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Money and the Economic Process
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The common ground between money's role in the economic process at the regional, national and international levels has been highlighted by developments in Europe. "Money and the Economic Process" provides a theoretical perspective for understandin that role, and working out policy solutions within a changing behavioural and institutional environment. Using a post-Keynesian perspective, the first five chapters emphasize the interdpendence of endogenous credit creation and liquidity preference. The next five chapters emhasize money's integral role in the economic process particularly in the field of regional economics where financial integration has traditionally been presumed to eliminate any significance for money. In the concluding two chapters, a corresponding analysis is presented of money's integral role at the national and international levels.
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Table of Contents

Part 1 Methodology and the analysis of a monetary economy: the significance of the methodological framework; the different methodological bases of post Keynesian and orthodox economics; money, uncertainty and historical time. Part 2 Money supply endogeneity: the meaning of endogeneity with a theoretical framework; the meaning of endogeneity "in reality"; money supply endogeneity and the business cycle. Part 3 Speculation and the monetary circuit with particular attention to the Euro-currency market; speculation - some textual and definitional analysis; the implications of credit-financed speculation; the Euro-currency market. Part 4 Post Keynesian monetary theory for an open economy: the monetarist and global monetarist theory of money and the business cycle; a Keynesian theory of money and the business cycle in a closed economy; a Keynesian theory of money and the business cycle in an open economy. Part 5 The regional composition of the Bank multiplier process; bank multipliers; regional bank multipliers with interregional transactions; the long-run stock equilibrium position; the multiplier process in the short-run; the bank multiplier in the short-run with income adjustment; regional bank multipliers with a national banking system. Part 6 The treatment of money in regional economics: from Beare to Moore and Hill; a Keynesian theory of regional financial markets. Part 7 Incorporating money in regional economic models: the macroeconomic significance of money; money and regional economics; money in a post Keynesian regional model. Part 8 The capital account and regional balance of payments problems: the balance of payments of a region; regional balance of payments problems; the capital account; data considerations. Part 9 Money and regional development: the state of the art on money and regional development; a theory of money and regional development - a paradox of liquidity; the Canadian case. Part 10 Money and the pattern of international development: distinguishing the international context from the regional context; the finance and development literature; liquidity preference; the endogeneity of credit supply; the debt crisis and capital flight; banking structure and economic development. Part 11 The international financial system - institutional arrangements: the international financial system; the role of the state; problems and plans for reform; European monetary union.

About the Author

Sheila C. Dow, Emeritus Professor of Economics, University of Stirling, UK

Reviews

`. . . a clear expression of post Keynesian monetary thought in response to the recent economic developments at the regional, national, and international level.' -- Paul Mizen, The Economic Journal

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