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Modern Monetary Theory: Key Insights, Leading Thinkers
Providing an up-to-date account of Modern Monetary Theory (MMT) with contributions from the world’s leading experts, each chapter offers new insights on the topic, building upon MMT’s established body of work. This innovative book analyses key economic issues from a wide set of regions including the UK, Europe and the Global South, addressing previous concerns that MMT is too US-focused.Alongside ground-breaking research written by MMT’s original developers and leading academics, the book also includes contributions from economic historians and public policy campaigners, highlighting how MMT contributes to challenging neoliberalism and the hegemony of mainstream macroeconomics. Offering an examination of the existing legal, institutional and policy framework which governs the UK Exchequer in particular, it examines how the central claims of MMT map onto the financial activities of the UK government.This will be key reading for undergraduate and postgraduate economics students, as well as more advanced scholars of the discipline, particularly for those looking into theories of finance, money and banking. It will also have a wider appeal across the social sciences, including politics and sociology students.
Modern Monetary Theory and European Macroeconomics (Routledge International Studies in Money and Banking)
by Dirk H. EhntsThis book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits – central bank deposits and bank deposits – are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.
Modern Monetary Theory and European Macroeconomics (Routledge International Studies in Money and Banking)
by Dirk H. EhntsThis book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits – central bank deposits and bank deposits – are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.
Modern Money and the Rise and Fall of Capitalist Finance: The Institutionalization of Tusts, Personae and Indebtedness (Routledge Frontiers of Political Economy)
by Jongchul KimModern Money and the Rise and Fall of Capitalist Finance examines the true nature of modern money and seeks ideas for an alternative economic system for a just society. This book suggests that adopting the ideas and institutions of a trust allowed personae to be combined with creditor-debtor relations and, by doing so, led to the evolution of modern money. This also helps explain why modern banking arose in England rather than continental Europe, by conceptualizing modern money as a trust and investigating the inseparable relationship between personae and modern money, because it is more than creditor-debtor relations - it takes the form of a trust. In explaining how the capitalist credit-money economy differs from previous economies, this book is a significant contribution to the literature on modern money, heterodox economics and the philosophy of economics and finance.
Modern Money and the Rise and Fall of Capitalist Finance: The Institutionalization of Tusts, Personae and Indebtedness (Routledge Frontiers of Political Economy)
by Jongchul KimModern Money and the Rise and Fall of Capitalist Finance examines the true nature of modern money and seeks ideas for an alternative economic system for a just society. This book suggests that adopting the ideas and institutions of a trust allowed personae to be combined with creditor-debtor relations and, by doing so, led to the evolution of modern money. This also helps explain why modern banking arose in England rather than continental Europe, by conceptualizing modern money as a trust and investigating the inseparable relationship between personae and modern money, because it is more than creditor-debtor relations - it takes the form of a trust. In explaining how the capitalist credit-money economy differs from previous economies, this book is a significant contribution to the literature on modern money, heterodox economics and the philosophy of economics and finance.
Modern Money Theory: A Simple Guide to the Monetary System (Professional Practice in Governance and Public Organizations)
by Dirk EhntsThis book explains how central banks, banks and governments create money. Written in an accessible style, this book provides an introduction to modern monetary theory without requiring any prior knowledge of economics. It covers the most important aspects of monetary theory, including inflation targeting, government spending, and international trade, as well as economic policy to achieve macroeconomic goals, such as price stability, full employment and sustainable use of resources. Accordingly, it offers a valuable asset for students of economics, central bankers, banking professionals, and academics alike.
Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems
by L. Randall WrayIn a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from acting in the public interest.
Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems
by L. Randall WrayThis second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
Modern Money Theory: A Primer On Macroeconomics For Sovereign Monetary Systems, Second Edition
by L. Randall Wray
Modern Multi-Factor Analysis of Bond Portfolios: Critical Implications for Hedging and Investing
by Giovanni Barone Adesi Nicola CarcanoWhere institutions and individuals averagely invest the majority of their assets in money-market and fixed-income instruments, interest rate risk management could be seen as the single most important global financial issue. However, the majority of the key techniques used by most investors were developed several decades ago, and the advantages of multi-factor models are not fully recognised by many researchers and practitioners.This book provides clear and practical insight into bond portfolios and portfolio management through key empirical analysis. The authors use extensive sets of empirical data to describe the value potentially added by more recent techniques to manage interest rate risk relative to traditional techniques and to present empirical evidence of such an added value. Beginning with a description of the simplest models and moving on to the most complex, the authors offer key recommendations for the future of rate risk management.
Modern Multidimensional Scaling: Theory and Applications (Springer Series in Statistics)
by I. Borg P. J. GroenenThe first edition was released in 1996 and has sold close to 2200 copies. Provides an up-to-date comprehensive treatment of MDS, a statistical technique used to analyze the structure of similarity or dissimilarity data in multidimensional space. The authors have added three chapters and exercise sets. The text is being moved from SSS to SSPP. The book is suitable for courses in statistics for the social or managerial sciences as well as for advanced courses on MDS. All the mathematics required for more advanced topics is developed systematically in the text.
A Modern Nordic Saga: Politics, Economy And Society
by Ryszard M. CzarnyThis book focuses on the Nordic countries through a European perspective and wishes to draw attention to their place in the new world order. The volume emphasizes the specificity of their cooperation within the region itself as well as within the European Union, and stresses the importance of the Nordic region as an area of possibilities and tangible chances resulting from the challenges of globalization.The social, cultural, political and economic dimensions of these countries are characterized by cooperation among states, their collaboration with other regional organizations and within international projects, as well as exchange of viewpoints on the specificity of the current Norden issues. The cooperation of the Nordic countries and their inhabitants as well as migrations between the Scandinavian states have been a trademark of the common and shared history of Norden.
Modern Optimization Modelling Techniques (Advanced Courses in Mathematics - CRM Barcelona)
by Roberto Cominetti Francisco Facchinei Jean B. LasserreThe theory of optimization, understood in a broad sense, is the basis of modern applied mathematics, covering a large spectrum of topics from theoretical considerations (structure, stability) to applied operational research and engineering applications. The compiled material of this book puts on display this versatility, by exhibiting the three parallel and complementary components of optimization: theory, algorithms, and practical problems.The book contains an expanded version of three series of lectures delivered by the authors at the CRM in July 2009. The first part is a self-contained course on the general moment problem and its relations with semidefinite programming. The second part is dedicated to the problem of determination of Nash equilibria from an algorithmic viewpoint. The last part presents congestion models for traffic networks and develops modern optimization techniques for finding traffic equilibria based on stochastic optimization and game theory.
Modern Optimization Techniques with Applications in Electric Power Systems (Energy Systems)
by Soliman Abdel-Hady Soliman Abdel-Aal Hassan MantawyThis book presents the application of some AI related optimization techniques in the operation and control of electric power systems. With practical applications and examples the use of functional analysis, simulated annealing, Tabu-search, Genetic algorithms and fuzzy systems for the optimization of power systems is discussed in detail. Preliminary mathematical concepts are presented before moving to more advanced material. Researchers and graduate students will benefit from this book. Engineers working in utility companies, operations and control, and resource management will also find this book useful.
Modern Organisational Governance (Developments in Corporate Governance and Responsibility #12)
by David Crowther Shahla SeifiIt is apparent that all forms of organisation have governance requirements and procedures but too often we just consider governance in a corporate environment. Equally it is accepted that the concept of governance is concerned with the relationship between the organisation and all of its stakeholders but is too often interpreted as a concern for the relationship between a corporation and its investors. Still this is essentially true as far as most corporations are concerned. Such narrow views are unrealistic and are inappropriate in the modern global world which we inhabit and many would blame problems with governance for the economic and financial turmoil which the world has experienced during the last decade. Much analysis has been undertaken about governance but little in the way of change is manifest and few seem to recognise both the need to consider radical changes in the modern global environment and the opportunities and possibilities presented by the current environment. In this book therefore we take a broad (and possibly radical) approach and consider governance requirements in the modern world - not just for corporations but for all forms of organisation.
Modern Organisational Governance (Developments in Corporate Governance and Responsibility #12)
by David Crowther Shahla SeifiIt is apparent that all forms of organisation have governance requirements and procedures but too often we just consider governance in a corporate environment. Equally it is accepted that the concept of governance is concerned with the relationship between the organisation and all of its stakeholders but is too often interpreted as a concern for the relationship between a corporation and its investors. Still this is essentially true as far as most corporations are concerned. Such narrow views are unrealistic and are inappropriate in the modern global world which we inhabit and many would blame problems with governance for the economic and financial turmoil which the world has experienced during the last decade. Much analysis has been undertaken about governance but little in the way of change is manifest and few seem to recognise both the need to consider radical changes in the modern global environment and the opportunities and possibilities presented by the current environment. In this book therefore we take a broad (and possibly radical) approach and consider governance requirements in the modern world - not just for corporations but for all forms of organisation.
Modern Oriental Corporate Culture: A Case Collection
by Yong Su Lanjian ChenThe book covers Oriental management theories as well as their applications; research on positivism; long-term focus; exclusive interviews and accumulating first-hand data, etc. It also addresses the following topics: Chinese family businesses that have survived for more than one hundred years(e.g. INFINITUS, Beijing TRT); Chinese enterprises and firms that follow the oriental management culture serve as the dynamic engines to the 2nd largest economic entity in the world (e.g., Huawei Technologies Co., Ltd., Mengniu Dairy Gr., Hainan Airlines and so on); Eastern and western managerial cultures that have been growing within Chinese businesses(e.g., Hainan Airlines, INFINITUS); Varied schools such as Confucianism, Taoism, Buddhism, legalism, Military Strategists, Mohist School remain vital but at the same time Chinese businesses and firms welcome and extract the essence of western managerial civilization rather than reject it, etc. These areas will be of particular interest to readers, and the purpose of the book is not only to acquaint the reader with China by providing information about Chinese businesses and firms, but also to provide a royal road to doing business with China as well as allowing them to learn about Chinese managerial wisdom.
Modern Partnership Law (Routledge Revivals)
by David Milman Terence FlanaganFirst published in 1983, Modern Partnership Law departs from the traditionally stale treatment of the subject. The amount of effort being made to encourage small businesses has made partnership law particularly relevant. This book contains chapters on partnership finance; employees; partnerships between spouses and legal intervention in partnership law. In an attempt to move away from citing hackneyed nineteenth century English authorities on this subject, greater prominence is given to Commonwealth cases. This book should be a stimulating addition to the list of all law students.
Modern Partnership Law (Routledge Revivals)
by David Milman Terence FlanaganFirst published in 1983, Modern Partnership Law departs from the traditionally stale treatment of the subject. The amount of effort being made to encourage small businesses has made partnership law particularly relevant. This book contains chapters on partnership finance; employees; partnerships between spouses and legal intervention in partnership law. In an attempt to move away from citing hackneyed nineteenth century English authorities on this subject, greater prominence is given to Commonwealth cases. This book should be a stimulating addition to the list of all law students.
A Modern Perspective of Islamic Economics and Finance (Emerald Points)
by Ahmet Suayb GundogduTraditionally, academic reflections on Islamic economics and finance have relied on a misleading understanding of Maqasid Al-Shari’ah. Much of the current research on the subject dogmatically adheres to the teachings of classical Islamic philosophers and does not appeal to practitioners of economics and finance who are looking for guidance on practical application rather than academic verbosity. This book aims to develop a blueprint for Islamic economics and finance by starting at the grass roots of trade and commerce. The majority of the world population, both in developed countries and emerging markets, have serious concerns over financial sustainability for themselves or their children. Islamic finance is meant to support an economy through genuine transactions and fulfil a duty to achieve a fair and prosperous society. Unfortunately, the industry has failed to fulfil this proposition and converged to conventional systems that do not link to the wider economic priorities of Islam. This book positions Islamic finance within the economic priorities of Islam while providing a cohesive understanding of Islamic economics and finance in a clear and practical manner. In doing so, the book provides the to-dos and not-to-dos of Islamic economics and finance, and instigates an Islamic monetary system in which people, not central banks, create money as long as they produce things demanded by other people.
A Modern Perspective of Islamic Economics and Finance (Emerald Points)
by Ahmet Suayb GundogduTraditionally, academic reflections on Islamic economics and finance have relied on a misleading understanding of Maqasid Al-Shari’ah. Much of the current research on the subject dogmatically adheres to the teachings of classical Islamic philosophers and does not appeal to practitioners of economics and finance who are looking for guidance on practical application rather than academic verbosity. This book aims to develop a blueprint for Islamic economics and finance by starting at the grass roots of trade and commerce. The majority of the world population, both in developed countries and emerging markets, have serious concerns over financial sustainability for themselves or their children. Islamic finance is meant to support an economy through genuine transactions and fulfil a duty to achieve a fair and prosperous society. Unfortunately, the industry has failed to fulfil this proposition and converged to conventional systems that do not link to the wider economic priorities of Islam. This book positions Islamic finance within the economic priorities of Islam while providing a cohesive understanding of Islamic economics and finance in a clear and practical manner. In doing so, the book provides the to-dos and not-to-dos of Islamic economics and finance, and instigates an Islamic monetary system in which people, not central banks, create money as long as they produce things demanded by other people.
The Modern Plantation in the Third World (Routledge Library Editions: Commodities #3)
by Edgar Graham Ingrid FloeringOriginally published in 1984, this was the first study to define and rationalise the character and functions of the plantation in the contemporary world. The author, Edgar Graham, was uniquely placed to do this having had long experience of Unilever’s plantations in West Africa, Zaire, Malaysia and the Pacific. Writing as a pragmatist, from observed fact, his starting point was the fact that the ‘modern plantation’ bears very little resemblance to that of the past, on which most hostile accounts are still based. Two changes altered the very nature of the issue: First, the 20th Century plantation existed within an economic framework controlled by independent governments. Secondly, the rapid development in technology has revolutionised most aspects of plantation production. The result, it is argued, is that the modern plantation offers host governments the option of using this as the most efficient way of utilising available factors of production to provide a maximum social return. Exemplified by case studies, this study presents a powerful argument for the continue use of the plantation system when properly applied to a variety of tropical crops.
The Modern Plantation in the Third World (Routledge Library Editions: Commodities #3)
by Edgar Graham Ingrid FloeringOriginally published in 1984, this was the first study to define and rationalise the character and functions of the plantation in the contemporary world. The author, Edgar Graham, was uniquely placed to do this having had long experience of Unilever’s plantations in West Africa, Zaire, Malaysia and the Pacific. Writing as a pragmatist, from observed fact, his starting point was the fact that the ‘modern plantation’ bears very little resemblance to that of the past, on which most hostile accounts are still based. Two changes altered the very nature of the issue: First, the 20th Century plantation existed within an economic framework controlled by independent governments. Secondly, the rapid development in technology has revolutionised most aspects of plantation production. The result, it is argued, is that the modern plantation offers host governments the option of using this as the most efficient way of utilising available factors of production to provide a maximum social return. Exemplified by case studies, this study presents a powerful argument for the continue use of the plantation system when properly applied to a variety of tropical crops.
Modern Police Leadership: Operational Effectiveness at Every Level
by Mark Roycroft Lindsey BrineThis edited textbook covers a range of key operational and strategic aspects of police administration, from experts who have both an academic and practitioner background. It sets out the modern challenges and demands facing the police and then covers the theory and practice of how to deal with such issues, including the leadership skills which are required at every level. These challenges are covered in sections on the use of force, international policing, investigation of new crimes and forensic investigation, counter-terrorism, intelligence, mental well-being, and community policing. Some of the key themes discussed include dealing with public demand for police services, diversity and partnership/interoperability working locally, regionally and internationally. This book is designed at all levels of warranted officer and speaks to undergraduate and postgraduate policing students with a range of pedagogic features including seminar and exam questions.
Modern Political Economics: Making Sense of the Post-2008 World
by Yanis Varoufakis Joseph Halevi Nicholas TheocarakisOnce in a while the world astonishes itself. Anxious incredulity replaces intellectual torpor and a puzzled public strains its antennae in every possible direction, desperately seeking explanations for the causes and nature of what just hit it. 2008 was such a moment. Not only did the financial system collapse, and send the real economy into a tailspin, but it also revealed the great gulf separating economics from a very real capitalism. Modern Political Economics has a single aim: To help readers make sense of how 2008 came about and what the post-2008 world has in store. The book is divided into two parts. The first part delves into every major economic theory, from Aristotle to the present, with a determination to discover clues of what went wrong in 2008. The main finding is that all economic theory is inherently flawed. Any system of ideas whose purpose is to describe capitalism in mathematical or engineering terms leads to inevitable logical inconsistency; an inherent error that stands between us and a decent grasp of capitalist reality. The only scientific truth about capitalism is its radical indeterminacy, a condition which makes it impossible to use science's tools (e.g. calculus and statistics) to second-guess it. The second part casts an attentive eye on the post-war era; on the breeding ground of the Crash of 2008. It distinguishes between two major post-war phases: The Global Plan (1947-1971) and the Global Minotaur (1971-2008). This dynamic new book delves into every major economic theory and maps out meticulously the trajectory that global capitalism followed from post-war almost centrally planned stability, to designed disintegration in the 1970s, to an intentional magnification of unsustainable imbalances in the 1980s and, finally, to the most spectacular privatisation of money in the 1990s and beyond. Modern Political Economics is essential reading for Economics students and anyone seeking a better understanding of the 2008 economic crash.