Part I. Introduction to the Financial and Monetary Regime: 1. The financial and monetary regime; 2. Basic concepts regarding money; Part II. The Financial System Component of the Financial and Monetary Regime: 3. The financial system and the country's flow of funds; 4. Interest rates in the financial system; 5. The level of interest rates; 6. The structure of interest rates; 7. International dimensions of the financial system; Part III. The Role of Government in the Financial and Monetary Regime: 8. The basic roles of government in the financial and monetary regime; 9. Regulation and supervision of the financial system; 10. A short history of the US financial and monetary regime in action; Part IV. Five Steps to Understanding Central Banks and Central Bank Policy: 11. The five steps and step 1 - the institutional design of the central bank; 12. Central banks, base money and the money supply; 13. Step 2 - tools of monetary policy and step 3 - monetary policy instruments; 14. Step 4 - the central bank model of the economy; 15. Step 5 – final policy targets; 16. Monetary policy tactics, strategy and rules versus discretion; Part V. Performance of the US financial and monetary regime: 17. Four important periods in the US financial and monetary regime.
This is a short, inexpensive textbook that teaches students the fundamentals of money and banking in a clear, narrative form.
Professor Thomas F. Cargill has taught and conducted research on financial and monetary economics at the University of California, Davis; University of Hawaii at both Honolulu and Ho Chi Minh City, Vietnam; California State University, Sacramento; Purdue University, Indiana; and since 1973, the University of Nevada, Reno. He has written extensively as a single and joint author on US financial and central banking issues and has also conducted similar research on China, Korea, Japan, and Vietnam. His work has been published in the Journal of Economic History, Credit and Banking, the Journal of Finance, the Journal of Political Economy, Review of Economics and Statistics, and International Finance.
'This text is truly an original approach to the topic. Cargill
analyses the role of markets, regulation, and monetary policy to
illuminate the financial system for students. His inclusion of
Public Choice Theory is innovative. He unites the work of thinkers
as diverse as John Taylor and Hyman Minsky to produce a coherent
analysis of the modern financial system. I highly recommend it.'
Gerald P. O'Driscoll, Jr, Cato Institute, Washington, DC, and
former vice president at the Federal Reserve Bank of Dallas, and
Citigroup
'Professor Cargill's book offers a refreshing new look at the US
financial system, regulation, and operations of the Federal Reserve
System. By emphasizing political economy and historical aspects,
this book encourages students to look beyond traditional macro
models and into the actual formulation, working operations and
limitations of financial and monetary policy.' Michael M.
Hutchison, University of California, Santa Cruz
'Combining a nice mix of economic theory, institutional analysis
and historical perspective, and bringing to bear a life-time of
research and study, Thomas F. Cargill explains in a very
comprehensive and clear way how the modern financial system works
to support the real economy and how it is influenced by government
regulation and monetary policy. Not only teachers and students of
money and banking, but any engaged citizen wishing to bolster their
financial literacy will find this authoritative volume tremendously
valuable.' Paul Sheard, Chief Economist, S&P Global
'This book is a great introduction to basic concepts about money
and banking in a real world context of politics and
regulation. Students in my financial regulation courses will
now have a non-technical book they can read as background to
regulatory and policy debates.' Hal S. Scott, Nomura Professor and
Director of the Program on International Financial Systems (PIFS),
Harvard Law School
'Professor Cargill's new book is a welcome addition to the stock of
knowledge on financial matters and monetary policy. It fills a gap
in the literature in providing a condensed, accessible and yet
rigorous integration of strands of literature in financial and
monetary economics that are seldom presented together in a unified
framework. A great effort!' Federico Guerrero, University of
Nevada
'Professor Cargill has incorporated his many years of teaching and
working experience in international finance and monetary markets
into this textbook making it very comprehensive, succinct, and
well-structured. Although with very little background on finance, I
find this book captivating and very easy to understand.' Thanh
Phan, Director of Marketing and Recruitment, and Executive MBA
Program in Vietnam, Shidler College of Business, University of
Hawai'i
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