Monetary economics Books

Book SynopsisWhat determines currency trends and who are the players in the foreign exchange arena? Does FX drive other financial markets, or is it the passive end-product of all the other markets? FX is without clear supply and demand factors, so how do traders determine sentiment and price direction? This title deals with these questions.Table of ContentsAbout the Authors Foreword by Michael J. Woolfolk Introduction 1. The Matrix Concept 2. Review of Risks 3. Global Attitude Toward Risk 4. Interest Rates and Interest Rate Differentials 5. Forecasting FX 6. Positions and Flows 7. Intermarket Analysis 8. Technical Analysis in Foreign Exchange 9. The FX Files of Trading 10. Be Careful What You Wish For: Reserve Diversification and the Future of the Dollar 11. The Euro and the New Gold Standard 12. The Central Bank Tool Kit and How it Affects Foreign Exchange References Index

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Book SynopsisThis comprehensive textbook deals with multidimensional aspects of macroeconomics through lucid presentation of concepts and critical comparison of different schools of thought.The book explains how the incomes of a country, prices of goods and services, level of employment, interest rates and so on are determined and how an economy progresses. It attempts to re-establish the existing theories behind the determination of macro variables and the growth process of an economy. In the process, it captures the significance of the debate between the classical orthodox theories and Keynesian modernism and its implications.Besides, adhering to traditional aspects, the volume also focuses on recent developments such as green macroeconomics. Undergraduate and postgraduate students of economics and business economics will find this book immensely helpful.

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Book SynopsisModern finance science is profoundly broken and damaging, morally and culturally. It has no choice but to change its theory and pedagogy â but the question is how and in what ways?We urgently need to see the world from a very different, kinder, gentler and more caring paradigm. In truth, the planet is bio-diverse, and so is society, with a huge tapestry of faiths, customs, beliefs and practices in finance. A holistic approach is urgently needed. This book builds a new un-anthropocentric moral and sustainable finance from the ground up, helping students, professionals and scientists to reconstruct the knowledge and connect it to indigenous beliefs and timeless wisdom. An interdisciplinary, nontechnical approach is adopted. Respect for all living beings, the protection of forests, soil and soul, and the importance of trust, culture and relationships are critical to building harmonious communities.Examples and techniques to re-engineer finance science are offered throughout the book.

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Book SynopsisKeynes's academic articles and reviews on a number of subjects, including India, statistics, World War I and international economics.Table of Contents1. India; 2. Index numbers; 3. Statistics; 4. The First World War and reconstruction; 5. Money; 6. International economics; 7. Miscellaneous reviews.

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Book SynopsisThis book is for anyone who is interested in the economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB. It points out the unsustainability of the dollar standard in the long run, that China has unique incentives to internationalize its currency, and how Hong Kong plays an important role. It explains the real reasons for China to internationalize its currency, including using external commitments to force financial sector reforms (''daobi'' in Chinese). It applies economic theories accessible to laymen to establish that financial development and openness are crucial for RMB internationalization to succeed, and that greater exchange rate volatility is inevitable due to the ''open-economy trilemma''. Employing the ''gravity model'', the book predicts quantitatively that the RMB is likely to be a distant third payment currency after the USD and the euro, but surpassing the Japanese yen in the next decade.Trade Review'Is the renminbi poised to overtake the US dollar as the leading international and reserve currency? The answer, as with many things economic is: it's complicated. Here Edwin L. -C. Lai sifts through the complexities and provides a balanced view of the prospects. This is far and away the most comprehensive and up-to-date analysis of renminbi internationalization. Highly recommended.' Barry Eichengreen, George C. Pardee and Helen N. Pardee, Professor of Economics and Political Science, University of California, Berkeley'There is something in this book for both optimists and pessimists of renminbi internationalization. Given the high rates of growth of Chinese real GDP and international trade, continuing renminbi internationalization appears inevitable, certainly as a medium of exchange, and potentially as a store of value, but perhaps not as a 'safe haven' currency.' Lawrence J. Lau, Landau Professor of Economics, The Chinese University of Hong Kong, and Li Professor in Economic Development, Emeritus, Stanford University'The Chinese RMB has risen in importance in both cross-border business transactions and official-sector financial operations. While China's economic growth will help RMBs' further rise, Edwin Lai's book explains why additional reforms are also crucial. For anyone who wishes to understand more about the causes, consequences, and future prospect, this is a very useful reference.' Shang-Jin Wei, Professor, Columbia Business School, and former Chief Economist, Asian Development Bank'Edwin Lai's One Currency, Two Markets presents a balanced qualitative and quantitative analysis of the origin, current status, and prospects of RMB internationalization. It provides insightful discussions on both policy measures and the underlying economic reasoning. It brings readers beyond the headlines and will interest both academics and policymakers.' Yin-Wong Cheung, Hung Hing Ying Chair Professor of International Economics, City University of Hong Kong'Professor Lai's book is, to date, the most comprehensive study on the internationalization of China's currency. It includes detailed institutional details and empirical data about China's attempt in internationalizing RMB, and examines its future prospect both from a historical perspective and through the lens of economic theory. I have no doubt that it will become a standard reference; anyone who is interested in China's role in international finance and trade should read the book.' Xiaodong Zhu, Professor, Department of Economics, University of Toronto'In a nutshell, Lai has written a book I admire greatly and will strongly recommend to my colleagues and students.' Ong Sheue-Li, Institutions and EconomiesTable of Contents1. Introduction; 2. China's aversion to a floating exchange rate; 3. Why does China want to internationalize the RMB?; 4. China's strategy of internationalizing the RMB; 5. The importance of capital account liberalization; 6. The importance of financial sector reform; 7. The importance of the offshore RMB market; 8. The potential of the RMB as a payment currency; 9. The prospects of RMB internationalization.

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Book SynopsisThe first single-authored exploration of the world of public banks. Focusing in on six worldwide case studies, the author reveals that public banks have the resources needed to tackle decarbonisation, definancialisation, and democratisation. These institutions are capable of catalysing the future of financing sustainable and stable development.Trade Review'The Great Financial Crisis of 2007–2009 and the near financial meltdown at the start of the COVID-19 pandemic have made it vividly clear that our current financial system is woefully inadequate to address the massive problems we face. Thomas Marois has written a masterful book that convincingly argues that a major expansion in the role of public banks can provide long term, well-directed finance to speak to these major challenges. This is the definitive work on public banking that will be of enormous interest to practitioners, policy makers, economists, and others who are tired of just complaining about the failures of finance and who actually want to do something about it.' Gerald Epstein, Professor and Co-Director PERI, University of Massachusetts, Amherst'Writing on public banks has tended to fall into one of two camps - they are either seen as neo-Keynesian saviors capable of stabilizing capitalism in an increasingly speculative world, or as inefficient and nepotistic institutions that crowd out private finance. Thomas Marois' book offers a refreshingly new and groundbreaking perspective that envisions public banks as dynamic institutions shaped by their social, economic, and political context. The book asks how public banks can be made more democratic and accountable to those they are intended to serve, showcasing positive and negative examples. It is essential reading for those interested in how we can finance a more progressive, green, and just public future.' David A. McDonald, Queen's University, Canada'The resurgence of public banking has potential to provide much-needed finance to address the challenges of pandemics, climate change, and global economic stagnation - but staying within a neoliberal financialized paradigm will not achieve this. Here's a timely and important study with a dynamic approach that recognizes public banks as both powerful and contested, and provides case studies and ideas for how public banks can truly serve the public interest.' Jayati Ghosh, Professor of Economics, University of Massachusetts, Amherst'The most detailed treatment of public banks in the political economy literature. An engaging narrative traverses the histories and track records of public banks across six different country case studies from the global north and south. This critical intervention forces us to rethink some of the key challenges of our age: financialization, negative economic externalities, emergencies (including COVID-19), the democratization of finance and society, and - most importantly - a green and just transition. Marois has given us an indispensable book for our times.' Alfredo Saad-Filho, King's College London'In recent years, there has been ever increasing energy and activism in many parts of the world around public banking, both as an alternative to the increased concentration and power of large financial corporations and as a way to address the many pressing social and ecological challenges our societies now face. Providing a deep and nuanced analysis of public banks as contested, dynamic, and critical institutions, Thomas Marois' new book is a masterful contribution to these efforts and incredibly timely given the current economic crisis gripping much of the world and the looming existential threat of climate change.' Thomas M. Hanna, Research Director at The Democracy Collaborative, and author of Our Common Wealth: The Return of Public Ownership in the United States'Against the background of stratospheric inequality and continuing ecological devastation, not to mention the enormous setback to human progress represented by the COVID-19 pandemic, Thomas Marois has produced a timely and hugely important contribution that explains how public banks can play a central role in steering us out of these multiple crises. Marois offers a compelling analysis built upon solid economics and historical perspective, underpinned by a deep concern for advancing social justice. As the enormously destructive era of global and local neoliberalism is finally coming to an end, this book will play an important role in bringing the public banking concept back in from the cold.' Milford Bateman, Juraj Dobrila University of Pula, Croatia and St Mary's University, Canada'This is a thoroughly researched book: It makes a strong case for financial institutions in the public interest, aimed to advance societal goals and to respond to emergencies like the COVID-19 pandemic. It is certainly a welcome invitation for civil society organisations and scholars from North and South to engage in a debate to reclaim public finance, towards realising institutions that serve society and protect the planet.' María José Romero, Policy and Advocacy Manager, the European Network on Debt and Development (Eurodad), Brussels'This book reconsiders public banks as agents of sustainable development and social inclusion. For decades, public banks were perceived as antiques responsible for financial repression. Marois traces the resurgence of state banking and challenges scholars, activists, and public officials to realize the potential of these often immense financial institutions to reverse the forces of climate change, inequality, and social exclusion. He illuminates the single most important dimension and greatest opportunity for green development and social inclusion of our time.' Kurt Mettenheim, FGV-EAESP, BrazilTable of ContentsIntroducing Public Banks; 1. The World of Public Banks; 2. Contrasting Evidence, Contending Views: Towards a Dynamic Alternative; 3. Credible Legacies, Neoliberal Transition; 4. Decarbonisation; 5. Definancialisation; 6. Democratisation; 7. A Democratised Public Bank for a Green and Just Transition: A Proposal; 8. Epilogue Public Banks in a Time of COVID-19; Bibliography; Index.

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Book SynopsisFew economic phenomena provoke as much confusion as money. From the first measures of value and the physical coins that circulated at the dawn human civilization to the era of ‘virtual’ money transmitted through cyberspace, it is ubiquitous and hugely important, yet economists cannot even agree on what it is. In this pithy, accessible book, Geoffrey Ingham cuts through this tangled web of debate to bring rare clarity. Ingham begins by examining the fundamental debate over the nature of money: is it fundamentally a natural, ‘neutral’ measure of pre-existing value produced by ‘real’ economic forces? Or is it a socially produced and politically manipulated force that creates new value? He proceeds to trace the import of these competing views for how we understand our contemporary monetary systems and their practical and policy-related implications, from their role in financial crises to proposals for reform. Students of political economy, economic sociology and monetary economics will find this book an invaluable primer, as will general readers wishing to understand how money shapes their lives, from the cash in their pocket to the numbers on their computer screen.Trade Review‘Geoffrey Ingham offers a masterful account of money as a social technology, contrasting it with mainstream monetary theory and focusing on the relations between states and markets. He does so with an impressive sweep from ancient history to the present.’Sheila Dow, University of Stirling ‘This is a brilliantly clear and succinct survey. Ingham provides a crisp and critical account of the major theories of money, together with a sharp analysis of contemporary forms of money such as Bitcoin and other alternative moneys. For anyone searching for a reliable and accessible way into the extraordinarily complex phenomenon of money, this book is a must-read.’Nigel Dodd, London School of Economics and Political ScienceTable of ContentsPart I What is Money? 1 Money’s Puzzles 2 The ‘incompatibles’ 3 A social theory of money and monetary systems Part II Capitalism and Money 4 The evolution of capitalist money 5 Modern money (i): states, central banks, and their banking system 6 Modern money (ii): ‘near’ money; ‘complementary’, ‘alternative’; ‘surrogate’ money; and ‘crypto currency’ 7 The Great Financial Crisis and the Question of Money 8 Some conclusions

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Book Synopsis'Superb' - Tim Harford, author of How to Make the World Add Up Money is essential to the economy and how we live our lives, yet is inherently worthless. We can use it to build a home or send us to space, and it can lead to the rise and fall of empires. Few innovations have had such a huge impact on the development of humanity, but money is a shared fiction; a story we believe in so long as others act as if it is true.Money is rarely out of the headlines – from the invention of cryptocurrencies to the problem of high inflation, extraordinary interventions by central banks and the power the West has over the worldwide banking system. In Money in One Lesson, Gavin Jackson answers the most important questions on what money is and how it shapes our world, drawing on vivid examples from throughout history to demystify and show how societies and its citizens, both past and present, are always entwined with matters of money.‘A highly illuminating, well-researched and beautifully written book on one of humanity’s most important innovations’ – Martin Wolf, chief economics commentator, Financial TimesTrade ReviewDelightful and deep, Money in One Lesson is a superb account of the strange connections between money and economics -- Tim Harford, author of How to Make the World Add UpThis is a highly illuminating, well-researched and beautifully written book on one of humanity’s most important innovations. People both love and hate money. But mostly, they fail to understand it. Such ignorance is not bliss. Happily, this book will go far to cure it -- Martin Wolf, chief economics commentator, Financial TimesA lucid exposition of a widely misunderstood topic, liberally illustrated with nuggets of intriguing information -- John Kay, economistGavin Jackson has written that rarest of things: an intellectually rigorous and informative book on a technical subject that is also a pleasure to read. Anecdotes, stories and history bring money to life -- Duncan Weldon, author of Two Hundred Years of Muddling ThroughA lucid and at times very funny history of money * Stephen Bush, Financial Times *

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Book Synopsis'Soros has become a standard bearer for liberal democracy' Financial TimesGeorge Soros - universally known for his philanthropy, progressive politics and investment success, and now under sustained attack from the far right, nationalists, and anti-Semites around the world - gives an impassioned defence of his core belief in open society.George Soros is among the world's most prominent public figures. He is one of the history's most successful investors and his philanthropy, led by the Open Society Foundations, has donated over $14 billion to promote democracy and human rights in more than 120 countries. But in recent years, Soros has become the focus of sustained right-wing attacks in the United States and around the world based on his commitment to open society, progressive politics and his Jewish background. In this brilliant and spirited book, Soros offers a compendium of his philosophy, a clarion call-to-arms for the ideals of an open society: freedom, democracy, rule of law, human rights, social justice, and social responsibility as a universal idea. In this age of nationalism, populism, anti-Semitism, and the spread of authoritarian governments, Soros's mission to support open societies is as urgent as it is important.

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Book SynopsisGeorge Soros is among the world's most prominent public figures. He is one of the history's most successful investors and his philanthropy, led by the Open Society Foundations, has donated over $14 billion to promote democracy and human rights in more than 120 countries. But in recent years, Soros has become the focus of sustained right-wing attacks in the United States and around the world based on his commitment to open society, progressive politics and his Jewish background. In this brilliant and spirited book, Soros offers a compendium of his philosophy, a clarion call-to-arms for the ideals of an open society: freedom, democracy, rule of law, human rights, social justice, and social responsibility as a universal idea. In this age of nationalism, populism, anti-Semitism, and the spread of authoritarian governments, Soros's mission to support open societies is as urgent as it is important.

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Book SynopsisMurder for hire. Drug trafficking. Embezzlement. Money laundering... These might sound like plot lines of a thriller, but they are true stories from the short history of cryptocurrencies - digital currencies conceived by computer hackers and cryptographers that represent a completely new sort of financial transaction that could soon become mainstream. The most famous - or infamous - cryptocurrency is bitcoin. But look beyond its tarnished reputation and something much shinier emerges. The technology that underlies bitcoin and other cryptocurrencies - the blockchain - is hailed as the greatest advancement since the invention of the internet. It is now moving away from being the backbone for a digital currency and making inroads into other core concepts of society: identity, ownership and even the rule of law.The End of Money is your essential introduction to this transformative new technology that has governments, entrepreneurs and forward-thinking people from all walks of life sitting up and taking notice.ABOUT THE SERIESNew Scientist Instant Expert books are definitive and accessible entry points to the most important subjects in science; subjects that challenge, attract debate, invite controversy and engage the most enquiring minds. Designed for curious readers who want to know how things work and why, the Instant Expert series explores the topics that really matter and their impact on individuals, society, and the planet, translating the scientific complexities around us into language that's open to everyone, and putting new ideas and discoveries into perspective and context.

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Book SynopsisUnderstanding Cryptocurrencies is perfect for both introductory investors to the digital asset space and experienced investors seeking to gain practical insight into frameworks for understanding digital assets and valuation metrics.The book provides in-depth analysis of Bitcoin, Ethereum, and the different types of Altcoins in the ecosystem. The author demonstrates an empirical approach to explaining how digital assets can fit into a diversified portfolio of traditional financial assets, or as a standalone portfolio in a parallel financial ecosystem. The book contains fundamental, technical, and on-chain analytic tools for investors to better understand Bitcoin price cycles that will ultimately lead to better returns. The capital from these price cycles oftentimes migrates to other digital assets, creating a robust ecosystem and providing opportunities for enterprising investors to generate additional alpha.In Understanding Cryptocurrencies, the author also offers options for asset custody and counterargument breakdowns to create better informed investors. Lastly, the author provides poignant insight into the economic inefficiencies created from decades of Central Bank interest rate manipulation and monetary expansion. These inefficiencies have had social, political, and economic implications. It is ultimately due to these inefficiencies that a global sound money vacuum exists for Bitcoin and other digital assets to exploit.

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Book SynopsisHave you ever wondered why we can afford to buy far more clothes than our grandparents ever could . . . but may be less likely to own a home in which to keep them all? Why your petrol bill can double in a matter of months, but it never falls as fast? Behind all of this lies economics.; It's not always easy to grasp the complex forces that are shaping our lives. But by following a dollar on its journey around the globe, we can start to piece it all together.; The dollar is the lifeblood of globalisation. Greenbacks, singles, bucks or dead presidents: call them what you will, they are keeping the global economy going. Half of the notes in circulation are actually outside of the USA - and many of the world's dollars are owned by China.; But what is really happening as our cash moves around the world every day, and how does it affect our lives? By following $1 from a shopping trip in suburban Texas, via China's central bank, Nigerian railroads, the oilfields of Iraq and beyond, The Almighty Dollar reveals the economic truths behind what we see on the news every day. Why is China the world's biggest manufacturer - and the USA its biggest customer? Is free trade really a good thing? Why would a nation build a bridge on the other side of the planet?; In this illuminating read, economist Dharshini David lays bare these complex relationships to get to the heart of how our new globalised world works, showing who really holds the power, and what that means for us allTrade Review"Original and engaging ... If you've ever wondered what globalisation is and why people get so passionate about it then I can think of no better guide. Economics can be fascinating and accessible. This book is proof" - Joel Hills, Business Editor, ITV News; "Brilliantly revealing" -- Ian King, business presenter, Sky News, and Times columnist; "Readable and illuminating" - --The Bookseller; "A brilliant book ... everyone should buy it because it's very, very readable" - Iain Dale, LBC

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Book Synopsis'If the word 'blockchain' makes you want to call a plumber, or you think Satoshi is some kind of raw fish, you need to read Cryptocurrency today. If you're already a bit-convert, you'll still learn a lot' Niall Ferguson, author of The Ascent of Money1988 saw the birth of the internet. 2008 gave us bitcoin. Today, cybercurrencies are changing the world we live in. What would a world without banks, credit cards or national currencies look like for all of us?For centuries, the system that governs how money works has stayed the same. Now there's an alternative, and it puts us on the cusp of a revolution that could reshape our world. At the heart of this lie, cryptocurrencies, a technology with the transformative potential of the printing press or the internet. They bypass the elites and cut out the gatekeepers. Unlike traditional money, they don't have a nationality, they're digital and democratic. They are also lawless.From Silicon Valley to the streets of Beijing, this is a story about a revolution in the making, a tale of human invention, and a guide to the future. The perfect book for future proofing your money, let Cryptocurrency teach you everything you need to know about the future of finance.'Fascinating' The Times'Not only demystifies and explains bitcoin, but shows where it fits into the cultural zeitgeist and where it's pointed, and what that may mean for our financial system' John Mauldin, New York Times bestselling author'I can think of no better guide to what the future holds' Eswar Prasad, author of The Dollar TrapTrade ReviewAdmirably clear and judicious … If the word ‘blockchain’ makes you want to call a plumber, or you think Satoshi is some kind of raw fish, you need to read Cryptocurrency today. If you're already a bit-convert, you'll still learn a lot -- Niall Ferguson, author of The Ascent of MoneyInvaluable ... a fascinating field guide to the phenomenon in which three of the most powerful forces shaping our world today meet - the reform of finance, technological innovation, and the rejection of traditional politics -- Felix Martin, author of Money: the Unauthorised BiographyFascinating... Vigna and Casey are cautious, though enthusiastic guides to this strange new world... they know how to dig beneath the surface and they also know how to write. The book is full of fascinating stories, from the origins of money... to the Silk Road bust... Somewhere in this world of blockchains and cryptocurrencies lies the seed of the next online revolution- one that brings radical decentralization, autonomous organisations, a cull of brokers and fixers, a new constraint on government and fiat currencies, and a supercharge to the sharing economy * The Times *Engaging, lucid, and thought-provoking … I can think of no better guide to what the future holds -- Eswar Prasad, author of The Dollar TrapNot only demystifies and explains bitcoin, but shows where it fits into the cultural zeitgeist and where it's pointed, and what that may mean for our financial system -- John Mauldin, New York Times bestselling author

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Book Synopsis'[A] tale of cloak and dagger intrigue, intense rivalries and political machinations you'd expect in a spy thriller.' Engineering & TechnologyGross Domestic Product is failing. For decades it has rewarded environmental destruction and obscured inequality. Its formula can be-and has been-gamed to the detriment of developing countries.In this powerfully argued book, now updated with a new chapter, science writer Ehsan Masood shows how GDP fell from the path envisaged by its architects, and how its long-term misapplication has kept large parts of the world in poverty, while helping accelerate global warming and biodiversity loss.As the world rebuilds after the coronavirus pandemic and the accompanying global recession, our need for a more sustainable and inclusive measure of economic growth has never been greater. Change must come if we are to break the cycle. With clarity and passion, Masood shows how we can update GDP for a better future.[previously published as The Great Invention in North America]Trade Review'Masood contends that GDP is a bill of goods the developed world foisted on emerging nations. It is flawed, he argues, because the monetary value of all goods and services produced in a country makes no reference to social well-being or inequality. Masood is also troubled by GDP's failure to consider the environmental damage that is, at times, a byproduct of growth. Many of Masood's criticisms have merit. He presents some interesting alternatives. He favors revolutionary change.' -- Roger Lowenstein, Wall Street Journal, USAIf you ever thought that economic policy could never make for gripping drama, try reading this book. -- Khurram Husain, DawnEhsan Masood unveils the genesis of GDP and how it shaped the modern economic paradigm. It comes at a time when a growing number of people are questioning this flawed metric. -- Down to EarthFascinating. Whether happiness should be embedded into decisions on the economy is an important one, and whether GDP should be abandoned in favor of something better is too. Masood's book helps raise those questions and others in a thought provoking manner. That's much needed in every endeavor these days, and needed in few places more than in the economics profession. -- Simon Constable, Forbes, USAAn interesting book. Masood doesn't merely criticize the overreliance on GDP: he also explores ongoing efforts to develop a satisfactory substitute or supplement that would yield a more accurate picture of economic activity and its effects. -- Foreign Affairs, USAIn lively prose, Masood argues that GDP is flawed because it ignores volunteering, housework, environmental degradation, job satisfaction, and income inequality. -- Kirkus ReviewsMasood covers decades of challenges to GDP conventions that make for a fascinating institutional and human story. -- Diane Coyle, NatureMasood's highly readable book is a useful reminder of what GDP is and what it isn't. -- N. Gregory Mankiw, ScienceAfter reading it you'll never be able to treat GDP seriously again. -- Nicholas Stuart, Sydney Morning Herald, AustraliaThe writing is effortless and intriguing. Like a novel, it weaves personal stories and the significance of individuals into a narrative about tectonic shifts in world politics. * Maria Ivanova, Associate Professor of Global Governance at the University of Massachusetts Boston, and author of The Untold Story of the World’s Leading Environmental Institution: UNEP at Fifty *[A] tale of cloak and dagger intrigue, intense rivalries and political machinations you'd expect in a spy thriller.' -- Engineering & Technology[A] persuasive witness for the prosecution in the case against GDP mania. * Business Standard, India *

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Book SynopsisThe Eurozone crisis since 2010 has instilled political disunity and generated a long period of economic stagnation. The cyclical recovery enjoyed in 2017 is no cause for complacency. It should act as an impetus to undertake long-overdue reforms, which require a change in perspective to develop a medium-term orientation for the next decade. There is no future for those incapable of investing. There is no stimulus for innovative investment in countries that have been converted to the hegemony of finance at the expense of productive investment. Europe must confront the challenges of the 21st century by recovering its ideological autonomy in the community spirit of its origins,which can be summed up as social progress.This book demonstrates the need for a long-term vision with two goals: reconstructing a social contract based on an entrepreneurial partnership and investing in the ecological transition. This political vision will restore to citizens of the member-states a sense of belonging to a wider community. To attain this, argues Michel Aglietta, one of the most important heterodox economists today, we must strengthen European institutions at the financial and fiscal levels. This involves making the euro a full currency, endowed with democratic legitimacy.Trade ReviewA survival manual for the Eurozone * Le Monde *

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Book SynopsisA report from the Club of Rome - EU Chapter to Finance Watch and the World Business Academy. Foreword by Dennis Meadows, co-author of the 1972 Club of Rome report The Limits to Growth. Pioneering new research from the Club of Rome: In 1972, the first Report for the Club of Rome - The Limits to Growth - famously spelled out the unsustainable consequences of an economic system that demands infinite growth in a finite world. Just as The Limits to Growth exposed the catastrophic flaws in our economic system, this new Report from the Club of Rome exposes the systemic flaws in our money system and the wrong thinking that underpins it. It describes the ongoing currency and banking crises we must expect if we continue with the current monopoly system - and the vicious impact of these crises on our communities, our society as a whole and our environment. It finishes by setting out clear, practical proposals for creating a money 'ecosystem' with complementary currencies to support and stabilize the current money system.

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Book SynopsisThree authors with decades of experience have teamed up to provide an up-to-date, state-of-the art field guide to the emerging movement of regional currencies. People Money describes a global movement of people creating their own currencies to support regional business and strengthen their communities. These currencies operate legally alongside Bank Money and Government Money, giving people new choices in an age of transition from outworn financial structures to an era of sustainable abundance. Part One explains the characteristics and purpose of the various models of commercial- and community-oriented currencies, the administration and governance of the currencies, how to cooperate with other financial institutions, clearing systems and the issue of taxation. Part Two focuses on the 'how to' of developing a regional currency, outlining the key principles and design processes, and the benefits that have accrued as a result of their implementation. Finally, the book profiles and interviews some of the leading organisers of regional currencies around the world, explaining their driving passion and the nuances of each of the models - how the currency started, how it developed, the difficulties encountered on the journey, and how these were overcome. The currencies profiles include: Brixton Pound in London; The Business Exchange in Scotland; Blaengarw Time Centre in South Wales; Community Exchange System in South Africa; Chiemgauer in Germany; BerkShares, Equal Dollars, Ithaca HOURS and Dane County Time Bank in the USA; and many others.Trade Review"PEOPLE MONEY is a comprehensive , real-time survey of all the robust, viable local currencies and credit-systems emerging worldwide .These are now vital to provide safety-nets as citizens cope with the assaults of "austerity" policies of "technocrats" guided by defunct economics and what behavioural scientists call "theory-induced blindness". Economics was never a science and monetary policies based on its failed models are causing such widespread harm that the sensible solutions described in this book are now coming to light. This book is vitally important, not only to NGOs and concerned citizens , but also required reading for bankers, financiers and all economy policymakers looking for saner alternatives." Hazel Henderson, author of Building A Win-Win World, creator of the Green Transition Scoreboard, President , Ethical Markets Media (USA and Brazil), producer of the TV show "The Money Fix". "PEOPLE MONEY is the single most useful and empowering book I have encountered for those wanting to get involved in the complementary currency movement. Its diverse real-life examples and insightful 'how-tos', embedded in deep theoretical understanding, will surely make it essential reading for activists, policy-makers, and economists interested in localization and sustainability." Charles Eisenstein, Author of Sacred Economics

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Book SynopsisLudwig Von Mises’s 1912 contribution to the theory of monetary policy and the current prevailing consensus in modern economic liberalism, The Theory of Money and Credit, was a milestone achievement. The author’s familiarity with the historical literature on banking and credit allows him to present a coherent theoretical structure that links private exchange between individuals, business and banks to condition the markets affecting money and credit. Through its wider influence on liberal thinkers and politicians, the Theory of Money and Credit has become a classic reference for those seeking to understand the advance of economic liberalism since the 20th century.Table of ContentsWays in to the Text Who was Ludwig von Mises? What does The Theory of Money and Credit Say? Why does The Theory of Money and Credit Matter? Section 1: Influences Module 1: The Author and the Historical Context Module 2: Academic Context Module 3: The Problem Module 4: The Author's Contribution Section 2: Ideas Module 5: Main Ideas Module 6: Secondary Ideas Module 7: Achievement Module 8: Place in the Author's Work Section 3: Impact Module 9: The First Responses Module 10: The Evolving Debate Module 11: Impact and Influence Today Module 12: Where Next? Glossary of Terms People Mentioned in the Text Works Cited

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Book SynopsisThe conventional macroeconomic theory of the late twentieth and early twenty-first century, based on the assumption that the working of complex monetary economy could be analysed on the same principles as those of barter exchange, has demonstrably failed. This book provides a thorough rethinking of the nature of a monetary economy. It builds upon a complete theory of the domestic and international monetary macro-economy, and of macroeconomic policy for the modern age. Central to the analysis is the idea that a successful market economy requires an endogenous supply of money via the banking system. Therefore to achieve macroeconomic stability, the book proposes the targeting of real interest rates under a regime of flexible exchange rates or 'fixed but adjustable exchange rates' as the main goal of monetary policy, along with a range of innovative fiscal and trade policies to promote economic growth, and thereby achieve full employment and a fair distribution of income.

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Book SynopsisThis signature book describes the multiplicity of currencies that have been used in and around the island over the centuries, and how these culminate in the Singapore dollar today. The authors trace the impact, sometimes dramatic, of political and economic events and technological forces shaping these currencies. Singapore has followed its own development path, from the days when, in the first few decades of the colonial settlement, local merchants resisted currency reforms imposed on the island by the East India Company. Greater monetary autonomy was achieved in the second half of the 19th century when Singapore became a Crown colony in its own right. The drive towards self-representation culminated in full internal self-government in 1959, independence from British colonial rule in 1963 as part of the Federation of Malaysia, and the status of a sovereign nation in 1965. The introduction of Singapore's own currency in 1967 was a national milestone. In 1971, Singapore established the Monetary Authority of Singapore with the sovereign power to undertake monetary policy as it deemed most appropriate. Money has evolved from coins minted from precious metals to those struck from baser metals, to notes issued first by commercial banks and later by governments. The journey from commodity-based money to a purely fiat money has unfolded in parallel. The use of money in its electronic and more 'weightless' forms has also become increasingly common. The powerful effects this trend will have on the nature of money and banking are still unfolding. All these issues, and more, are examined in this book, published to mark the 50th anniversary of the founding of Singapore's central bank, the Monetary Authority of Singapore (MAS), in January 1971.

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Book SynopsisTrade ReviewWinner of the 1996 Culture Section Book Award, American Sociological Association "Interesting and informative... Money is a medium of exchange. But that is only the beginning."--John Kenneth Galbraith, New York Times Book Review "Zelizer's book is one of the richest and most thoughtful investigations of [money's] weirdness, examining in detail how money works in the real world, how we try to manage and control it, why we freely give it away in some circumstances--think, for instance, of tipping and how money shapes the relationships we have with one another."--James Surowiecki, GQ Magazine "Zelizer has accomplished a rarity, writing a genuinely original book."--Randall Collins, SocietyTable of ContentsForeword to the 2017 Edition, by Nigel Dodd ix Acknowledgments xiii 1 The Marking of Money 1 2 The Domestic Production of Monies 36 3 Gifted Money 71 4 Poor People's Money 119 5 With Strings Attached: The Earmarking of Charitable Cash 143 6 Contested Monies 170 7 What Does Money Mean? 199 Afterword to the 2017 Edition 217 Notes 229 Index 285

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Book SynopsisLucid, accessible, and provocative, and now thoroughly updated to cover recent events that have shaken the global economy, Globalizing Capital is an indispensable account of the past 150 years of international monetary and financial history.Trade Review"One of the major books on the history of the International Monetary System."---Ivo Maes, Journal of European Integration History"An invaluable guide for anyone who wants to understand money." * The Economist *

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Book SynopsisTrade Review"Provocative . . . and well timed for an age of big deficits and high inflation." * The Economist *"Having given the magic money tree a good shake, governments are now grappling with inflation and swollen debts. A more sombre age calls for a more serious approach to economics. John Cochrane’s fiscal theory fits the bill."---Edward Chancellor, Reuters"The culmination of years of careful research. . . . [The Fiscal Theory of the Price Level] is not just about predicting the behaviour of the price level, but rather opens a whole new dimension for studying the political and redistributive implications of fiscal policy as expressed through the channel of monetary policy and inflation."---Michael Ben-Gad, Economic Affairs"Fiscal Theory of the Price Level . . . provides an elegant theoretical framework for both explaining the experiences of the 2010s and why the change in policy regime in the 2020s has led to high inflation and interest rates – and what will be required to return inflation to ‘normal’."---Melissa Davies, Society of Professional Economists

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Book SynopsisThe story of how African societies are resisting financial dependency and colonial legaciesTrade Review‘A timely and engaging book using the lens of monetary sovereignty to analyze the African continent’s economic challenges. A must read’ -- Stephanie Kelton, Professor, Stonybrook University, and author of the New York Times Bestseller 'The Deficit Myth''Opens the canvas to reflect on the economic and monetary dependence of the entire continent, picking up the unfinished business of economic and financial decolonization, updating it empirically and conceptually right up to the present conjuncture of the Covid- 19 pandemic, which has further exposed inequalities' -- Sabelo J. Ndlovu-Gatsheni, Professor and Chair of Epistemologies of the Global South at the University of Bayreuth'A fresh and innovative view on Africa's entanglement in the world's financial and monetary system. Its point of departure - that Africa has long been a part of global finance - is absolutely necessary if we are to understand the future trajectory of Africa's political economy' -- Randall Germain is Professor of Political Science at Carleton University'A valuable volume addressing the specific challenges and limitations of monetary policy in Africa today - it is a treasure trove of information, and a truly invaluable resource' -- Alfredo Saad Filho, King's College London'Insightful and diverse, it is crucial reading for anyone wanting to understand and engage with the theoretical and political debates about sovereignty and subordination in Africa' -- Ingrid Kvangraven, Lecturer in the Department of International Development, King's College, London‘A powerful addition to a growing body of work aimed at enhancing our understanding of the ways in which, through the vector of finance, a transnational power regime controls the key levers of policy-making in Africa and undermines efforts at winning economic sovereignty. Readers will also find in the book, plenty of ideas for mobilizing alternatives for reversing the programmed reproduction of dependence and underdevelopment’ -- Adebayo O. Olukoshi, Distinguished Professor, Wits School of Governance‘A timely and highly recommended contribution to the literature with well researched case studies and deep historical, theoretical and policy insights into the issue’ -- Howard Stein, Professor at the Department of Afroamerican and African Studies, University of Michigan, Ann Arbor'Powerful and brilliant. A judicious amalgamation of Africa’s past and present economic experiences’ -- Redge Nkosi, Executive Director and Head of Research in Money, Banking and Macroeconomics at Firstsource Money, Johannesburg'The baneful legacy of colonialism in Africa can also be found in the realm of money and finance. African countries are struggling to free themselves from the clutches of core countries of global finance as well as from the multilateral organisations. This collected volume draws a complex and rich picture of the African struggle for economic and monetary sovereignty' -- Costas Lapavitsas, Professor of Economics, SOAS, University of London'Sovereignty in the meaning of independence from imperial domination beyond state sovereignty is very much part of the alternative discourse. Much is talked about such concepts as food sovereignty, sovereign national project. But little is said about monetary and fiscal sovereignty, yet it lies at the heart of any modern sovereign project. This book admirably fills the gap. I welcome it and urge all involved with crafting alternative paths of development in Africa and elsewhere in the Global South to read it' -- Issa Shivji, Professor Emeritus at the University of Dar es Salaam, TanzaniaTable of ContentsForeword - Prabhat Patnaik Introduction - By the editors Part I: The contemporary global economic and monetary order 1. China’s Finance and Africa’s Economic and Monetary Sovereignty - Radhika Desai Part II: Challenges to monetary sovereignty in the postcolonial periphery 2. Banking, Business, and Sovereignty in Sudan (1956–2019) - Harry Cross 3. Money, Finance, and Capital Accumulation in Zimbabwe - Francis Garikayi 4. Monetary Policy in Algeria (1999–2019): An economic and monetary history approach - Fatiha Talahite Part III: Increasing sovereignty through monetary unions? 5. The West African CFA Franc Zone as a Double Monetary Union: Loss of economic competitiveness and anti-developmental path-dependencies - Carla Coburger 6. The CFA Franc Under Neoliberal Monetary Policy: A labour-focused approach - Hannah Cross 7. From Central Bank Independence to Government Dependence: Monetary colonialism in the Eurozone - Thomas Fazi 8. Geopolitics of Finance in Africa: Birth of financial centres, not monetary unions - Elizabeth Cobbett Part IV: Alternatives 9. The Great Paradox: Liberalism Destroys the Market Economy: The pitfalls of the neoliberal recipe forAfrican economic and monetary sovereignty - Heiner Flassbeck 10. Food Sovereignty, the National Question, and Post-colonial Development in Africa - Max Ajl 11. Being Poor in the Current Monetary System: Implications of foreign exchange shortage for African economies and possible solutions - Anne Löscher 12. The German Push for Local Currency Bond Markets in African Countries: A pathway to economic sovereignty or increased economic dependency? - Frauke Banse Notes on Editors Notes on Contributors Index

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Book SynopsisHave you ever wondered why we can afford to buy far more clothes than our grandparents ever could . . . but may be less likely to own a home in which to keep them all? Why your petrol bill can double in a matter of months, but it never falls as fast?; Behind all of this lies economics.; It's not always easy to grasp the complex forces that are shaping our lives. But by following a dollar on its journey around the globe, we can start to piece it all together.; The dollar is the lifeblood of globalisation. Greenbacks, singles, bucks or dead presidents: call them what you will, they are keeping the global economy going. Half of the notes in circulation are actually outside of the USA - and many of the world's dollars are owned by China.; But what is really happening as our cash moves around the world every day, and how does it affect our lives? By following $1 from a shopping trip in suburban Texas, via China's central bank, Nigerian railroads, the oilfields of Iraq and beyond, The Almighty Dollar reveals the economic truths behind what we see on the news every day. Why is China the world's biggest manufacturer - and the USA its biggest customer? Is free trade really a good thing? Why would a nation build a bridge on the other side of the planet?; In this illuminating read, economist Dharshini David lays bare these complex relationships to get to the heart of how our new globalised world works, showing who really holds the power, and what that means for us all.Trade Review"A brilliant book ... everyone should buy it because it's very, very readable" - Iain Dale, LBC; "Original and engaging ... If you've ever wondered what globalisation is and why people get so passionate about it then I can think of no better guide. Economics can be fascinating and accessible. This book is proof" - Joel Hills, Business Editor, ITV News; `Brilliantly revealing' - Ian King, business presenter, Sky News, and Times columnist; `Readable and illuminating' - The BooksellerTable of ContentsContents; Introduction 1; 1 Worshipping at the temple of low prices and endless offers: The USA to China 15; 2 Making - and working - the global red carpet: China 41; 3 Finding love in the Niger Delta: China to Nigeria 65; 4 Spicing up the recipe for success: Nigeria to India 89; 5 The dark price of black gold: India to Iraq 119; 6 Funding the means of destruction: Iraq to Russia 143; 7 The trials of a blended family: Russia to Germany 169; 8 A bad day at work for the Masters of the Universe: Germany to the UK 195; 9 Feeding the addiction: The UK to the USA 221; Further reading 251; Acknowledgements 255; Index 257

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Book SynopsisIn this groundbreaking ethnographic analysis of crypto economies and their global markets and communities, Koray Caliskan offers an inside view of how cryptocurrencies are made and traded.Trade ReviewWith impressive clarity—drawing from striking interviews, fieldwork, and big data analysis—Data Money develops a pioneering analysis of cryptocurrencies, while transcending disciplinary boundaries and setting a new agenda for future research. Thank you, Koray Caliskan, for helping us make sense of the social world of money in the twenty-first century! -- Viviana A. Zelizer, author of The Social Meaning of Money and Economic Lives: How Culture Shapes the EconomyData Money offers a novel, surprising, and persuasive account of the nature and development of cryptocurrencies. Drawing on extensive research among those who design, manage, and use them, the book combines a brilliant account of a social world seen from the inside with a perceptive analysis of how these new forms of money work. -- Timothy Mitchell, author of Carbon Democracy: Political Power in the Age of OilData Money is essential reading for anyone who wants to understand the new world of cryptocurrencies. Caliskan has a genuine insider's understanding of that world, and writes about it with verve and insight. His book is a vitally important contribution by one of the most exciting scholars in the new generation of economic sociologists. -- Donald MacKenzie, author of Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial MarketsA well-articulated take on a particularly obtuse subject. * Publishers Weekly *Table of ContentsTables and FiguresAcknowledgments1. The Historical Novelty of Data Money and Its Makers, Markets, and Regulation2. The Materiality of Data Money and the Infrastructure and Taxonomy of Blockchains3. Understanding Cryptocurrency Exchange Platforms and Markets4. Global Cryptocurrency Communities as Data Money Makers5. The Emergence and Demise of a Cryptocurrency Community6. A New Framework for Cryptocurrency Taxation and Exchange Platform Regulation7. What Is to Be Done with Crypto Economies?NotesBibliographyIndex

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Book SynopsisThe Adaptive Markets Hypothesis (AMH) presents a formal and systematic exposition of a new narrative about financial markets that reconciles rational investor behaviour with periods of temporary financial insanity. In this narrative, intelligent but fallible investors learn from and adapt to randomly shifting environments. Financial markets may not always be efficient, but they are highly competitive, innovative, and adaptive, varying in their degree of efficiency as investor populations and the financial landscape change over time.Andrew Lo and Ruixun Zhang develop the mathematical foundations of the AMH--a simple yet surprisingly powerful set of evolutionary models of behaviour--and then apply these foundations to show how the most fundamental economic behaviours that we take for granted can arise solely through natural selection. Drawing on recent advances in cognitive neuroscience and artificial intelligence, the book also explores how our brain affects economic and financial decis

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Book SynopsisHow has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetTable of ContentsIntroduction Kenneth J. Singleton 1 A Comparative Perspective on Japanese Monetary Policy: Short-Run Monetary Control and the Transmission Mechanism Kazuo Ueda 2 Market Operations in Japan: Theory and Practice Kunio Okina 3 Japanese Corporate Investment and Bank of Japan Guidance of Commercial Bank Lending Takeo Hoshi, David Scharfstein, and Kenneth J. Singleton 4 The Interest Rate Process and the Term Structure of Interest Rates in Japan John Y. Campbell and Yasushi Hamao 5 Monetary Policy and the Real Economy in Japan Hiroshi Yoshikawa 6 An Aggregate Demand-Aggregate Supply Analysis of Japanese Monetary Policy, 1973-1990 Kenneth D. West

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Book SynopsisLocating literature at the intersection of distinct areas of thinking on the nature, scope and methods of knowledge philosophy, theology, science, and the law this book engages with literary texts across periods and genres to address questions of probability, problems of evidence, the uses of experiment and the poetics and ethics of doubt.Trade Review'The framework that Godley and Lavoie develop, with a consistent numerical and simulational handle on the various models, is a return to a majestic Wicksellian tradition A whole generation of graduate students have been brought up on policy nihilism, bordering on paralysis in the face of policy dilemmas. A new generation, armed with the tools, concepts and models developed by Godley and Lavoie, can now return to the grand traditions of macroeconomics as an experimental science, focusing on policy.' - K. Vela Velupillai, Fellow, Girton College, Cambridge, UK, and Professor of Economics, University of Trento, Italy 'Wynne Godley has been the moving force behind keeping quantitative non-mainstream macroeconomics alive and flourishing for the last several decades...His work is inspiring, and will guide policy-oriented macroeconomic modellers for decades to come.' - Lance Taylor, Cambridge Journal of Economics '...[This] clearly deserves to become a standard reference for everybody interested in SFC modelling in particular and modern macroeconomics in general. There are already first signs that other economists are indeed inspired by this way of thinking about the economy...' - Till van Treeck, Intervention, European Journal of Economics and Economic PoliciesTable of ContentsIntroduction Balance Sheets, Transaction Matrices and The Monetary Circuit The Simplest Model with Government Money Government Money with Portfolio Choice Long-Term Bonds, Capital Gains and Liquidity Preference Introducing the Open Economy A Simple Model with Private Bank Money Time, Inventories, Profits and Pricing A Model with Private Bank Money, Inventories and Inflation A Model with both Inside and Outside Money A Growth Model Prototype Open Economy with Flexible Prices and Exchange Rates General Conclusion

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Book SynopsisTable of Contents 1 Introduction 2 Prices in the open economy: purchasing power parity 3 Financial markets in the open economy 4 Open economy macroeconomics 5 Flexible prices: the monetary model 6 Fixed prices: the Mundell–Fleming model 7 Sticky prices: the Dornbusch model 8 Portfolio balance and the current account 9 Currency substitution 10 General equilibrium models 11 Market efficiency and rational expectations 13 The risk premium 14 Target zones 15 Crises and credibility 16 Optimum currency areas, monetary union and the eurozone 17 Heterogeneous expectations and scapegoat models 18 Order flow analysis 19 A certain uncertainty: nonlinearity, cycles and chaos 20 Conclusions

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Book SynopsisIn mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic.Table of Contents1. Introduction; 2. Neoclassical monetary theory; 3. A monetary economy; 4. The creation of bank money; 5. The distribution of income; 6. The role of financial markets; 7. Real and monetary interest; 8. Implications for monetary policy; 9. Concluding remarks; References; Index.

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Book SynopsisTrade Review"Winner of the Hayek Book Prize, Manhattan Institute""One of the Financial Times' Summer Books of 2019: Economics""A Project Syndicate Best Read in 2019"

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Book SynopsisTable of ContentsChapter 1 A Visit from Aunt FéChapter 2 The Return of Aunt FéChapter 3 Aunt Fé Moves In with the FedermannsChapter 4 Aunt Fé’s legacyFrom Aunt Fé’s vade mecumA List of Proverbs and Quotations

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Book SynopsisMoney is institutionalised social power. It is built in hierarchical layers out of the inherently variable material of politics and at various economic scales. This book outlines these variable processes theoretically and through case studies.Table of ContentsAcknowledgements; Part I. 1. Money anchored to the future; 2. The money fetish: making promises into things; 3. Bending not breaking: monetary sovereignty and the survival constraint; 4. Mystical kernel within the rational shell: the Banking School's residual Chartalism; 5. Between currency and credit: Mehrling's money view; 6. There is no such thing as fiat money; 7. Coherence: why money is not value; Part II. 8. National Money vs Shadow Banking: contradictions of a public-private credit system; 9. A world without world money; 10. Proof of institutions: cryptocurrencies as digital fiat money; 11. Europe and democratic funding; 12. Democratic sovereignty makes money; References; Index.

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

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Book SynopsisIn this book, well-known expert Riccardo Rebonato provides the theoretical foundations (no-arbitrage, convexity, expectations, risk premia) needed for the affine modeling of the government bond markets. He presents and critically discusses the wealth of empirical findings that have appeared in the literature of the last decade, and introduces the ''structural'' models that are used by central banks, institutional investors, sovereign wealth funds, academics, and advanced practitioners to model the yield curve, to answer policy questions, to estimate the magnitude of the risk premium, to gauge market expectations, and to assess investment opportunities. Rebonato weaves precise theory with up-to-date empirical evidence to build, with the minimum mathematical sophistication required for the task, a critical understanding of what drives the government bond market.Trade Review'Rebonato has produced a unique and intensely engaging treatment of modern dynamic yield curve modeling: where we've been, where we are, where we're going, and why. Without slipping into spineless eclecticism - indeed he stays far from it, emphasizing a structural approach throughout - he beautifully blends rigor with penetrating intuition, seriousness of purpose with entertaining quips and quotes, historical awareness with forward-looking insight, and crucially, statistics with theory.' Francis X. Diebold, University of Pennsylvania'I have been waiting for Riccardo to write this book for years, and finally the wait is over! This book represents a brilliant combination of theory and practice as used by practitioners in a lucid yet rigorous manner. I can confidently say that the depth of perception that this book brings will be indispensable for anyone interested in understanding bonds and the yield curve, especially in today's market environment.' Vineer Bhansali, LongTail Alpha'Rebonato's book integrates practical aspects of yield curve investing with the most up-to-date research. It is a superb synthesis for anyone interested in rigorous analysis of these capital markets, which are among the most important globally.' Ian Cooper, London Business School, University of London'Rebonato takes readers on a thought-provoking journey that will elevate their thinking about term-structure modeling. In this journey, they will likely become increasingly familiar and comfortable with some simple mathematical techniques that are new to them.' Enterprising Investor, CFA Institute (www.blogs.cfainstitute.org)Table of ContentsPart I. The Foundations: 1. What this book is about; 2. Definitions, notation, and a few mathematical results; 3. Links between models, monetary policy, and the macroeconomy; 4. Bonds: their risks and their compensations; 5. The risk factors in action; 6. Principal components: theory; 7. Principal components: empirical results; Part II. The Building Blocks – A First Look: 8. A preview – a first look at the Vasicek model; 9. Expectations; 10. Convexity – a first look; Part III. No Arbitrage: 11. No arbitrage in discrete time; 12. No arbitrage in continuous time; 13. No arbitrage with state price deflators; 14. No-arbitrage conditions for real bonds; 15. The links with an economics-based description of rates; Part IV. Solving the Models: 16. Solving affine models: the Vasicek case; 17. First extensions; 18. A general pricing framework; 19. The shadow rate: dealing with a near-zero lower bound; Part V. The Value of Convexity: 20. The value of convexity; 21. A model-independent approach to valuing convexity; 22. Convexity: empirical results; Part VI. Excess Returns: 23. Excess returns: setting the scene; 24. Risk premia, the market price of risk, and expected excess returns; 25. Excess returns: empirical results; 26. Excess returns: the recent literature – I; 27. Excess returns: the recent literature – II; 28. Why is the slope a good predictor?; 29. The spanning problem revisited; Part VII. What the Models Tell Us: 30. The doubly-mean-reverting Vasicek model; 31. Real yields, nominal yields, and inflation: the D'Amico–Kim–Wei model; 32. From snapshots to structural models: the Diebold and Rudebush approach; 33. Principal components as state variables of affine models: the PCA affine approach; 34. Generalizations: the ACM model; 35. An affine, stochastic-market-price-of-risk model; 36. Conclusions; 37. References.

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Book SynopsisThe most provocative book written by any economist of Keynes's generation, propounding a fundamentally new approach that revolutionised economics.Table of ContentsPart I. Introduction: 1. The general theory; 2. The postulates of the classical economics; 3. The principle of effective demand; Part II. Definitions and Ideas: 4. The choice of units; 5. Expectation as determining output and employment; 6. The definition of income, saving and investment; 7. The meaning of saving and investment further considered; Part III. The Propensity to Consume: 8. The propensity to consume - i. The objective factors; 9. The propensity to consume - ii. The subjective factors; 10. The marginal propensity to consume and the multiplier; Part IV. The Inducement to Invest: 11. The marginal efficiency of capital; 12. The state of long-term expectation; 13. The general theory of the rate of interest; 14. The classical theory of the rate of interest; 15. The psychological and business incentives to liquidity; 16. Sundry observations on the nature of capital; 17. The essential properties of interest and money; 18. The general theory of employment re-stated; Part V. Money-wages and Prices: 19. Changes in money-wages; 20. The employment function; 21. The theory of prices; Part VI. Short Notes Suggested by the General Theory: 22. Notes on the trade cycle; 23. Notes on mercantilism, the usury laws, stamped money and theories of under-consumption; 24. Concluding notes on the social philosophy towards which the general theory might lead.

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Book SynopsisThis Element examines efforts to strengthen Economic and Monetary Union in the European Union, especially over the last decade. It also reviews the wide-ranging reforms undertaken since the crises of the early 2010s and assesses whether they go far enough.Table of Contents1. Introduction; 2. Was the EMU project wise?; 3. Defining a complete and genuine economic and monetary union; 4. The euro in its third decade: from crisis to serenity…and back?; 5. The broadening EMU governance framework assessed; 6. The findings of the survey are revealing; 7. Unfinished business; 8. Conclusions; References; Annex I.

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