Description
Book SynopsisMonetary theory not only provides the tools to analyse monetary arrangements, it also shapes them in an essential way. The selected papers gathered together in this book deal with a variety of topics concerning both aspects of this twofold relationship. A number of controversial issues regarding the demand for money are empirically investigated and the functioning of a cashless economy is clarified by critically assessing the new monetary economics.
Filippo Cesarano shows the important role played by monetary theory in shaping the evolution of monetary arrangements. This principle is illustrated by focusing on several issues relating to both current and future developments of monetary institutions: the optimum quantity of money, the international monetary system and monetary unions. Equilibrium models are viewed as a benchmark against which the actual conditions of the economy must be set.
Money and Monetary Systems will be of great interest and value to economists specialising in monetary theory and international monetary economics, postgraduate students in economics and economic historians.
Trade Review'There is no need to venture into a lengthy discussion of this book's contents, for its readers can gain immediate access to Cesarano's own ideas simply by turning a few pages. They are now urged to do just that, in the hope that they will find as much stimulation and even pleasure as has this writer in these imaginative and open-minded essays.' -- From the foreword by David Laidler
Table of ContentsContents: Foreword David Laidler Introduction 1. On Money and Monetary Systems PART I: THE DEMAND FOR MONEY 2. Money and Quasi-Money 3. Financial Innovation and Demand for Money: Some Empirical Evidence 4. Demand for Money and Expected Inflation PART II: THE NEW MONETARY ECONOMICS 5. The New Monetary Economics and the Theory of Money 6. Legal Restrictions Theory and the Rate-of-Return Dominance of Money 7. The New Monetary Economics and Keynes’ Theory of Money PART III: MONETARY SYSTEMS 8. Monetary Systems and Monetary Theory 9. Providing for the Optimum Quantity of Money 10. Competitive Money Supply: The International Monetary System in Perspective 11. The Bretton Woods Agreements: A Monetary Theory Perspective PART IV: MONETARY UNIONS 12. On the Viability of Monetary Unions 13. Monetary Union: A Theoretical Perspective 14. Currency Areas and Equilibrium 15. The Equilibrium Approach to Optimum Currency Areas 16. Optimum Currency Areas: A Policy View PART V: ECONOMICS AS A SOCIAL SCIENCE 17. Economic History and Economic Theory Index
