- Robert W. Dimand, Brock University, Canada'This book provides an excellent overview of the controversies that have driven debate about monetary theory and policy over the last two centuries. I highly recommend the book for use in advanced undergraduate or graduate courses. This new edition revises and updates some of the arguments, with some additional treatment of orthodoxy so that it can serve as a stand-alone text in monetary theory courses.' -- L. Randall Wray, University of Missouri, US'John Smithin is one of the deepest thinkers writing today about monetary matters in modern economics. Not only has he a thorough and full knowledge of past contributions, he is also an original thinker in his own right. The processes he depicts at work in modern economies are immediately recognisable and make good sense. He allies his theoretical understanding with advocacy of wise and humane policies. In John Smithin's writings the spirits of Keynes and Hicks live on, with also, dare I say it, the insights of Marx about the relationship between the real and the monetary in capitalism. Any student brought up on Smithin's clear and lucid accounts of controversies in monetary economics will have a firm grounding on which to base their understanding of the world around them.' -- G.C. Harcourt, University of New South Wales, AustraliaTable of ContentsContents: Preface to the Revised Edition 1. Money and Economic Theory and Policy 2. The Nature and Functions of Money: A Re-Examination 3. Monetarism and the Quantity Theory of Money 4. Short-Run Non-Neutralities, Nominal Rigidities, Misperceptions and the Concept of the Phillips Curve 5. The Real Bills Doctrine, Interest Rate Pegging and Endogenous Money 6. Money, Interest Rates and Output 7. An Alternative Monetary Model of Inflation and Economic Growth 8. The International Economy and Alternative Exchange Rate Regimes 9. Inflation and the Economy 10. Concluding Remarks Index

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Book SynopsisIs the international financial architecture debate over? Not according to leading experts gathered together in this impressive volume who try to identify the key trends that will fashion the international financial system in the years ahead. As history has shown, the evolution of the international monetary system is a slow process. However, the authors argue that we may be entering a new era in which a combination of factors will have lasting consequences on the functioning of the international monetary system and the future role of the IMF. This book combines the thoughts and opinions of distinguished contributors from academia, the private sector and central banks. In light of the financial crises of the 1990s, it provides a first attempt to reflect on debates surrounding the current state of the international financial system and predict some possible future scenarios.The authors examine several broad areas including: the evolution of the international monetary and financial system prospective sources of finance for the developing world and the future of the sovereign debt market the evolving debate on capital account liberalization exchange rate regimes and future monetary arrangements the aftermath of the sovereign debt restructuring mechanism debate governance of the international financial system. This important overview of the controversies surrounding the future design and development of the international financial system will be welcomed by academics and professional economists interested in banking, monetary economics and international finance. It will also be of great value to finance ministries, supervisory authorities, central banks and financial institutions.Table of ContentsContents: Part I: The Future Evolution of the International Monetary and Financial System Part II: The Future Source of Finance for the Developing World and the Future of the Sovereign Debt Market Part III: The Evolving Debate on Capital Account Liberalization Part IV: Exchange Rate Regime and Future Monetary Arrangements Part V: The Aftermath of the SDRM Debate: CACs in Practice, Access Limits and the Concept of a Code of Good Conduct Part VI: Governance of the International Financial System: The IMF, the G7, G10 and G20 Index

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Book SynopsisFinancialization - the increasing importance of financial markets, institutions and motives in the world economy - is described and analyzed in this rigorously researched volume. The contributors, top scholars in their fields, explore the quantitative and qualitative dimensions of financialization and tally its costs and benefits for society as a whole. They explore the puzzling promotion of financial liberalization by governments despite its enormous costs, and describe what can be done to alter the destructive path toward excessive financialization that most countries are taking.The book begins by presenting basic data on the distributional implications of financialization. Part two focuses on financialization in the context of the US economy, with discussion of the relationship between financialization and non-financial corporations, the stock market bubble, and the evolution of derivatives markets. The international dimensions of financialization are explored in part three, with particular attention paid to the evolution of the international monetary system. Part four presents five case studies of financialization and financial crises in emerging markets in the 1980s and 1990s: Mexico, Turkey, Argentina, Brazil, and South Korea. The final section offers ideas for policy responses, including capital controls and securities transaction taxes.Researchers and students of international economics and finance will find this provocative volume an important part of the debate surrounding this multi-faceted phenomenon.Trade Review’. . . the book's combination of breadth and depth suggests it will remain a standard work for heterodox students for some time. It quite correctly puts financialization at the center of the political economy of our time. I highly recommend Financialization and the World Economy to scholars in the field.' -- William K. Tabb, Queens College, CUNY, US'We are all acutely aware of the increasing role in economic life of financial markets, institutions and operations and the pursuit of financial rewards, that is financialization. This book helps us to understand this dominant feature of neo-liberalism by examining the distributional implications, the effects of financialization on the US economy, international dimensions and monetary system, financial crises and policy responses. The breadth and depth of the analyses in this book will make it a most important contribution to the awareness of the problems raised by financialization and to the development of policy responses.' -- Malcolm Sawyer, University of Leeds, UK'This is a valuable collection of articles on financial globalisation from leading unorthodox economists. Edward Elgar are to be commended for bringing together these diverse writings in one volume. This will surely become a standard reference on the subject, even for those with orthodox perspectives.' -- Ajit Singh, University of Cambridge, UK'One of the most important economic developments of the last quarter century has been the growth of the financial sector. In almost every country there has been a large increase in the share of profits that go to finance. This growth in the financial sector's profits has not been an accident; it is the result of conscious government policies. Remarkably, the economics profession has mostly viewed the growth of the financial sector as being of no special consequence, regarding its expansion as no different from growth in any other industry. This book takes an important step towards addressing this gap in research, examining the causes and consequences of an enlarged financial sector. The need for such work will become more evident as the world economy confronts more financial crises, like the stock market crash of 2000-2002.' -- Dean Baker, Center for Economic and Policy Research, USTable of ContentsContents: Preface PART I: INTRODUCTION AND DISTRIBUTIONAL IMPLICATIONS 1. Introduction: Financialization and the World Economy Gerald A. Epstein 2. Costs and Benefits of Neoliberalism: A Class Analysis Gérard Duménil and Dominique Lévy 3. The Rise of Rentier Incomes in OECD Countries: Financialization, Central Bank Policy and Labor Solidarity Gerald A. Epstein and Arjun Jayadev PART II: FINANCIALIZATION AND THE US ECONOMY 4. The Neoliberal Paradox: The Impact of Destructive Product Market Competition and ‘Modern’ Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era James Crotty 5. The Late 1990s’ US Bubble: Financialization in the Extreme Robert W. Parenteau 6. Derivatives Markets: Sources of Vulnerability in US Financial Markets Randall Dodd PART III: FINANCIALIZATION AND THE INTERNATIONAL MONETARY SYSTEM 7. Financial Globalization, Exchange Rates and International Trade Robert A. Blecker 8. The Eurodollar Market and the New Era of Global Financialization Edwin Dickens 9. The Role of the International Monetary System in Financialization Jane D’Arista PART IV: CASE STUDIES OF FINANCIALIZATION AND ECONOMIC CRISIS 10. The Rise of the New Money Doctors in Mexico Sarah Babb 11. The Making of the Turkish Financial Crisis Yilmaz Akyüz and Korkut Boratav 12. The Recent Crisis – and Recovery – of the Argentine Economy: Some Elements and Background Arturo O’Connell 13. International Liquidity and Growth Fluctuations in Brazil Nelson H. Barbosa-Filho 14. The Causes and Consequences of Neoliberal Restructuring in Post-Crisis Korea James Crotty and Kang-Kook Lee PART IV: POLICY PERSPECTIVES 15. Averting Crisis? Assessing Measures to Manage Financial Integration in Emerging Economies Ilene Grabel 16. Why International Capital Mobility Should be Curbed and How it Could be Done David Felix 17. Applying a Securities Transactions Tax to the US: Design Issues, Market Impact and Revenue Estimates Robert Pollin Index

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Book SynopsisThis major Handbook consists of 29 contributions that explore the full range of exciting and interesting work on money and finance currently taking place within heterodox economics.There are many themes and facets of alternative monetary and financial economics but two major ones can be identified. The first concerns the nature of money: money is credit created through the financial system in the process of loan creation. The second theme is that money is endogenous and not exogenous. Contributions to the Handbook cover the origins and nature of money, detailed analyses of endogenous money, surveys of empirical work on endogenous money and the nature of monetary policy when money is endogenous. The second theme focuses on the financial system, and the perception that it is generally subject to volatility, instability and crisis. This Handbook will undoubtedly serve as the ultimate guide to the full spectrum of alternative monetary economics.Philip Arestis and Malcolm Sawyer have performed an invaluable task in compiling a comprehensive Handbook, written by leading specialists, that will be required reading by upper level undergraduate and postgraduate students studying money, finance and macroeconomics as well as heterodox and monetary economists more generally.Trade Review'This Handbook covers a wide variety of issues of money and finance from a heterodox perspective and it proves that very convincing work is going on beyond mainstream economics. . . Arestis and Sawyer have done a marvellous job bringing together all these contributions, and I can highly recommend this Handbook to students and researchers in the area of money, finance and macroeconomics.' -- Eckhard Hein, Intervention'This book is an important contribution to monetary theory. . . The spectrum of varying interpretations offered in this book is much wider than that found in all of mainstream monetary theory. Most of the 29 contributions in this work represent a substantial change to conventional monetary theory. . . the material is very valuable. Highly recommended. Comprehensive upper-division collections and all graduate research collections.' -- M. Perelman, ChoiceTable of ContentsContents: Preface 1. Money: An Alternative Story Éric Tymoigne and L. Randall Wray 2. Endogenous Money: Accommodationist Marc Lavoie 3. Endogenous Money: Structuralist Sheila C. Dow 4. The Endogeneity of Money: Empirical Evidence Peter Howells 5. Chartalism and the Tax-Driven Approach to Money Pavlina R. Tcherneva 6. French Circuit Theory Claude Gnos 7. The Italian Circuitist Approach Riccardo Realfonzo 8. The Theory of Money Emissions Sergio Rossi 9. Keynes and Money Paul Davidson 10. Minsky on Financial Instability Elizabetta De Antoni 11. Kalecki on Money and Finance Malcolm Sawyer 12. Karl Marx’s Theory of Money and Credit Suzanne de Brunhoff and Duncan K. Foley 13. The Transmission Mechanism of Monetary Policy: A Critical Review Greg Hannsgen 14. Monetary Policy James Forder 15. Monetary Policy in an Endogenous Money Economy Thomas I. Palley 16. Central Bank and Lender of Last Resort Michael Knittel, Sybille Sobczak and Peter Spahn 17. The Theory of Interest Rates John Smithin 18. The Role of Banks in the Context of Economic Development with Reference to South Korea and India Santonu Basu 19. Credit Rationing Roy J. Rotheim 20. Liquidity Preference Theory Jörg Bibow 21. Financial Liberalization and the Relationship Between Finance and Growth Philip Arestis 22. Deregulation Dorene Isenberg 23. Banking and Financial Crises Gary A. Dymski 24. A Post-Keynesian Analysis Financial Crisis in the Developing World and Directions for Reform Ilene Grabel 25. Financial Bubbles Mark Hayes 26. Keynesian Uncertainty and Money Giuseppe Fontana 27. Speculation, Liquidity Preference and Monetary Circulation Korkut A. Erturk 28. Money and Inflation Mathías Vernengo 29. Interest and Money: The Property Explanation Gunnar Heinsohn and Otto Steiger Index

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Book SynopsisRecent 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.Trade Review'. . . this book provides a useful overview of the challenges facing the IT policy framework, both by pointing to the limitations of the underlying theory and, more importantly, by outlining the importance of a transparent policy framework for anchoring expectations. . . the book should be of interest to all central bankers and students of monetary policy.' -- Colin Rogers, Economic RecordTable of ContentsContents: 1. Introduction 2. New Consensus Monetary Policy: An Appraisal 3. Central Bank Behaviour and the Stability of Macroeconomic Equilibrium: A Critical Examination of the ‘New Consensus’ 4. Monetary Policy Divergences in the Euro Area: The Early Record of the European Central Bank 5. Stock Market Prices and the Conduct of Monetary Policy under the New Consensus Monetary Policy 6. On the US Post-‘New Economy’ Bubble: Should Asset Prices be Controlled? 7. Monetary Policy in the Information Economy: Old Problems and New Challenges 8. The Monetary Policy Outcomes Curve: Can the Size and Structure of Public Debt Undermine Policy Objectives? 9. The Old Lady in New Clothes: Uncertainty and the UK Monetary Policy Framework 10. The Experience of Inflation Targeting since 1993 11. Reflections on the Bank of Canada’s Monetary Policy Framework 12. The Determinants of Saving in Developing Countries, and the Impact of Financial Liberalization 13. Monetary Models and Inflation Targeting in Emerging Market Economies 14. International Aspects of Current Monetary Policy Index

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Book SynopsisEast Asian countries - currently the most dynamic region of the global economy - have recently pursued trade liberalization through the adoption of various forms of bilateral and plurilateral Free Trade Agreements (FTAs). The book explores the key issues and possible outcomes arising from this departure from the region's traditional multilateral approach to trade liberalization. Implications of this new approach for the region as a whole, and key participating individual economies and blocs of economies, are emphasized.New East Asian Regionalism includes up-to-date analysis of the most recent developments in FTAs between countries in East Asia, as well as those involving countries from outside the region. Furthermore, the book includes invaluable projections on economic and welfare outcomes of regional trade agreements, using the very latest empirical techniques, and data. The book also considers the implications arising from closer financial integration in the region.This book will be warmly welcomed by scholars of regional science, international economics and business, as well as Asian studies. Policymakers at both the national government and international organization level will also find this book of great interest.Trade Review'The authors in this book discuss the recent upsurge of regional economic integration in the East Asian region, covering basic background, the structural characteristics of the integration, country-specific perspectives, and monetary cooperation. The virtue of the book lies not only in dealing with the Asian regionalism in a comprehensive way but also in providing many insightful analyses of its impacts on global supply, production, and distribution networks. Moreover, it analyzes monetary integration, and suggests some policy implications of the common currency basket as a means to provide stable regional integration.' -- Young-Han Kim, Journal of Regional ScienceTable of ContentsContents: Part I: Introduction 1. Introduction Charles Harvie, Fukunari Kimura and Hyun-Hoon Lee Part II: Background and Context 2. East Asia and the Evolution of Preferential Trading Arrangements in the Asia-Pacific Region: A Stock-take Robert Scollay 3. Global Supply Networks and Multilateral Trade Linkages: A Structural Analysis of East Asia David Roland-Holst Part III: Issues in Trade and Investment Cooperation in East Asia 4. International Production/Distribution Networks and FTAs Fukunari Kimura and Mitsuyo Ando 5. Regional Trade Agreements and their Effect on Non Member Exports and Production Ryuhei Wakasugi and Kazuhiko Itoh 6. Trade Integration in ASEAN: An Application of the Panel Gravity Model Seyed Komail Tayyebi 7. Key Factors in Foreign Direct Investment Utilization in ASEAN+3 Yanyun Zhao and Zhao Lei Part IV: Country Perspectives on Asian Regionalism 8. The ASEAN Perspective on East Asian-wide Regionalism Suthiphand Chirathivat 9. Korea’s Perspectives on East Asian Regionalism Chan-Hyun Sohn and Hyun-Hoon Lee 10. Some Perspectives on China’s Role in the East Asian Economies Tang Zongming and Tran Van Hoa 11. ASEAN+3 and RTAs and their Impact on Asia–Australia Trade and Growth: Econometric Evidence from an Extended Gravity Theory Tran Van Hoa Part V: Monetary Cooperation in East Asia 12. Regional Economic and Monetary Integration – A Modelling and Policy Analysis Charles Harvie 13. Creating a Common Currency Basket for East Asia: Prospects and Key Issues Eiji Ogawa and Kentaru Kawasaki Index

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Book SynopsisThis book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU's budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational nature.The authors, who have been at the forefront of the academic and policy debate on economic policy in Europe, argue that fiscal policy has always been at the core of the EMU debate. The Maastricht criteria and the Stability and Growth Pact are the most contentious building blocks of EMU's institutional architecture: they have aroused heated controversies between academics and policymakers ever since their adoption. As EMU's budgetary rules undergo their first severe shock, Europe is still searching for its fiscal soul. The book's basic premise is that one cannot fully understand EMU's fiscal framework and the recent debate on its reform without placing them in a historical and institutional perspective and abstracting from the uniqueness of EMU, where sovereign countries retain a large degree of fiscal independence, and monetary policy is entrusted to an independent central bank with the overriding mission of maintaining price stability.Analysing all aspects of EMU's fiscal rules and institutions, this book will strongly appeal to students, academics and researchers of macroeconomic policy and European integration. Policymakers and fiscal policy experts at both national and international levels will also find the book to be of great interest.Trade Review'The book has many merits, and represents an important contribution to the controversial topic of European fiscal policy. I appreciated in particular the high quality and rigor of the analysis and the fact that the pros and cons of the contending opinions are presented in a fair way. It is a rewarding reading.' -- EAEPE Newsletter'Buti and Franco present a series of interesting analytical information which should be read by as broad an audience as possible. . . the book is a good buy.' -- LaszlO Csaba, Acta OeconomicaTable of ContentsContents: Foreword 1. EMU’s Fiscal Rules in a Historical Perspective 2. The Maastricht Treaty and the Stability and Growth Pact 3. Medium-term Fiscal Targets 4. Cyclical Stabilization 5. Interactions between Monetary and Fiscal Policies 6. Public Investment 7. Long-term Sustainability 8. Fiscal Federalism 9. Politics and the Pact 10. Fiscal Rules and Statistics 11. Reforming EMU’s Fiscal Rules 12. National Budgets and the EU Budget 13. Postscript: A New Stability and Growth Pact? Bibliography Index

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Book SynopsisThis fascinating book, a dialogue by leading economists, offers an extensive review of the impact of the introduction of the euro on the international monetary system. The authors dissect the impact of the euro on living standards in developed and developing countries, the growth of the Euro zone, the role of the International Monetary Fund, and the function of gold in the international monetary system. Also discussed is the design of a new international financial architecture and its impact on the wealth of nations. The critique is frank, entertaining, and sometimes conflicting, empowering the reader to draw his or her own conclusions. Offering a comprehensive review, this book will have great appeal for economists, especially those working on international monetary policy and theory. Students will also find this book of value.Table of ContentsContents: Foreword by Robert H. Evans 1. Introduction by Robert A. Mundell and Paul J. Zak 2. Issues Facing the Global Economy 3. Internal Aspects of the Euro 4. International Aspects of the Euro 5. Lionel Robbins Lecture 6. The Future of the EMU, the Euro, and International Finance 7. The Role of Gold in the International Monetary System 8. Fundamental Reform of the International Monetary System: Necessity, Timing and Future Directions 10. Randall Hinshaw Memorial Lecture: Choosing Exchange Rate Regimes. Lessons from Europe and Asia Index

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Book SynopsisRecent corporate governance scandals have brought to the fore the inherent contradictions of a capitalism dominated by financial markets. This challenging book by Michel Aglietta and Antoine Reberioux argues that capitalism's basic premise - that companies must be managed in the sole interest of their shareholders - is incongruent with the current environment of liquid markets, profit-hungry investors and chronic financial instability. The authors advocate rather that a company should be managed as an institution where common objectives are developed for all stakeholders, and that this democratic principle should be extended to the management of collective savings to reduce macro-financial instability. These two conditions, they contend, could make contemporary capitalism a vehicle for social progress.In this context, Corporate Governance Adrift also analyses the financial scandals of the Enron era, going beyond the malfunctioning of the gatekeepers to stress the failure of shareholder value and the inadequacy of measures intended to prevent such scandals.This provocative and unique volume will be required reading for all scholars and researchers of industrial organization and strategy of the firm, finance and corporate governance. Policymakers, financial commentators and those involved in business will also find this book of great interest and value.Trade Review‘Corporate Governance Adrift is a challenging book . . . the authors have succeeded in creating a work that is consistently fascinating and an argument that is lucid and gripping without ever compromising its intellectual weight.' -- ManifestTable of ContentsContents: Foreword 1. Finance-led Capitalism: An Inventory 2. A Critique of the Foundations of Shareholder Value 3. The Convergence of the European Model in Question 4. Corporate Governance Regimes 5. Accounting, Finance and the Firm 6. The Logics of Finance 7. Financial Crises and the Economic Cycle 8. Reinterpreting the Financial Scandals of the Enron Era 9. In Favour of Economic Democracy Bibliography Index

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Book SynopsisRutger Hoekstra examines the complex relationship between the monetary economy and the materials flows that are extracted and emitted by economic activities. These physical flows are responsible for many important environmental problems such as unsustainable resource depletion, waste production and climate change. This book discusses, applies and improves upon techniques which link the monetary and physical economies for environmental analyses. The book uses two sources of analysis: the physical input-output table (PIOT), a macro-economic account for the physical economy, recording material and product flows, including resource extraction, emissions and recycling; and structural decomposition analysis (SDA), which assesses the influence of structural changes, such as economic growth, consumption shifts, export growth and technological change, on environmental indicators. Methodological improvements in the PIOT and SDA systems are then presented by the author, and applied to empirical data. Ecological and industrial economists, along with those with an interest in environmental problems associated with the economy will find this book, with its extensive historical analysis and novel fore- and back-casting models, to be a fascinating read.Trade Review'This volume provides a valuable introduction to hybrid I-O analysis and therefore should be useful to the growing number of researchers working with these techniques.' -- Timothy J. Considine, Journal of Industrial Ecology'This is a first-rate piece of work. . . Dr Hoekstra's book is the most comprehensive assessment of economic decomposition analysis to date. The author has clarified some confusions, filled in some important gaps in the literature and extended the methods both conceptually and empirically. He has done a most thorough job of constructing hybrid input-output tables and applied them to the important issue of trends in material production use. His use of SDA for forecasting and backcasting of trends and policy making is also very impressive.' -- Adam Rose, Pennsylvania State University, USTable of ContentsContents: Preface 1. Introduction 2. Input–Output Tables and Models 3. Constructing Input–Output Tables: Theory 4. Physical Input–Output Tables 5. Hybrid Input–Output Tables for Iron and Steel and Plastics 6. Environmental Structural Decomposition Analysis 7. Comparing Structural and Index Decomposition Analysis 8. Structural Decomposition Analysis of Iron and Steel and Plastics 9. Forecasting and Backcasting Scenarios 10. Summary and Conclusions References Index

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Book SynopsisThis book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic.Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics.Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.Trade Review'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.' -- Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US'One dimension of Keynes's revolution was his insistence that money and finance must be integrated with real factors right from the start of analysis. This collection fits centrally in this tradition, as well as in the post-Keynesian approach which combines the insights of the classical political economists Marx and Sraffa with those of Keynes, Kalecki, and Pasinetti.' -- G.C. Harcourt, University of New South Wales, Australia'Contemporary orthodox economic theory notoriously lacks a viable theory of money, and hence has no means of understanding the role and significance of this key social institution within capitalism. Fortunately, there are now a number of promising heterodox theories of money that may ultimately succeed in filling the gap. Louis-Philippe Rochon and Sergio Rossi have provided an invaluable service to the economics profession in making available this collection of essays on modern monetary theories, including contributions by many of the most interesting writers in the field.' -- John Smithin, York University, CanadaTable of ContentsContents: Introduction Part I: The Post Keynesian Monetary Approach Part II: The Theory of the Monetary Circuit Part III: The Theory of Money Emissions Part IV: Further Contributions to Monetary Analysis Index

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Book SynopsisThe introduction of a single currency within the European Union in its present form is without precedent in world history and will have far-reaching consequences for the future prosperity of the continent.Economic and Monetary Union in Europe brings together contributions from leading specialists which explain and evaluate the most important implications of economic and monetary union. The book examines theoretical aspects of monetary integration, illustrates the historical lessons to be learned from these and discusses the resulting policy consequences.This book will be essential reading for undergraduates studying European monetary integration and will prove to be a key source of reference for academics and post graduates working in this area.Table of ContentsContents: Preface 1. European Economic Integration Part I: Theoretical Considerations of EMU 2. Monetary Integration: The Intellectual Pre-history 3. Policy Challenges under EMU Part II: Historical Precedents 4. Historical Experience with Monetary Unions: The Case of Scandinavia 1875–1914 5. German Monetary Union and the Lessons for EMU Part III: Policy Consequences of a Single Currency 6. Monetary Regimes, Collective Fiscal Retrenchment and the Political Economy of EMU 7. Economic and Monetary Union and the European Community Budget 8. EMU: Monetary Policy Issues and Challenges Part IV: The Impact Upon External Relations 9. The Euro and the Stabilisation of the Eastern European Economy 10. EMU and the Rest of the World: Thinking About the Effects on the Real Economy Index

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Book SynopsisCombining critical perspectives with a positive contribution to economic policy, both national and international, this book considers the causes and consequences of recent financial crises presenting cutting-edge material.The editors bring together a number of well-known scholars to offer their views and elaborate on alternative solutions with respect to the Washington Consensus on how to restructure the monetary and financial system in order to avoid financial crises in the future. The book deals with a number of issues, such as the Asian financial crises of the 1990s, exchange rate arrangements, financial liberalization and capital controls. The contributors take a critical approach, providing the elements for a new analysis of monetary and exchange rate issues in the modern world.Monetary and Exchange Rate Systems will be extremely useful for researchers and policymakers interested in monetary macroeconomics and in the international financial system.Trade Review'This is an important, original, and highly topical volume, in which distinguished contributors from Europe, Asia, North America, and Mexico investigate the causes of recent international financial crises, and discuss a wide range of alternative policies to prevent future financial instability. The contributors share a broadly post-Keynesian perspective, and are therefore highly critical both of the Washington Consensus and of the case for unrestrained financial liberalization. While they agree on the need for tighter regulation and for international capital controls, they differ on other important questions, including the respective merits of fixed and floating exchange rate regimes. That gives to this collection of contributions a welcome element of creative tension. No-one with an interest in reforming the international monetary regime can afford to neglect this book.' -- John King, La Trobe University, Victoria, Australia'This is a stimulating collection of the range of views bubbling up as a consequence of the perceived failure of the Washington Consensus, loosely unified by the laudable ambition to extend the Minsky-Kindleberger analysis of financial crisis to the conditions facing emerging market economies.' -- Perry Mehrling, College, Columbia University, US'The era of globalization and financial liberalization has been remarkable for financial instability and crises. This book provides some great contributions from a range of views and countries to the debates on the causes and consequences of these crises, and on policy perspectives that can avoid further instability and its costs.' -- Malcolm Sawyer, University of Leeds, UK'This is an important and timely book. Views on exchange rate regimes and the international monetary system cut right across the traditional "party lines" among economists, and Louis-Philippe Rochon and Sergio Rossi have provided an invaluable service by collecting the opinions of distinguished Post Keynesian economists from ten different countries and three continents. Is there an international solution to global economic problems? Or should the individual nations, particularly in the developing world, take a more nationalistic "neo-mercantilist" line?' -- John Smithin, York University, Toronto, CanadaTable of ContentsContents: Introduction Louis-Philippe Rochon and Sergio Rossi Part I: Financial Liberalization and Financial Crises 1. International Financial Instability in a World of Currencies Hierarchy Andrea Terzi 2. Dollarization and the Hegemonic Status of the US Dollar Jean-François Ponsot 3. Reform and Structural Change in Latin America: Financial Systems and Instability Eugenia Correa and Gregorio Vidal 4. East Asian Monetary and Financial Cooperation: The Long Road Ahead Kok-Fay Chin 5. Does Financial Liberalization Affect the Distribution of Income Between Wages and Profits? Domenica Tropeano 6. Crisis Avoidance: The Post-Washington Consensus Agenda Louis-Philippe Rochon Part II: From Financial Instability to Macroeconomic Performance 7. Reforming the International Payment System: An Assessment Claude Gnos 8. Is There a Role for Capital Controls? Philip Arestis, Jesús Ferreiro and Carmen Gómez 9. Liberalization or Regulating International Capital Flows? Paul Davidson 10. Cross-Border Transactions and Exchange Rate Stability Sergio Rossi 11. To Fix or to Float: Theoretical and Pragmatic Considerations L. Randall Wray 12. Exchange Rate Arrangements and EU Enlargement Jesper Jespersen Index

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Book SynopsisMonetary policy in the major industrial countries has largely been a success story in recent years. This two-volume set includes previously published papers by Nobel Laureates, central bankers and leading research economists. The key advances in recent thinking that underpin modern monetary policy and indicate some of the current controversies that remain are brought together in this timely publication. Some of these challenges will continue to dominate the thinking of scholars and practitioners for years to come. An authoritative introduction by the editors provides a fascinating guide to this important field.Trade Review'Chrystal and Mizen have done researchers and students with an interest in central banking the great service of collecting the most commonly cited papers in this area into two volumes. I have no doubt that these volumes will find their way to the reading lists of many graduate and advanced undergraduate courses, as well as into the bookshelves of many monetary economists. These volumes collect many modern classics in the monetary policy area and deserve to be read and reread - as they undoubtedly will - by advanced students and established researchers alike.' -- Stefan Gerlach, University of Frankfurt and Deutsche Bundesbank, GermanyTable of ContentsContents: Volume I Acknowledgements Introduction Alec Chrystal and Paul Mizen PART I CREDIBILITY AND REPUTATION 1. Finn E. Kydland and Edward C. Prescott (1977), ‘Rules Rather than Discretion: The Inconsistency of Optimal Plans’ 2. Robert J. Barro and David B. Gordon (1983), ‘Rules, Discretion and Reputation in a Model of Monetary Policy’ 3. Kenneth Rogoff (1985), ‘The Optimal Degree of Commitment to an Intermediate Monetary Target’ 4. Francesco Giavazzi and Marco Pagano (1988), ‘The Advantage of Tying One’s Hands: EMS Discipline and Central Bank Credibility’ PART II TARGET ZONES 5. Paul R. Krugman (1991), ‘Target Zones and Exchange Rate Dynamics’ 6. Giuseppe Bertola and Ricardo J. Caballero (1992), ‘Target Zones and Realignments’ PART III CENTRAL BANK INDEPENDENCE 7. Guy Debelle and Stanley Fischer (1994), ‘How Independent Should a Central Bank Be?’ 8. Alex Cukierman (1994), ‘Central Bank Independence and Monetary Control’ PART IV INFLATION TARGETING 9. Carl E. Walsh (1995), ‘Optimal Contracts for Central Bankers’ 10. Lars E.O. Svensson (1997), ‘Optimal Inflation Targets, “Conservative” Central Banks, and Linear Inflation Contracts’ 11. Ben S. Bernanke and Frederic S. Mishkin (1997), ‘Inflation Targeting: A New Framework for Monetary Policy?’ PART V MONETARY TRANSMISSION 12. Ben S. Bernanke and Mark Gertler (1995), ‘Inside the Black Box: The Credit Channel of Monetary Policy Transmission’ 13. Nobuhiro Kiyotaki and John Moore (1997), ‘Credit Cycles’ 14. Charles T. Carlstrom and Timothy S. Fuerst (1997), ‘Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis’ 15. Lawrence J. Christiano, Martin Eichenbaum and Charles L. Evans (2005), ‘Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy’ 16. Marvin Goodfriend and Bennett McCallum (2007), ‘Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration’ PART VI POLICY RULES 17. John B. Taylor (1993), ‘Discretion versus Policy Rules in Practice’ 18. Richard Clarida, Jordi Gali and Mark Gertler (1998), ‘Monetary Policy Rules in Practice: Some International Evidence’ 19. Nicoletta Batini and Andrew Haldane (1999), ‘Forward-Looking Rules for Monetary Policy’ 20. Lars E.O. Svensson (2003), ‘What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules’ 21. Bennett T. McCallum and Edward Nelson (2005), ‘Targeting versus Instrument Rules for Monetary Policy’ Name Index Volume II Acknowledgements An introduction to both volumes by the editors appears in Volume I PART I MONETARY POLICY AND ASSET PRICES 1. Ben S. Bernanke and Mark Gertler (2001), ‘Should Central Banks Respond to Movements in Asset Prices?’ 2. C.A.E. Goodhart (2001), ‘What Weight Should Be Given to Asset Prices in the Measurement of Inflation?’ 3. Charles Bean (2003), ‘Asset Prices, Financial Imbalances and Monetary Policy: Are Inflation Targets Enough?’ PART II LOW INFLATION, ZERO BOUNDS 4. Paul Krugman (1998), ‘It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap’ 5. Bennett T. McCallum (2000), ‘Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates’ 6. Marvin Goodfriend (2000), ‘Overcoming the Zero Bound on Interest Rate Policy’ PART III ROLE OF MONEY IN MONETARY POLICY 7. Michael Woodford (2000), ‘Monetary Policy in a World Without Money’ 8. Michael Woodford (2008), ‘How Important Is Money in the Conduct of Monetary Policy?’ 9. Bennett T. McCallum (2001), ‘Monetary Policy Analysis in Models Without Money’ PART IV UNCERTAINTY AND POLICY 10. Charles Goodhart (1999), ‘Central Bankers and Uncertainty’ 11. Athanasios Orphanides (2003), ‘Monetary Policy Evaluation with Noisy Information’ PART V LESSONS FROM RECENT MONETARY POLICY EXPERIENCE 12. Marvin Goodfriend (2005), ‘The Monetary Policy Debate Since October 1979: Lessons for Theory and Practice’ 13. Ben S. Bernanke, Alan S. Blinder and Bennett T. McCallum (2005), ‘Panel Discussion I: What Have We Learned Since October 1979’ PART VI POLICYMAKING: CHALLENGES FOR THE FUTURE 14. Mervyn King (1999), ‘Challenges for Monetary Policy: New and Old’ 15. Alan S. Blinder (2006), ‘Monetary Policy Today: Sixteen Questions and about Twelve Answers’ 16. John B. Taylor (2007), ‘Thirty Five Years of Model Building for Monetary Policy Evaluation: Breakthroughs, Dark Ages, and a Renaissance’ Name Index

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