Money: What It Is, How It's Created, Who Gets It, and Why It Matters [Minkštas viršelis]

(Leonard De Vinci University, France)
  • Formatas: Paperback / softback, 188 pages, aukštis x plotis: 235x159 mm, weight: 295 g, 19 Line drawings, black and white; 2 Tables, black and white; 19 Illustrations, black and white
  • Serija: Economics in the Real World
  • Išleidimo metai: 28-Mar-2018
  • Leidėjas: Routledge
  • ISBN-10: 1138228958
  • ISBN-13: 9781138228955
Kitos knygos pagal šią temą:
  • Formatas: Paperback / softback, 188 pages, aukštis x plotis: 235x159 mm, weight: 295 g, 19 Line drawings, black and white; 2 Tables, black and white; 19 Illustrations, black and white
  • Serija: Economics in the Real World
  • Išleidimo metai: 28-Mar-2018
  • Leidėjas: Routledge
  • ISBN-10: 1138228958
  • ISBN-13: 9781138228955
Kitos knygos pagal šią temą:
By enabling the storage and transfer of purchasing power, money facilitates economic transactions and coordinates economic activity. But what is money? How is it generated? Distributed? How does money acquire value and that value change? How does money impact the economy, society?This book explores money as a system of tokens that represent the purchasing power of individual agents. It looks at how money developed from debt/credit relationships, barter and coins into a system of gold-backed currencies and bank credit and on to the present system of fiat money, bank credit, near-money and, more recently, digital currencies. The author successively examines how the money circuit has changed over the last 50 years, a period of stagnant wages, increased household borrowing and growing economic complexity, and argues for a new theory of economies as complex systems, coordinated by a banking and financial system.Money: What It Is, How It’s Created, Who Gets It and Why It Matters will be of interest to students of economics and finance theory and anyone wanting a more complete understanding of monetary theory, economics, money and banking.
List of exhibits
xi
List of boxes
xiii
Introductory remarks 1(6)
1 The theory of money: basic concepts, part I
7(24)
1.1 Introduction
7(3)
1.1.1 On the nature, creation, and distribution of money
7(2)
1.1.2 On money and prices
9(1)
1.1.3 On inflation, growth, and financial and economic crises
10(1)
1.2 Can we do without money?
10(6)
1.2.1 Religious organizations
12(1)
1.2.2 Firms: the invisible, visible, and vanishing hand
13(1)
1.2.3 Post-scarcity societies
14(2)
1.3 Money, markets, and value
16(15)
1.3.1 Economic and financial instability
16(5)
1.3.2 The Quantity Theory of Money
21(1)
1.3.3 Capitalists, wage earners, and money
22(1)
1.3.4 Are free markets really self-regulating?
23(1)
1.3.5 Local and global interactions and their role in determining prices
23(2)
1.3.6 Asset pricing in financial markets
25(1)
1.3.7 Pricing goods and services in competitive markets
26(1)
1.3.8 Value and the segmentation of the economy
27(1)
Notes
28(1)
References
29(2)
2 The theory of money: basic concepts part II
31(12)
2.1 Do we need a theory of money?
31(1)
2.2 Operationalism and theories of money
32(3)
2.3 The concept of stock-flow consistency
35(1)
2.4 Money and macroeconomics
35(4)
2.5 A framework for understanding theories of money
39(4)
2.5.1 The nature of money
39(1)
2.5.2 The creation of money
40(1)
2.5.3 The distribution (or allocation) of money
40(1)
2.5.4 How money is accepted, how it acquires value, and how its value changes over time
40(1)
Notes
41(1)
References
42(1)
3 What is money?
43(30)
3.1 Some brief remarks on money throughout history
43(16)
3.1.1 Barter
44(1)
3.1.2 Commodity money
45(1)
3.1.3 Coins
46(3)
3.1.4 The emergence of a banking system and credit
49(1)
3.1.5 Paper money / banknotes
50(1)
3.1.6 Paper money becomes fiat money
51(2)
3.1.7 Bank deposits / credit money
53(6)
3.2 Alternative forms of money
59(7)
3.2.1 Near-money and the shadow banking system
60(1)
3.2.2 Digital currencies
61(3)
3.2.3 Local (alternative) currencies
64(2)
3.3 So just what is money? Metallists and Chartalists
66(7)
Notes
70(1)
References
71(2)
4 Modelling money
73(10)
4.1 Modelling coins
74(4)
4.2 Modelling fiat money
78(5)
Notes
81(1)
References
81(2)
5 How money is created
83(27)
5.1 The question of money generation
83(3)
5.2 Creating traditional forms of money
86(6)
5.2.1 Metals and other commodities as money
86(1)
5.2.2 Minting coins
87(2)
5.2.3 Printing banknotes
89(2)
5.2.4 Issuing letters of credit
91(1)
5.3 The creation of bank deposits and the multiplier
92(6)
5.3.1 The verticalist theory of money: banks as intermediaries
93(2)
5.3.2 The multiplier
95(3)
5.4 The creation of bank deposits and endogenous money generation
98(4)
5.4.1 The horizontalist theory of money: endogenous money generation
100(1)
5.4.2 The nature and function of reserves
101(1)
5.5 Nonconventional ways central banks can create money
102(2)
5.6 Other ways to create money
104(6)
5.6.1 Private credit
104(1)
5.6.2 Creating digital cash
105(1)
5.6.3 Creating private digital currencies
105(1)
5.6.4 Creating state-issued digital currencies
106(1)
Appendix 5.A The equations of the multiplier
107(1)
Notes
107(1)
References
108(2)
6 How money acquires value and how that value changes over time
110(15)
6.1 How money gains acceptance
110(4)
6.2 How money acquires value
114(2)
6.3 How the value of money changes: the elusive concept of inflation
116(4)
6.4 Chartalism and the State Theory of Money
120(5)
Appendix 6.A An overview of differential geometry
121(2)
Notes
123(1)
References
124(1)
7 Money: how it's distributed
125(21)
7.1 The question of the distribution of money
125(10)
7.1.1 The allocation of money
126(1)
7.1.2 Assets and liabilities
127(2)
7.1.3 Financing the state
129(1)
7.1.4 The distribution of coins
129(1)
7.1.5 The allocation of banknotes
130(1)
7.1.6 The allocation of reserves
131(1)
7.1.7 The "distribution" (opening) of bank deposits
132(3)
7.2 Who gets the (new) money?
135(3)
7.2.1 Conventional ways to distribute (new) money
135(1)
7.2.2 Unconventional ways to distribute (new) money: QE, QEP, HM, FM TDBs
136(2)
7.3 Persuading the sceptics: loans and bank deposits
138(3)
7.4 Closing considerations on the role of commercial banks in allocating money
141(5)
Notes
143(1)
References
144(2)
8 Money and the economy
146(32)
8.1 Money and classical economic theory
146(3)
8.2 The Theory of the Circuit of Money
149(11)
8.2.1 Classical Circuitism
149(4)
8.2.2 The changing landscape of borrowing
153(4)
8.2.3 Circuitism revisited
157(3)
8.3 Puzzles: the declining velocity of money and missing inflation
160(4)
8.4 Money and complexity
164(5)
8.4.1 Economic growth in advanced societies
165(1)
8.4.2 How do we measure economic output?
165(3)
8.4.3 Macroeconomics in the age of complexity
168(1)
8.5 Economic and financial instabilities
169(1)
8.6 Modern Money Theory
170(2)
8.7 Stock-Flow Consistent models
172(6)
Notes
174(1)
References
175(3)
Concluding remarks 178(3)
Index 181
Sergio M. Focardi is Professor of Finance and researcher at the Leonard de Vinci Pole Universitaire, Paris-La Defense, France. He is a member of the editorial board of the Journal of Portfolio Management and has authored numerous articles and books on mathematical finance, including a series of monographs for the CFA Institute Research Foundation, including the recent Equity Valuation: Science, Art, or Craft?