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In coming to terms with the still smoldering financial crisis, little attention has been paid to the flaws within our monetary system and how these flaws lie at the root of the crisis. This book provides an introduction and critical assessment of the current monetary system. It begins with an up to date account of the workings of today’s system of state-backed ‘bankmoney’, illustrating the various forms and issuers of money, and discussing money theory and fallacy past and present. It also looks at related economic challenges such as inflation and deflation, asset inflation and bubble building that lead to market instability and examines the ineffectual monetary policies and primary credit markets that are failing to reach some sort of self-limiting equilibrium. In order to fix our financial system, we first need to understand its limitations and the flaws in current monetary and regulatory policy and then correct them. The concluding part of this book is dedicated to the latter, advocating a move towards the sovereign monetary prerogatives of issuing the entire stock of official money and benefitting from the gain thereof (seigniorage). The author argues that these functions should be made the sole responsibility of independent and impartial central banks with full control over the stock of money (not the uses of money) on the basis of a legal mandate that would be more detailed than is the case today. This includes a thorough separation of monetary and fiscal powers, and of both from banking and wider financing functions. This book provides a welcome addition to the banking literature, guiding readers through the inner workings of our monetary and regulatory environments and proposing a new way forward that will better protect our economy from financial instability and crisis.

Public finance --- Private finance --- Economic policy and planning (general) --- banken --- economische politiek --- sociale interventies --- overheidsfinanciën --- bankwezen --- 333.400 --- 333.111.40 --- Geldwezen: algemeenheden. --- Gelduitgifte en gelddekking: algemeen. --- Banks and banking. --- Finance, Public. --- Economic policy. --- Banking. --- Public Finance. --- Economic Policy. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Cameralistics --- Public finances --- Currency question --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Geldwezen: algemeenheden --- Gelduitgifte en gelddekking: algemeen

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The 1990s saw a revival of the currency board system, and proponents have advocated it as an easy-to-set-up exchange rate arrangement providing effective stabilization of the economy. However, the experience of Argentina has highlighted the risks of having a currency board. This study presents both the potential benefits, as well as the risks, of having a currency board by examining the stability of the currency board arrangement and identifying factors affecting the stability. The analysis is based on second-generation currency crisis models, extended to incorporate currency-board specific features and to account for particular aspects often found in currency-board economies.

AA / International- internationaal --- 333.825 --- 333.111.40 --- 333.420.0 --- Currency boards --- 332.414 --- Financial institutions --- Monetary policy --- Deviezenpolitiek. Interventies. --- Gelduitgifte en gelddekking: algemeen. --- Theorieën in verband met de keuze van de geldstandaard. Currency substitution. Foreign currency deposits. --- Politics & government --- Economic theory & philosophy --- Monetary economics --- Economic history --- Currency boards |v Case studies. --- Deviezenpolitiek. Interventies --- Gelduitgifte en gelddekking: algemeen --- Theorieën in verband met de keuze van de geldstandaard. Currency substitution. Foreign currency deposits --- Argentina --- Boards --- Currency --- Currency Board --- Currency Crisis --- Estonia --- Exchange Rate --- Foreign-Currency Debt --- Hong Kong --- Lithuania --- Stabilitätspolitik --- Stability --- Stukenbrock

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The spread of currency convertibility is one of the most dramatic trends of the late twentieth century. It reflects the desire of policymakers to integrate their economies into the global trading system and to attract financial capital and direct investment from abroad.In this book a team of leading international economists and economic historians look at parallel situations in the history of the international monetary system, focusing in particular on the gold standard. The concluding chapter uses a case study of modern Portugal to draw out implications for modern international monetary

Currency convertibility --- -Gold standard --- -Money --- -AA / International- internationaal --- 333.111.40 --- 333.421.4 --- 333.421.1 --- 333.111.42 --- Economic history --- Money --- -Currency convertibility --- -332.452 --- Exchange standard, Gold --- Gold exchange standard --- Standard, Gold --- Currency question --- Gold --- International liquidity --- Bimetallism --- Convertibility of currency --- Foreign exchange --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Silver --- Silver question --- Wealth --- History --- -History --- -Gelduitgifte en gelddekking: algemeen. --- Gold exchange standard. --- Gouden standaard. --- goudreserves en deviezenreserves. --- -Currency convertibility. --- Currency convertibility - History - 20th century. --- Gold standard. --- Gold standard - History - 20th century. --- Money. --- Money - History - 20th century. --- Gold standard --- Business & Economics --- Currency convertibility. --- 332.452 --- AA / International- internationaal --- Gelduitgifte en gelddekking: algemeen --- goudreserves en deviezenreserves --- Gouden standaard

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External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.

International finance --- 339.74 --- Foreign exchange --- -Foreign exchange --- -Foreign exchange rates --- -AA / International- internationaal --- EEU / Central & Eastern Europe --- LDC / Developping Countries - Pays En Développement --- 333.111.0 --- 333.111.40 --- 333.432.8 --- 333.450 --- -332.4562091724 --- 339.74 Monetaire buitenlandse politiek. Deviezenpolitiek --- Monetaire buitenlandse politiek. Deviezenpolitiek --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Rates of exchange --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Currency crises --- Government policy --- -Congresses --- Congresses --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken. --- Gelduitgifte en gelddekking: algemeen. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit. --- Rates --- Foreign exchange rates --- Change --- Taux de change --- Politique gouvernementale --- Congrès --- 332.4562091724 --- AA / International- internationaal --- Government policy&delete& --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken --- Gelduitgifte en gelddekking: algemeen --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit --- Exports and Imports --- Finance: General --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International Financial Markets --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Aspects of Economic Integration --- Price Level --- Deflation --- Currency --- Finance --- Monetary economics --- International economics --- Macroeconomics --- Exchange rate arrangements --- Exchange rate policy --- Currency markets --- Real exchange rates --- Financial markets --- Exchange rate adjustments --- Foreign exchange market --- Money --- Monetary unions --- Prices --- Mexico