Money capital: new monetary principles for a more prosperous society
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Princeton ; Oxford
Princeton University Press
[2024]
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xviii, 289 Seiten Illustrationen, Diagramme 235 mm |
| ISBN: | 9780691232225 |
Internformat
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Datensatz im Suchindex
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CONTENTS List of Illustrations and Tables xi xv Preface 1 2 The Poverty of Monetarism 1 1 Monetarism as Formulated by Friedman and Schwartz 3 2 Minsky’s Critique 5 3 Some Macroeconomic Puzzles 7 4 Enriching the Monetarist Framework 16 4.1 Money Is Equity 16 4.2 Money Is Sovereignty 23 4.3 Money Is Central Banking 28 5 Concluding Remarks 34 The Capital Structure of Nations 38 1 A Simple, Open Monetary Economy 43 2 The Modigliani-Miller Theorem for Nations 46 3 Optimal Capital Structure for Nations 51 3.1 Money Financing and Inflation Costs 52 3.2 Debt Financing and the Cost of Default 54 3.3 Debt Versus Equity Financing 54 4 Debt Overhang 57 5 Foreign-Exchange Reserve Management 58 vii
viii 3 CONTENTS 6 Model Predictions and Empirical Observations 61 7 Summary 67 Money, Banking, and the Lender of Last Resort 68 1 A Closed Monetary Economy Framework 79 1.1 Firms, Banks, and Inside Money 79 2 No Aggregate Uncertainty 81 81 2.1 Equilibrium with Scarce Investment Opportunities 2.2 Equilibrium with Scarce Money 4 87 3 Aggregate Uncertainty and the Bagehot Rule 92 4 Aggregate Uncertainty and the Draghi Rule 98 5 Moral Hazard 104 6 Conclusion 106 Appendix 107 How Did China Finance Its Growth? 109 1 The Extraordinary Economic Development of China 111 2 Capital Investment in China’s Growth Process 112 3 The Challenge of Raising Capital in Developing Countries 115 4 The Problems of Centralized Credit Allocation 116 5 Transformation of the Central Bank 121 6 Credit Creation and the Transformation of the Banking System 7 China Development Bank and Development Finance 124 137 8 The Evolving Capital Market Reform and Development 145 9 The Puzzle of China’s High Monetary Growth and Low Inflation 149
CONTENTS 5 ix The Coordination of Fiscal and Monetary Policy 153 1 Money and Sovereign Debt 153 2 The Institutional and Informational Frictions Affecting Fiscal and Monetary Policy 154 2.1 Institutional and Informational Frictions 155 2.2 The Functions of Monetary Policy 157 2.3 The Functions of Fiscal Policy 159 3 The Coordination of Monetary and Fiscal Policies 160 4 Policy Dominance and How to Break It 163 5 Case Study of the United States 167 5.1 Before the Great Depression (Pre-1929) 168 5.2 The Great Depression (1929-1933) 168 5.3 World War 11 (1942-1945) 171 5.4 Stagflation (1970-1981) 174 5.5 Global Financial Crisis (2007-2009) 176 5.6 The COVID-19 Pandemic (2020-2021) 179 6 Case Study of China 182 6.1 The Birth of the Centrally Planned Economy (1952-1978) 182 6.2 Early Years of Reform and Opening Up (1978-1994) 185 6.3 Asian Financial Crisis (1997) 186 6.4 Global Financial Crisis (2008) 190 6.5 Deleveraging and U.S.-China Trade Disputes (2018-2019) 192 7 A Simple Rule for Fiscal-Monetary-Financial 6 Policy Coordination 194 8 Concluding Remarks 198 Money and Sovereignty 201 1 Introduction 202 2 A Model with Two Countries 212
X CONTENTS 3 The Special Case of One Country 214 4 Two Countries 220 4.1 Equilibrium with Perfect Foreign-Exchange Markets 220 4.2 Equilibrium with Imperfect Foreign-Exchange Markets 222 5 Monetary Union 229 5.1 Welfare under a Monetary Union 229 5.2 When Is a Monetary Union Preferable? 233 6 Debt Monetization and Fiscal Transfers in a Monetary Union 238 7 Historical Perspective 241 7.1 The Protracted Struggle toward U.S. Monetary Unification 242 7.2 Collapse of the Gold Standard and Competitive Devaluations 244 7.3 The Bretton Woods System and the Return of a Quasi-gold Standard 246 7.4 The International Monetary System after the Collapse 7 of Bretton Woods 247 7.5 The Advent of the Euro 250 7.6 Currency Boards and Other Forms of Monetary Union 251 7.7 Recent Developments in the International Monetary System 252 7.8 Digital Currencies and Sovereignty 255 8 Conclusion 256 Taking Stock 259 Acknowledgments 267 References 269 Index 281 |
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| spelling | Bolton, Patrick 1957- Verfasser (DE-588)128734906 aut Money capital new monetary principles for a more prosperous society Patrick Bolton, Haizhou Huang Princeton ; Oxford Princeton University Press [2024] xviii, 289 Seiten Illustrationen, Diagramme 235 mm txt rdacontent n rdamedia nc rdacarrier bicssc / Macroeconomics bicssc / International economics bicssc / Economic history bisacsh / BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh / BUSINESS & ECONOMICS / International / General bisacsh / BUSINESS & ECONOMICS / Economic History Huang, Haizhou 1962- Verfasser (DE-588)124324991 aut Erscheint auch als Online-Ausgabe 978-0-691-23237-9 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=035024821&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bolton, Patrick 1957- Huang, Haizhou 1962- Money capital new monetary principles for a more prosperous society bicssc / Macroeconomics bicssc / International economics bicssc / Economic history bisacsh / BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh / BUSINESS & ECONOMICS / International / General bisacsh / BUSINESS & ECONOMICS / Economic History |
| title | Money capital new monetary principles for a more prosperous society |
| title_auth | Money capital new monetary principles for a more prosperous society |
| title_exact_search | Money capital new monetary principles for a more prosperous society |
| title_full | Money capital new monetary principles for a more prosperous society Patrick Bolton, Haizhou Huang |
| title_fullStr | Money capital new monetary principles for a more prosperous society Patrick Bolton, Haizhou Huang |
| title_full_unstemmed | Money capital new monetary principles for a more prosperous society Patrick Bolton, Haizhou Huang |
| title_short | Money capital |
| title_sort | money capital new monetary principles for a more prosperous society |
| title_sub | new monetary principles for a more prosperous society |
| topic | bicssc / Macroeconomics bicssc / International economics bicssc / Economic history bisacsh / BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh / BUSINESS & ECONOMICS / International / General bisacsh / BUSINESS & ECONOMICS / Economic History |
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