Description
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, Choice
Table 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
