Money, finance, and the real economy : what went wrong? / Anton Brender, Florence Pisani and Emile Gagna ; translated into English by Francis Wells.

Format:

Book

Author/Creator:

Brender, Anton, author.

Pisani, Florence, author.

Gagna, Emile, author.

Contributor:

Wells, Francis, translator.

Centre for European Policy Studies (Brussels, Belgium), issuing body.

John Lammey Stewart Memorial Library Fund.

Standardized Title:

Monnaie, finance et économie réelle. English

Language:

English

French

Subjects (All):

Monetary policy.

Fiscal policy.

Economic policy.

Banks and banking, Central.

Finance, Public.

Physical Description:

ii, 120 pages : illustrations ; 24 cm

Place of Publication:

Brussels : Centre for European Policy Studies (CEPS), [2015]

Language Note:

Translated into English by Francis Wells.

Summary:

The functions of the financial system of a developed economy are often badly understood. This can largely be attributed to free-market ideology, which has spread the belief that leaving finance to its own devices would provide the best possible mechanism for allocating savings. The latest financial crisis has sparked the beginnings of a new awareness on this point, but it is far from having led to an improved understanding of the role of the financial institutions. For many people, finance remains more an enemy to be resisted than an instrument to be intelligently exploited. Its institutions, which issue and circulate money, play an important role in the working of the real economy that it would be imprudent to neglect. The allocation of savings, but also the level of activity and the growth rate depend on it. In this book, the authors carefully analyse the close links between money, finance and the real economy. In the process, they show why today the existence of a substantial potential of saving, instead of being an opportunity for the world economy, could threaten it with 'secular stagnation'.--Publisher description.

Contents:

Foreword

Introduction

1. The monetary constraint

1.1. The mechanics of the monetary constraint

1.2. A relaxation of the monetary constraint

1.3. From one rule to another

2. Monetary impulses and the response of the economy

2.1. The transmission of movements in policy rates

2.2. The incidence of interest rates on corporate spending

2.3. The incidence of interest rates on household spending

3. Information and the supply of lending

3.1. The inter-temporal dimension of macroeconomic regulation

3.2. The information tools of the savings-collectors

3.3. The role of the bond market

3.4. The analysis of debtors' solvency

4. Finance and the circulation of risks

4.1. The role of the 'traditional' markets

4.2. The role of securitisation

4.3. A new form of financial intermediation

5. The monetary constraint, financial globalisation and world growth

5.1. Monetary policies and financial globalisation

5.2. Potentially exploitable saving reserves

5.3. Constructing new financing channels

Conclusion

References.

Notes:

Includes bibliographical references (pages 117-120).

Local Notes:

Acquired for the Penn Libraries with assistance from the John Lammey Stewart Memorial Library Fund.

ISBN:

9461384181

9789461384188

OCLC:

903634983