Central banking in the modern world

alternative perspectives

Monetarism is dead! Central bankers are all Wicksellians now! They target low inflation rates, with no regard to monetary aggregates whatsoever, by acting upon short-term real rates of interest. This is the New Consensus in monetary economics, or simply the New Keynesian Synthesis. Yet, this ...

Monetary orders

ambiguous economics, ubiquitous politics

Capital flows and crises

Information dissemination in currency crises

As the complexity of financial markets keeps growing, so does the need to understand the decision-making and the coordination of the exsuing actions in the marketplace. In particular, the disclosure of information to market participants and its impact on the market outcome mertis attention. This ...

El dinero electrónico

aproximación jurídica

El objetivo de la presente monografía es realizar una aproximación jurídica a un nuevo medio de pago: el denominado dinero electrónico, que pretende ser un instrumento adecuado a las características del comercio electrónico, que permita el completo desarrollo del contrato por medios electrónicos, y que ...

The European Central Bank

the new europeqan leviathan?

David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the ...

Wealth by association

global prosperity through market unification

European monetary unification has produced a $15 trillion windfall to its member nations that is rarely discussed or accounted for in analyses of economic integration. The authors argue persuasively that the reduction in cross-border risks is directly responsible for an explosion in the value of ...

L'instabilité monétaire

Au regard de l'Histoire, l'instabilité des monnaies apparaît comme la solution la moins douloureuse aux conflits de société : les guerres et les dictatures générant l'hyperinflation. Pour l'avenir, faut-il apprendre à vivres avec l'instabilité des taux de change dont souffrent les ...

Rapport moral sur l'argent dans le monde en 2001

enjeux d'une économie mondialisée. Grands dossiers d'ethique financière. Lutte conre la délinquance financière. Equité dans la politique économique et sociale

Financial policies in emerging markets

The 1994-1995 Mexican crisis was the first in a succession of financial crises to hit emerging markets in Thailand, Indonesia, Malaysia, South Korea, Russia, Brazil, Argentina and Turkey. In almost all these cases, problems in the banking sector played a key role. Any analysis of ...

Compensazione e circolazione della moneta nei sistema di pagamento

Milton Friedman's monetary framework

a debate with his critics

In response to widespread interest in a formal complete statement analyzing aspects of the money-income relationship and clarification of his quantity theory, Milton Friedman in 1970 published "A Theoretical Framework for Monetary Analysis," and a year later "A Monetary Theory of Nominal Income," both in ...