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Money, Financial Instability and Stabilization Policy

Edited by L. Randall Wray, Professor of Economics, University of Missouri-Kansas City, US; Senior Scholar, Levy Economics Institute, US and Research Director, Centre for Full Employment and Price Stability, US and Mathew Forstater, Associate Professor of Economics and Director, Center for Full Employment and Price Stability, University of Missouri, Kansas City, US
Money, Financial Instability and Stabilization Policy consists of original articles by leading Post Keynesians, Kaleckians and other heterodox economists from the developed and developing world.

Post Keynesian literature has long been associated with the study of money, financial markets and financial instability. Indeed, this is perhaps the area to which Post Keynesians have made the greatest contributions. The authors to this volume present an overview of the latest research on monetary theory and policy, financial markets, and financial instability coming out of the Post Keynesian school of thought. They provide an indication of the wide-ranging interests and of the truly international scope of Post Keynesian research. The first half of the volume is theoretical, while the second half includes papers that are either empirical or more focused on specific concerns.
Extent: 288 pp
Hardback Price: $136.00 Web: $122.40
Publication Date: 2006
ISBN: 978 1 84542 474 9
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  • Development Studies
  • Development Economics
  • Development Studies
  • Economics and Finance
  • Development Economics
  • Post-Keynesian Economics
Money, Financial Instability and Stabilization Policy consists of original articles by leading Post Keynesians, Kaleckians and other heterodox economists from the developed and developing world.

Post Keynesian literature has long been associated with the study of money, financial markets and financial instability. Indeed, this is perhaps the area to which Post Keynesians have made the greatest contributions. The authors to this volume present an overview of the latest research on monetary theory and policy, financial markets, and financial instability coming out of the Post Keynesian school of thought. They provide an indication of the wide-ranging interests and of the truly international scope of Post Keynesian research. The first half of the volume is theoretical, while the second half includes papers that are either empirical or more focused on specific concerns.

This book will find an appreciative audience in economists generally as well as Post Keynesian, other heterodox economists and macroeconomists specifically.
Contributors: E. Carre, M. Forstater, C.A.E. Goodhart, H. Herr, M. Hudson, A. Huerta, J.A. Kregel, E. le Heron, N. Levy, G.A. Libanio, G. Mántey, J. Muñoz, J. Priewe, P.N. Snowden, E. Springler, L. Tauheed, S. Thabet, L.R. Wray
Contents:

Preface

Introduction

1. Negative Net Resource Transfers as a Minskyian Hedge Profile and the Stability of the International Financial System
Jan A. Kregel

2. Monetary and Social Relationships
Charles A.E. Goodhart

3. System Dynamics of Interest Rate Effects on Aggregate Demand
Linwood Tauheed and L. Randall Wray

4. Credibility versus Confidence in Monetary Policy
Edwin le Heron and Emmanuel Carre

5. Understanding the Link Among Uncertainty, Instability and Institutions, and the Need for Stabilization Policies: Towards a Synthesis between Post Keynesian and Institutional Economics
Slim Thabet

6. Saving, Asset-Price Inflation, and Debt-Induced Deflation
Michael Hudson

7. Unit Roots in Macroeconomic Time Series and Stabilization Policies: A Post Keynesian Interpretation
Gilberto A. Libanio

8. Mark-up Determinants and Effectiveness of Open Market Operations in an Oligopsonistic Banking Sector: The Mexican Case
Noemí Levy and Guadalupe Mántey

9. The Washington Consensus and (Non-) Development
Hansjörg Herr and Jan Priewe

10. Competition, Low Profit Margin, Low Inflation and Economic Stagnation
Arturo Huerta

11. Foundering After Floating? Exchange Rate Management and the Mexican Stock Market, 1995–2001
Jesús Muñoz and P. Nicholas Snowden

12. The Evolution of Financial Systems: The Development of the New Member States of the European Union
Elisabeth Springler

Index