Towards a New Paradigm in Monetary Economics by Bruce Greenwald (English) Hardco

The Nile on eBay   Towards a New Paradigm in Monetary Economics by Bruce Greenwald, Joseph Stiglitz

Written out of the authors' thoughts and observations while serving in some renowned economic organizations, the book looks at critical topics in monetary economics and insightful policy implications, among which are the 1991 US recession, the liberalization of financial markets, and the East Asian Crisis.

FORMATHardcover LANGUAGEEnglish CONDITIONBrand New Publisher Description

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.

Author Biography

Professor of Economics, Stanford University and Senior Research Fellow of Brookings Institution. Formerly Senior Vice President and Chief Economist at World Bank. Professor of Finance, Columbia Business School.

Table of Contents

Introduction; Part I. Theory: 1. Reflections on the current state of monetary economics; 2. How finance differs; 3. The ideal banking system; 4. Restricted banking; 5. Market equilibrium; 6. From the corn economy to the monetary economy; 7. Towards a general equilibrium theory of credit; Part II. Applications: 8. Monetary policy; 9. Regulatory policy and the new paradigm; 10. Financial market liberalization; 11. Restructuring the banking sector; 12. Regional downturns and development of monetary policy; 13. The East Asia Crisis; 14. The 1991 US recession and the recovery; 15. The new paradigm and the new economy; 16. Concluding remarks.

Review

'... 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

Promotional

A pioneer treatment of monetary economics written by two of world's leading authorities.

Prizes

Winner of Nobel Prize for Economics 2001

Review Quote

'… recommended reading for all monetary economists and practitioners alike.'International Affairs

Promotional "Headline"

A pioneer treatment of monetary economics written by two of world's leading authorities.

Description for Bookstore

Written out of the authors' original thoughts and empirical observations while serving in some renowned economic organizations, the book provides a pioneer treatment of critical topics in monetary economics and insightful policy implications, among which are the 1991 US recession, the liberalization of financial markets, and the East Asian Crisis.

Description for Library

Written out of the authors' original thoughts and empirical observations while serving in some renowned economic organizations, the book provides a pioneer treatment of critical topics in monetary economics and insightful policy implications, among which are the 1991 US recession, the liberalization of financial markets, and the East Asian Crisis.

Details ISBN0521810345 Author Joseph Stiglitz Short Title TOWARDS A NEW PARADIGM IN MONE Pages 344 Publisher Cambridge University Press Series Raffaele Mattioli Lectures Language English ISBN-10 0521810345 ISBN-13 9780521810340 Media Book Format Hardcover DEWEY 332.4 Illustrations Yes Year 2003 Imprint Cambridge University Press Place of Publication Cambridge Country of Publication United Kingdom DOI 10.1604/9780521810340 UK Release Date 2003-09-04 AU Release Date 2003-09-04 NZ Release Date 2003-09-04 Publication Date 2003-09-04 Alternative 9780511615207 Audience Professional & Vocational We've got this

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