This book challenges traditional notions and offers a new perspectives on the nature, role and use of money. It offers analyses and proposals aimed at reshaping our comprehension of money, its genesis, and its pivotal role within the economy (in particular, globalized ones).
The book is structured into three parts, each tackling various facets of monetary economics, drawing from the author's prior research and confronting such fundamental quandaries as the essence of money, money's genesis by commercial banks, the economic ramifications of banks' money creation power, the value of money (vis à vis other assets), and the implications of changes in the value of money for the policy space in globalized economies.
This book aims to conceptualize innovative solutions to create more resilient and stable monetary systems while taking into account the intricate interplay between money, banks and government budgets in today's globalized economic landscape. Overall, the book strives to provide a thorough and thought-provoking examination of monetary theory, using novel approaches to offer new perspectives. By taking an interdisciplinary view, including accounting, physics and economics, the book challenges conventional wisdom and encourages a re-evaluation of established paradigms.
Chapter 1. Introduction.- Part I. On Money.- Chapter 2. What is Money: Debt or Equity?.- Chapter 3. The Utility of Money.- Chapter 4. Money in a Sequence Economy.- Chapter 5. Money Creation by Banks.- Chapter 6. Money, Banks and Seigniorage.- Chapter 7. Money Quanta.- Part II. On "Sound" Money.- Chapter 8. Preventing Banks from Creating Money.- Chapter 9. Superstable Money (I): Separating Bank Money Creation from Lending.- Chapter 10. Superstable Money (II): Separating Money Creation from Banks.- Part III. On Money Effectiveness.- Chapter 11. On Money Effectiveness: Beyond the Lucas Critique.- Chapter 12. Money and Secular Stagnation.- Chapter 13. The Portfolio Theory of Inflation And Money (In)Effectiveness.- Chapter 14. Indifference Between State Money and Public Debt.- Chapter 15. The Fatal Flaws of Modern Money Theory.- Chapter 16. Fiscal Money.
Biagio Bossone is financial advisor to international organizations (AfDB, BIS, IMF, IOSCO, World Bank) and economic advisor to governments and financial institutions in Africa, Europe and the Middle East. He served as executive director, World Bank, member of the Executive board of the IMF, head of the public investment evaluation unit at Italy's Presidency of the Council of Ministers, general accountant and director general of the budget, government of the Sicilian region. A fomer banker and central banker, he has participated in G10 and European central banking working groups and task forces. He has served as expert to the High-Level Commission on World Bank Reform. He has been professore of inernational finance at the University of Palermo and University of Salento, Italy. He has (co)authoreds everal studies on economics, banking and finance.
