[PDF] The Monetary System And Sovereign Money eBook

Author : Joseph Huber
Publisher : Springer
Page : 212 pages
File Size : 37,38 MB
Release : 2016-12-09
Category : Business & Economics
ISBN : 3319421743

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In coming to terms with the still smoldering financial crisis, little attention has been paid to the flaws within our monetary system and how these flaws lie at the root of the crisis. This book provides an introduction and critical assessment of the current monetary system. It begins with an up to date account of the workings of today’s system of state-backed ‘bankmoney’, illustrating the various forms and issuers of money, and discussing money theory and fallacy past and present. It also looks at related economic challenges such as inflation and deflation, asset inflation and bubble building that lead to market instability and examines the ineffectual monetary policies and primary credit markets that are failing to reach some sort of self-limiting equilibrium. In order to fix our financial system, we first need to understand its limitations and the flaws in current monetary and regulatory policy and then correct them. The concluding part of this book is dedicated to the latter, advocating a move towards the sovereign monetary prerogatives of issuing the entire stock of official money and benefitting from the gain thereof (seigniorage). The author argues that these functions should be made the sole responsibility of independent and impartial central banks with full control over the stock of money (not the uses of money) on the basis of a legal mandate that would be more detailed than is the case today. This includes a thorough separation of monetary and fiscal powers, and of both from banking and wider financing functions. This book provides a welcome addition to the banking literature, guiding readers through the inner workings of our monetary and regulatory environments and proposing a new way forward that will better protect our economy from financial instability and crisis.

Author : L. Randall Wray
Publisher : Springer
Page : 322 pages
File Size : 48,71 MB
Release : 2015-09-22
Category : Business & Economics
ISBN : 1137539925

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This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

Author : Tim Mauch
Publisher : GRIN Verlag
Page : 19 pages
File Size : 45,88 MB
Release : 2019-06-17
Category : Business & Economics
ISBN : 3668958793

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Essay from the year 2019 in the subject Economics - Other, grade: 1,0, Leuphana Universität Lüneburg (Nachhaltigkeit), course: Fundamentals of sustainability economics, language: English, abstract: According to the rising demand of sustainable economic models, based on the increasing awareness that our planet cannot withhold the current pressure of the continuous economic growth, this essay raises the question whether our current monetary system creates a growth imperative and if sovereign money is an alternative to overcome this growth imperative. The essay gives an introduction into the function of the two-tier, fractional reserve banking system and reflects the consequences of the “money creation privilege” of modern private banks. Moreover, it is discussed if and how this system creates a growth imperative in our economic system. Therefore, the neutrality theory of money is criticized as well as the common idea that interest creates growth. Furthermore, the pro-cyclical behavior of private banks and the lack of control of central banks is discussed as a possible reason for growth imperative. Still as a result there is no systemic necessity to growth based on the monetary system. The monetary system is not a driving condition of the economic growth, but it lays the necessary basis for growth. The essay concludes that it is questionable that the growth imperative can be avoided with sovereign money, especially because the causality goes from economic growth to money creation and not vice versa.

Author : Benn Steil
Publisher : Yale University Press
Page : 301 pages
File Size : 28,16 MB
Release : 2009-04-01
Category : Business & Economics
ISBN : 0300156146

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Winner of the 2010 Hayek Book Prize given by the Manhattan Institute "Money, Markets and Sovereignty is a surprisingly easy read, given the complicated issues covered. In it, Mr. Steil and Mr. Hinds consistently challenge today's statist nostrums."—Doug Bandow, The Washington Times In this keenly argued book, Benn Steil and Manuel Hinds offer the most powerful defense of economic liberalism since F. A. Hayek published The Road to Serfdom more than sixty years ago. The authors present a fascinating intellectual history of monetary nationalism from the ancient world to the present and explore why, in its modern incarnation, it represents the single greatest threat to globalization. Steil and Hinds describe the current state of international economic relations as both unusual and precarious. Eras of economic protectionism have historically coincided with monetary nationalism, while eras of liberal trade have been accompanied by a universal monetary standard. But today, the authors show, an unprecedentedly liberal global trade regime operates side by side with the most extreme doctrine of monetary nationalism ever contrived—a situation bound to trigger periodic crises. Steil and Hinds call for a revival of the political and economic thinking that underlay earlier great periods of globalization, thinking that is increasingly under threat by more recent ideas about what sovereignty means.

Author : Bart Stellinga
Publisher : Springer Nature
Page : 257 pages
File Size : 22,43 MB
Release : 2021
Category : Banks and banking, Central
ISBN : 3030702502

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This Open Access book from the Netherlands Scientific Council for Government Policy explains how money creation and banking works, describes the main problems of the current monetary and financial system and discusses several reform options. This book systematically evaluates proposals for fundamental monetary reform, including ideas to separate money and credit by breaking up banks, introducing a central bank digital currency, and introducing public payment banks. By drawing on these plans, the authors suggest several concrete reforms to the current banking system with the aim to ensure that the monetary system remains stable, contributes to the Dutch economy, fairly distributes benefits, costs and risks, and enjoys public legitimacy. This systematic approach, and the accessible way in which the book is written, allows specialized and non-specialised readers to understand the intricacies of money, banking, monetary reform and financial innovation, far beyond the Dutch context [Resumen de la editorial]

Author : Kevin Dowd
Publisher : Routledge
Page : 651 pages
File Size : 36,37 MB
Release : 2020-04-03
Category : Business & Economics
ISBN : 1351291629

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Monetary and banking problems in the world today arise not so much from the failure of specific policies as from more deep-seated problems in institutional structures. Individuals clearly make mistakes and legislatures make bad laws, but the institutions from which decisions and laws emanate determine the effectiveness of social operations and the value of social decisions. Unless we change the present institutional structure, we are not likely to get stable solutions to today's most serious problems—ongoing and often erratic inflation and serious banking instability. Money and the Nation State examines the history of modern monetary and banking arrangements, some of the major monetary and banking problems, and options for meaningful reform. The common theme of all the essays is that current arrangements result less from the accomplishments of great men than man-made institutions that society has inherited—central banks and "the legal and regulatory frameworks that accompany them. The contributors emphasize the impact of political interference on the workings of monetary and financial institutions. Not surprisingly, they find many problems arise because politically generated structures are inappropriate to the real needs of the individuals and groups they are meant to serve. Money and the Nation State provides an essential framework for those willing to return to first principles in thinking about the role of monetary institutions in economic life. Economists, financial theorists, and the interested citizen will find it stimulating reading.

Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
Page : 330 pages
File Size : 42,76 MB
Release : 2010-12-09
Category : Business & Economics
ISBN : 1589069277

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The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years.

Author : Jean-François Serval
Publisher : John Wiley & Sons
Page : 312 pages
File Size : 35,83 MB
Release : 2014-11-20
Category : Business & Economics
ISBN : 1118867858

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A groundbreaking work that paves the way for a new, pro-active financial system With The Monetary System, innovative author pairing Jean-Francois Serval and Jean-Pascal Tranie devise a comprehensive economic modeling system that accounts for the unprecedented situation facing international and regional economies by developing a controversial new stance on the operation of money in society. Presenting a classification of financial instruments with a view toward their underlying legal structures, the book sheds new light on the present economic and financial problems of slow growth and rising debts, and proposes possible outcomes for the global economy. The authors have already gained international attention with their novel approach to currency, and now they turn their attention to the social function of money in all its myriad forms. The book provides a way forward in an era of increased life expectancy and other new social patterns and the social role of money provides a framework for understanding intergenerational redistribution—an urgently pressing task in our time. New aggregate financial categories and economic modeling reveal a possible foundation for increased financial stability Companion website includes key mathematical models, accounting standards, and PowerPoint slides Comprehensive theoretical underpinning presents the contemporary model of money as a social contract Insights into the current economic situation make sense of sovereign debt risk in markets around the world With questions and answers at the end of each chapter, The Monetary System will help you form a new conception of the role of money in society. Improved regulation and tax policies are needed to stabilize the global economy, and this book provides the framework for getting there.

Author : Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 54 pages
File Size : 33,95 MB
Release : 2018-09-07
Category : Business & Economics
ISBN : 1484359623

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This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.