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Raffaele Mattioli Lectures : Towards a New Paradigm in Monetary Economics - Joseph E. Stiglitz

Raffaele Mattioli Lectures

Towards a New Paradigm in Monetary Economics

Hardcover Published: 2nd February 2015
ISBN: 9780521810340
Number Of Pages: 344

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Towards a New Paradigm for Monetary Economics presents a pioneer treatment of critical topics in monetary economics. Unlike the prevailing monetary theory, this book focuses not on the role of money in facilitating transactions, but on the role of credit in facilitating economic activities more broadly. The 'new paradigm' emphasizes the demand and supply of loanable funds, which in turn requires the understanding of the imperfections of information and the role of banks. One enlightening view is that credit is quite different from other commodities in the sense that the former is based on information and default risk. The book consists of two parts. The first part develops a basic model of credit based on banks' portfolio choices. The second part is dedicated to the policy implications, among which are the liberalization of financial markets, the East Asian Crisis, the 1991 US recession and the subsequent recovery.

'... recommended reading for all monetary economists and practitioners alike.' International Affairs 'Overall this is an excellent contribution to our understanding of the functioning of modern financial markets. It will become essential reading for students, researchers, practitioners and policy-makers with an interest in the behaviour of monetary and financial systems.' Journal of International Development

Reflections on the current state of monetary economics
How finance differs
The ideal banking system
Restricted banking
Market equilibrium
From the corn economy to the monetary economy
Towards a general equilibrium theory of credit
Monetary policy
Regulatory policy and the new paradigm
Financial market liberalization
Restructuring the banking sector
Regional downturns and development of monetary policy
The East Asia Crisis
The 1991 US recession and the recovery
The new paradigm and the new economy
Concluding remarks
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521810340
ISBN-10: 0521810345
Series: Raffaele Mattioli Lectures
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 344
Published: 2nd February 2015
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 21.6 x 14.0  x 2.5
Weight (kg): 0.59

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