This major new Handbook consists of 29 contributions that explore the full range of exciting and interesting work on money and finance, currently taking place within heterodox economics. There are many themes and facets of alternative monetary and financial economics but two major ones can be identified. The first concerns the nature of money: money is credit created through the financial system in the process of loan creation. The second theme is that money is endogenous and not exogenous. Contributions to the Handbook cover the origins and nature of money, detailed analyses of endogenous money, surveys of empirical work on endogenous money and the nature of monetary policy when money is endogenous. The second theme focuses on the financial system, and the perception that it is generally subject to volatility, instability and crisis.This Handbook will undoubtedly serve as the ultimate guide to the full spectrum of alternative monetary economics.
Philip Arestis and Malcolm Sawyer have performed an invaluable task in compiling a comprehensive Handbook, written by leading specialists, that will be required reading by upper level undergraduate and postgraduate students studying money, finance and macroeconomics as well as heterodox and monetary economists more generally.
Contents: Preface1. Money: An Alternative StoryAeric Tymoigne and L. Randall Wray2. Endogenous Money: AccommodationistMarc Lavoie3. Endogenous Money: StructuralistSheila C. Dow4. The Endogeneity of Money: Empirical EvidencePeter Howells5. Chartalism and the Tax-Driven Approach to MoneyPavlina R. Tcherneva6. French Circuit TheoryClaude Gnos7. The Italian Circuitist ApproachRiccardo Realfonzo8. The Theory of Money EmissionsSergio Rossi9. Keynes and MoneyPaul Davidson10. Minsky on Financial InstabilityElizabetta De Antoni11. Kalecki on Money and FinanceMalcolm Sawyer12. Karl Marx's Theory of Money and CreditSuzanne de Brunhoff and Duncan K. Foley 13. The Transmission Mechanism of Monetary Policy: A Critical ReviewGreg Hannsgen14. Monetary PolicyJames Forder15. Monetary Policy in an Endogenous Money EconomyThomas I. Palley16. Central Bank and Lender of Last ResortMichael Knittel, Sybille Sobczak and Peter Spahn17. The Theory of Interest RatesJohn Smithin18. The Role of Banks in the Context of Economic Development with Reference to South Korea and IndiaSantonu Basu19. Credit RationingRoy J. Rotheim20. Liquidity Preference TheoryJorg Bibow 21. Financial Liberalization and the Relationship Between Finance and GrowthPhilip Arestis22. DeregulationDorene Isenberg23. Banking and Financial CrisesGary A. Dymski24. A Post-Keynesian Analysis Financial Crisis in the Developing World and Directions for ReformIlene Grabel25. Financial BubblesMark Hayes26. Keynesian Uncertainty and MoneyGiuseppe Fontana27. Speculation, Liquidity Preference and Monetary CirculationKorkut A. Erturk28. Money and InflationMathias Vernengo 29. Interest and Money: The Property ExplanationGunnar Heinsohn and Otto SteigerIndex
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