Handbook

Handbook of Alternative Monetary Economics

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Edited by

Philip Arestis

University Director of Research, Cambridge Centre for Economic and

Public Policy, Department of Land Economy, University of Cambridge, UK

and

Malcolm Sawyer

Professor of Economics, University of Leeds, UK

Library of Congress Cataloguing in Publication Data

A handbook of alternative monetary economics / edited by Philip Arestis, Malcolm Sawyer.

p. cm. — (Elgar original reference)

Includes bibliographical references and index.

1. Money. 2. Monetary policy. 3. Finance. 4. Economics. I. Arestis, Philip, 1941–

II. Sawyer, Malcolm C. III. Series.

HG221.H236 2006

Contributors vii

Preface ix

1 Money: an alternative story 1

Éric Tymoigne and L. Randall Wray

2 Endogenous money: accommodationist 17

Marc Lavoie

3 Endogenous money: structuralist 35

Sheila C. Dow

4 The endogeneity of money: empirical evidence 52

Peter Howells

5 Chartalism and the tax-driven approach to money 69

Pavlina R. Tcherneva

6 French circuit theory 87

Claude Gnos

7 The Italian circuitist approach 105

Riccardo Realfonzo

8 The theory of money emissions 121

Sergio Rossi

9 Keynes and money 139

Paul Davidson

10 Minsky on financial instability 154

Elisabetta De Antoni

11 Kalecki on money and finance 172

Malcolm Sawyer

12 Karl Marx’s theory of money and credit 188

Suzanne de Brunhoff and Duncan K. Foley

13 The transmission mechanism of monetary policy: a critical review 205

Greg Hannsgen

14 Monetary policy 224

James Forder

15 Monetary policy in an endogenous money economy 242

Thomas I. Palley

16 Central bank and lender of last resort 258

Michael Knittel, Sybille Sobczak and Peter Spahn

17 The theory of interest rates 273

John Smithin

18 The role of banks in the context of economic development

with reference to South Korea and India 291

Santonu Basu

19 Credit rationing 307

Roy J. Rotheim

20 Liquidity preference theory 328

Jörg Bibow

21 Financial liberalization and the relationship between finance and growth 346

Philip Arestis

22 Deregulation 365

Dorene Isenberg

23 Banking and financial crises 385

Gary A. Dymski

24 A post-Keynesian analysis of financial crisis in the

developing world and directions for reform 403

Ilene Grabel

25 Financial bubbles 420

Mark Hayes

26 Keynesian uncertainty and money 438

Giuseppe Fontana

27 Speculation, liquidity preference and monetary circulation 454

Korkut A. Erturk

28 Money and inflation 471

Matías Vernengo

29 Interest and money: the property explanation 490

Gunnar Heinsohn and Otto Steiger

Index 509