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Banking, Monetary Policy and the Political Economy of Financial Regulation

Essays in the Tradition of Jane D'Arista Edited by Gerald A. Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts, Amherst, US, Tom Schlesinger, formerly at Financial Markets Center and Matías Vernengo, Full Professor, Bucknell University, US
The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D’Arista, among others. Now, writing in the tradition of D’Arista's extensive work, the internationally renowned contributors to this thought-provoking book discuss research carried out on various indicators of the crisis and illustrate how these perspectives can contribute to productive thinking on monetary and financial policies.

Extent: 392 pp
Hardback Price: £95.00 Web: £85.50
Publication Date: 2014
ISBN: 978 1 84844 367 9
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  • Economics and Finance
  • Financial Economics and Regulation
  • Political Economy
  • Politics and Public Policy
  • Political Economy
The many forces that led to the economic crisis of 2008 were in fact identified, analyzed and warned against for many years before the crisis by economist Jane D’Arista, among others. Now, writing in the tradition of D’Arista's extensive work, the internationally renowned contributors to this thought-provoking book discuss research carried out on various indicators of the crisis and illustrate how these perspectives can contribute to productive thinking on monetary and financial policies.

Topics addressed include monetary policy, financial markets, financial history, liquidity, institutions and global finance, with an emphasis on the ways in which theory and policy can be applied toward the goal of a more equitable and civilized society. The book’s contributors hail from across the globe and offer a range of both academic and policy-making perspectives.

This fascinating book will appeal to students and scholars of economics, particularly those with an interest in international finance and banking, financial regulation, and political economy
‘Jane D’Arista is one of those towering figures who thinks way ahead of the conventional understandings. A generation ago she recognized the distorted architecture of finance and banking and described in lucid detail the reform agenda for restoring a stable and equitable system. Written in the tradition of D’Arista, the essays in this important collection point the way toward overcoming the recurrent financial disorders of our gilded age. Like Jane D’Arista’s work, this timely volume demands the attention of both policy experts and the politicians who must do the reconstruction.’
– William Greider, author of Secrets of the Temple: How the Federal Reserve Runs the Country
Contributors: R.A. Blecker, P. Bond, J. Crotty, G.A. Dymski, G.A. Epstein, K. Ertürk, J.K. Galbraith, R.N. McCauley, P. Mehrling, D.H. Nielson, G. Özgür, T. Palley, E. Pérez Caldentey, C. Rada, E.D. Russell, T. Schlesinger, M. Seccareccia, L. Taylor, M. Vernengo, R.H. Wade, M.H. Wolfson
Contents:

PART I: APPRECIATION AND INTRODUCTION
1. Jane D’Arista: An Appreciation
Tom Schlesinger

2. Introduction
Gerald A. Epstein, Tom Schlesinger and Matías Vernengo

PART II: FEDERAL RESERVE POLICY
3. From Milton Friedman to Jane D’Arista: The Financial Crisis and the Dilemma Facing the Central Banks
James K. Galbraith

4. Federal Reserve Priorities and the Influence of Capital: The Evolution of Monetary Policy in the Postwar Period
Martin H. Wolfson

5. Heterodox Central Bankers: Eccles, Prebisch and Financial Reform
Matías Vernengo and Esteban Pérez Caldentey

PART III: FINANCIAL HISTORY AND INSTITUTIONS
6. Nurturing US Securities Firms: A Century of Public Policy
Robert N. McCauley

7. Lessons from the Glass-Steagall Act
Ellen D. Russell

8. The Financial Trilemma and the Future of American Banking
Gary A. Dymski

9. Boulevard to Broken Dreams: The Standards-Surveillance-Compliance System in the Run-up to the Crash of 2008
Robert H. Wade

PART IV: GLOBAL FINANCE
10. Would a North American Monetary Union Protect Canada and Mexico Against the Ravages of ‘Dutch Disease’? A Post-Financial Crisis Perspective
Robert A. Blecker and Mario Seccareccia

11. Rethinking the Economics of Capital Mobility and Capital Controls
Thomas Palley

12. Global Economic Volatility and Slap-Dash Repairs to the International Financial Architecture
Patrick Bond

PART V: THEORETICAL CONSIDERATIONS
13. Liquidity, Leverage, and Financial Instability
Lance Taylor

14. The Decline of Traditional Banking and Endogenous Money
Korkut Ertürk and Gökçer Özgür

15. A New Measure of Liquidity Premium
Perry Mehrling and Daniel H. Nielson

16. The Last Refuge of Scoundrels: Keynes-Minsky Perspectives on the Uses and Abuses of the ‘Liquidity Defense’
James Crotty and Gerald A. Epstein

17. A Note on Growth and Distribution Dynamics in an Economy with Population Ageing
Codrina Rada

Index