Description
Book SynopsisThe book explains the framework of the money, liquidity and monetary policy in the USA, the Eurozone, Japan, and the United Kingdom. Even if the book is based on contemporary banking practice, it arises from careful examination of the historical development of opinions on money, liquidity and monetary policy. The authors claim that money and liquidity (and the financial system as a whole) are demonstrated best through financial statements (balance sheet and income statement) which are based on accounting. Thus any operation is clarified through double-entry record. Furthermore, the fundamentals of the payment systems are outlined.
Table of ContentsContents: Money – Monetary aggregates – Liquidity – Reserve requirements – Seigniorage – Monetary policy – Issue of currency – Operating target – Intermediate target – Ultimate target – Open market operations – Inflation targeting – Monetary policy transmission mechanism – Monetary policy channels – Foreign exchange intervention – Dollarization – Payment system.
