Financial innovations and monetary reform: how to get out of the debt trap
Written by two leading experts on multinational accounting and billion-dollar international investment funds, this book provides a framework for a global reform of the world monetary system, and defines a decidedly new approach to dealing with public debt mortgage, an issue that we can see in many c...
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Hauptverfasser: | , |
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Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Cham
Springer
2023
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Ausgabe: | 1st ed. 2023 |
Schriftenreihe: | Future of Business and Finance
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Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Zusammenfassung: | Written by two leading experts on multinational accounting and billion-dollar international investment funds, this book provides a framework for a global reform of the world monetary system, and defines a decidedly new approach to dealing with public debt mortgage, an issue that we can see in many countries in Europe and around the world. The authors put forward a proposal for transforming sterile financial masses, which are withdrawn from the real economy as they no longer bear interest, into wealth. To facilitate this return to the real economy, the authors propose that a significant share of public debt be converted into net equities in the world of business and goods production in order to find new profitable investment projects. The idea is bold, and the authors strive to demonstrate its technical feasibility. They are convinced that this approach can accompany and enhance a movement that has already begun, namely the implementation of vast national and international investmentprograms in major infrastructures and research projects in innovative sectors.This work builds on the authors’ two previous books, which focus on the monetary system. The first, published in 2010 and including a foreword by former French Finance Minister Christine Lagarde, analyzes the new virtual dimension of money. The second, published in 2014, puts forward an innovative proposal for a new financial regulation aimed at more stable economies. This third book is intended for professionals in the financial industry, including decision makers at banks, accounting and private equity firms, as well as policymakers at central banks and government institutions involved in the implementation of financial and monetary reforms |
Beschreibung: | xxix, 191 Seiten Illustrationen |
ISBN: | 9783031241918 9783031241888 |
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Contents 1 Short History of Money from Antiquity to the Twenty-First Century. 1.1 The Origins . 1.2 Caesar and Augustus: Legal and Financial Reforms . 1.3 The Last Turn to Modern Money: The U.S. Default on Gold in1971. 8 2 The Evolution Toward Modern Money and the Path Toward Digital . 2.1 Moneyand Accounting AreClosely Linked . 2.1.1 Financial Statements: Defining the Real World and the FinancialUniverse . 2.1.2 The Real World and the Financial World . 2.1.3 The Basis for the Expression of Today’s Money . 2.1.4 Stock Markets Influence Financial Statements; Monetary Transmission . 2.1.5 One Global Language, Accounting . 2.2 The Uniqueness of the Transcription of Exchanges. 2.2.1 The Principle of the Double Part . 2.2.2 The Principle of the Annual Exercise: Integrate the Time Factor. 2.3 Accounting for Liabilities
. 2.3.1 Accounting for Financial Instruments at “Fair Value” (Addressed by IFRS 9) . 2.3.2 A New Vision of Accounting in a New World . 2.3.3 The Shortcomings of Accounting . 2.3.4 Lessons Learned from the Uncertainties of Reading the Books . 3 The Current Model, the Role of Central Banks . 3.1 The Interaction Between the Real World and the Financial World . 33 3.2 The Traditional Role of Central Banks . 3.3 The Issue of Profits and Taxation . 1 1 3 17 17 17 18 20 22 22 23 23 25 25 26 27 28 31 33 34 36 xxiii
xxiv Contents The New Positioning of Central Banks . Central Bank Accounting and Data . Functions and Tools of Central Banks . The New Crisis . The Transmission of Monetary Policies to the Non-Financial World . 42 Rates and Volumes Are the Key Tools of Central Banks’ Monetary Policies . 42 Risk Borne by Central Banks . The Relationship Between the Real World and the Financial Universe from the Point of View of Transaction Monitoring by the Central Bank . Disconnections Between the Real World and the Financial World and Leaks in the Information System . 46 Reducing the Scope of Central Bank Action . The Monetary Aspects of Distribution . 37 39 41 41 The Monetary World and Its Analytical Tools . 51 52 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 3.12 3.13 3.14 4 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 4.16 4.17 4.18 Exchanges Are the Source of Monetary Instruments . Update on the Coherence of Currency Spaces and Ils Consequences
. 53 The Transformation of the Monetary World . The Monetary Unit . Distinctions of the Medium, the Standard and the Blockchain . 56 The Stamping and the Standard. The Right to Issue aStandard . The New Approach of the Bank for International Settlements (BIS) . 60 Conceptual Discussion for an Expanded Monetary Approach . The Necessary Development of the Observation of the Single Financial Space . 64 M5 and M6: Derivatives and Separation Between Instruments . 65 The Landscape of Exchanges Through M5, M6 . Analytical Objectives of Exchange Rate Observation . The Classification of Instruments . Exchangeability Between Instruments . The New Paradigm . The Power of Seigniorage and Its Challenges Today . A Formula Test: STD (Serval, Tranié, Douady) . 5 The Monetary System, the Issues
. 5.1 What Does the Word “System” Mean When It Comes 5.2 to Money? . 77 Description of the Existing System . 43 43 46 48 54 54 57 58 60 67 69 69 70 71 71 74 77 78
Contents 5.3 5.4 5.5 5.6 5.7 5.8 5.9 6 XXV System Foundations—Independence and Sovereignty . Central Banks at the Base of the System. The American Federal Reserve Bank’s Objectives. The Central Bank of the European Union “ECB” . The People’s Bank of China (PBoC or PBC) . What Does Central Bank Independence Mean? . International Monetary Institutions . 5.9.1 The International Monetary Fund (IMF) . 5.9.2 The World Trade Organization (WTO) . 5.9.3 The Bank for International Settlements (BIS) . 5.9.4 The Main Institutions Involved in Transnational Lending . 5.9.5 The World Bank Group (WBG) . 5.9.6 Regional Development Banks . 5.9.7 Issues to Be Discussed for the Implementation of a Renewed Monetary System. 5.9.8 Financial Market Infrastructures (MFIs) . 5.9.9 The G20 Distinguishes Three Categories of Infrastructure . 93 5.9.10 Attempts to Propose Alternative Solutions to Risk Concentration . 96 5.9.11 An Extended Stabilization System from the CCPs (Central Clearing Counterparty) Could Be Considered
. 5.9.12 Topics Not Yet Adequately Addressed by Monetary or State Institutions . 97 5.9.13 International Coordination, from G7 to G20 . 5.9.14 The Current Situation . 5.9.15 The Financial Stability Board (FSB): The Necessary “Strange Animal” . 5.9.16 Toward a New World . 5.9.17 Intermediate Synthesis . The Monetary Reform, Its Stakes and Its Modalities . 6.1 6.2 6.3 The Standard as the Central Issue of a Renewed International Monetary System . 117 6.1.1 Why Would a Clear Separation Between the Unit and the Support Be a Positive Step Forward? . 6.1.2 How to Protect the Inviolability of the Standard? . 6.1.3 What Exchange Rate Parity with Other Currencies Should Be Adopted? . 120 The Objectives of Monetary Reform Within the Framework of an International Treaty . 121 What International Conference? Leadership Requirements, Participants and Transition Process . 122 79 80 80 81 82 82 83 83 87 88 89 90 90 91 93 97 101 102 108 112 114 117 119 120
xxvi Contents 6.4 6.5 6.6 6.7 6.8 6.9 7 The Rise of the FSB . 122 The G20 as a Political Leader for International Coordination . 123 Technical Skills: BIS and IMF . 124 The Role of Central Banks Needs to Be Redefined . 124 The Place of Companies in the New Monetary Framework . 125 OECD Governance . 126 The Reduction of Public Debt, the Heart of a Monetary Reform. 7.1 7.2 7.3 7.4 7.5 7.6 Possible Ways to Reduce Debt . 7.1.1 The First Path: Provoke the Reduction of the Value of the Instruments by the Rise of the Rates . 130 7.1.2 A Second Path to Debt Reduction: Organized Debt Clearance . 131 7.1.3 The Third Way: Converting Debt into Equity . Implementation of a Public Debt Reorganization Scheme . 7.2.1 Debt Reduction Process in the Western World . 7.2.2 Feasibility of the Exchange Project for Western Countries . 7.2.3 Reminder of Some Basic Data . 7.2.4 Principle of the Transformation of Public Debt into Investment Securities . 137 7.2.5 A Major Entrepreneurial Project at the Heart of a New Economic
Paradigm. 7.2.6 A Dynamic Process to Build . 7.2.7 The Transformation Process . A—The General Dimension of the Project . В—The Debt Transformation Process forthe Eurozone . 7.4.1 Creation of a Hive-Off Fund Called Transformation Fund or “TF” . 7.4.2 The Exchange of Acquired and Subscribed Shares for Debt . 145 7.4.3 Neutralization of Public Debt by Allocation of Securities Representing Investments . 146 7.4.4 Joint Commentary on the Taxation, Trading Process and Legal Status of Trading Rights in Projects . 7.4.5 The Specificity of the Exchange Scheme . 7.4.6 An Unavoidable Transformation. C—The Process for the US Dollar Zone . 7.5.1 A Realistic Global Objective . 7.5.2 The 60% Cap . D—Countries that Do Not Have Monetary Autonomy (So-Called Peripheral Countries) and Asian Countries that Together Form a Fast-Developing Zone . 129 129 132 133 133 135 135 138 139 140 141 142 143 147 148 149 149 151 152 152
xxvii Contents 7.7 7.8 7.9 E—Project Availability, Side Effects and Common Currency Issues . F—Common Success Factors, Coordination and International Aspects: Moving Toward a Multilateral Monetary World . 7.8.1 The Conditions and Challenges of a Successful TransformationPlan . 7.8.2 The Deployment of the Device and its Requirements:NoSpeculation . 157 Conclusion . 154 155 156 157 Conclusion . 163 Appendices . 167 Bibliography . 187 |
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spelling | Serval, Jean-François Verfasser (DE-588)1329472535 aut Financial innovations and monetary reform how to get out of the debt trap Jean-François Serval, Jean-Pascal Tranié Cham Springer 2023 xxix, 191 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Future of Business and Finance Written by two leading experts on multinational accounting and billion-dollar international investment funds, this book provides a framework for a global reform of the world monetary system, and defines a decidedly new approach to dealing with public debt mortgage, an issue that we can see in many countries in Europe and around the world. The authors put forward a proposal for transforming sterile financial masses, which are withdrawn from the real economy as they no longer bear interest, into wealth. To facilitate this return to the real economy, the authors propose that a significant share of public debt be converted into net equities in the world of business and goods production in order to find new profitable investment projects. The idea is bold, and the authors strive to demonstrate its technical feasibility. They are convinced that this approach can accompany and enhance a movement that has already begun, namely the implementation of vast national and international investmentprograms in major infrastructures and research projects in innovative sectors.This work builds on the authors’ two previous books, which focus on the monetary system. The first, published in 2010 and including a foreword by former French Finance Minister Christine Lagarde, analyzes the new virtual dimension of money. The second, published in 2014, puts forward an innovative proposal for a new financial regulation aimed at more stable economies. This third book is intended for professionals in the financial industry, including decision makers at banks, accounting and private equity firms, as well as policymakers at central banks and government institutions involved in the implementation of financial and monetary reforms Macroeconomics Finance, Public Business enterprises—Finance Financial services industry Finance Hardcover, Softcover / Wirtschaft/Volkswirtschaft Tranié, Jean-Pascal Verfasser (DE-588)1329472845 aut Erscheint auch als Online-Ausgabe 978-3-031-24189-5 Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034999364&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Serval, Jean-François Tranié, Jean-Pascal Financial innovations and monetary reform how to get out of the debt trap Macroeconomics Finance, Public Business enterprises—Finance Financial services industry Finance |
title | Financial innovations and monetary reform how to get out of the debt trap |
title_auth | Financial innovations and monetary reform how to get out of the debt trap |
title_exact_search | Financial innovations and monetary reform how to get out of the debt trap |
title_exact_search_txtP | Financial Innovations and Monetary Reform How to Get Out of the Debt Trap |
title_full | Financial innovations and monetary reform how to get out of the debt trap Jean-François Serval, Jean-Pascal Tranié |
title_fullStr | Financial innovations and monetary reform how to get out of the debt trap Jean-François Serval, Jean-Pascal Tranié |
title_full_unstemmed | Financial innovations and monetary reform how to get out of the debt trap Jean-François Serval, Jean-Pascal Tranié |
title_short | Financial innovations and monetary reform |
title_sort | financial innovations and monetary reform how to get out of the debt trap |
title_sub | how to get out of the debt trap |
topic | Macroeconomics Finance, Public Business enterprises—Finance Financial services industry Finance |
topic_facet | Macroeconomics Finance, Public Business enterprises—Finance Financial services industry Finance |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034999364&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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