Book description
A groundbreaking work that paves the way for a new, pro-active financial systemWith The Monetary System, innovative author pairing Jean-Francois Serval and Jean-Pascal Tranie devise a comprehensive economic modeling system that accounts for the unprecedented situation facing international and regional economies by developing a controversial new stance on the operation of money in society. Presenting a classification of financial instruments with a view toward their underlying legal structures, the book sheds new light on the present economic and financial problems of slow growth and rising debts, and proposes possible outcomes for the global economy.
The authors have already gained international attention with their novel approach to currency, and now they turn their attention to the social function of money in all its myriad forms. The book provides a way forward in an era of increased life expectancy and other new social patterns and the social role of money provides a framework for understanding intergenerational redistribution—an urgently pressing task in our time.
- New aggregate financial categories and economic modeling reveal a possible foundation for increased financial stability
- Companion website includes key mathematical models, accounting standards, and PowerPoint slides
- Comprehensive theoretical underpinning presents the contemporary model of money as a social contract
- Insights into the current economic situation make sense of sovereign debt risk in markets around the world
With questions and answers at the end of each chapter, The Monetary System will help you form a new conception of the role of money in society. Improved regulation and tax policies are needed to stabilize the global economy, and this book provides the framework for getting there.
Table of contents
- Acknowledgements
- Foreword and Introduction
- CHAPTER 1 From Antiquity to Modern Times; Monetary Development Over 5000 Years. What History Explains and Comparison within New Contexts
- CHAPTER 2 Modern Times – Liberation and Growth of the Money Supply. The Facts Presented in Monetary Units and Resulting Regulatory Needs
-
CHAPTER 3 Past and 21st-Century Money Analysis
- Defining “Today’s Money”
- Money Defined by its Functionality
- Links between Monetary Functions
- The Intrinsic Definition of Money
- How to Ground Trust in Money: AUDITED FINANCIAL STATEMENTS FOR GOVERNMENT AND CENTRAL BANKS
- Seignorage and the Privilege of Issuing and Stamping Money
- Evolution of Money into a Segregated Intermediation Tool with Imprecise Frontiers
- Money Today
- The Demise of Traditional Conceptual Approaches
- The Operational Scope of Money and its Use
- The Extension of Money with Disintermediation
- Replacement of Bank Loan Financing by Securitization and the Impact of Pro-cyclical Effects
- Guarantees on Receivables: A Securitization Multiplier
- Extending the Field of Debts and Guarantees
- Deviations from Effective Risk Control: The CDS Case
- Towards the Full Liberation of Money from Any Referential
- Guarantees and the Extension of Monetary Instruments Liberated from Unified Backing and Issuance Constraints
- Shadow or Parallel Banking Systems
- Before Accounting for Any Transaction – The Sampling Topic. The Mix Up between Numbers and Formulae
- Questions and Answers
- Notes
-
CHAPTER 4 The Contemporary Basis for Money Expression: Accounting Ledgers
- Book Balances are Either Money or Potential Money
- A Single Worldwide Language; Accounting and Financial Statements
- Consequences of the Basic Accounting Principles
- Concepts and Rules to Report Exchanges and Determine the Image of Financial Statements
- The Image Presented by Financial Statements Influences the Analysis of Economic Data and Transactional Exchanges
- Direct Systematic Impact of Accounting Standards
- Where Misleading Standards Generate Distorted Images
- Monetary Aspects of Financial Statements
- The Necessary Approach in Accounting: A Hierarchy of Dangerousness
- Questions and Answers
- Notes
-
CHAPTER 5 The Regulation and Observation Limits Already Accepted, Compared with the Realities of Modern Exchanges
- Monetary Regulation and Follow-up
- A Retrospective Analysis of Classic Money in Operation
- Governmental and Central Bank Monetary Operations
- Traditional Monetary Aggregates
- Accepted Concepts that Complement Traditional Monetary Analysis – Limits and Evolution
- Traditional Regulatory Measures to Ensure Banks’ Stability Limits
- Money Issuance through Central Bank Interventions
- The Investment Multiplier
- Following Up on Regulating Money Issuance in a Changed Economic Environment. Monetary Supervision: An Ancient Question
- The Present-Day Non-utility of Classical Aggregates
- New Forms of Monetary Exchange
- The Driving Role of Monetary Velocity
- Are Central Banks Prerequisite Institutions that Should Remain Independent from Sovereign Authority?
- The Insufficiencies of the Current System for Satisfying Information Needs
- Questions and Answers
- Notes
-
CHAPTER 6 Redefining the Monetary System and Measurements of Monetary Flow – Towards M5 and M6
- At the Core of the Issue: The Definition of Currency
- The New Environment: Broadening the Definition of Currency
- New Monetary Aggregates Define Extended Concepts of Money
- From a Practical Point of View, What are the Data Limitations for Determining the Values of New Monetary Aggregates?
- Defining New Money – The Difference Between Shadow Banking Money, Virtual Money and the New Aggregates
- Shadow Banking is Different from Virtual Money
- Questions and Answers
- Notes
-
CHAPTER 7 The Monetary System
- International Exchanges – Interactions and Monetary Zone Coherence
- General Framework
- Description of the Current Operational System: Distinction between National and International Systems
- The Current International System
- International Coordination
- Micro- and Macro-prudential Surveillance Agencies’ Framework
- Coordination Issues Inside the Eurozone as Opposed to International
- The Banking Union
- The Fiscal Policy Coordination Issue Compared with the USA
- The Growing Issues of the Size of the Monetary Zones – Research for Optimum
- The Monetary Interaction of Systems
- International Microeconomic Regulation Coordination Specifics
- Transnational Realities about Financial Instruments’ Markets and Systemic Risk Measurement
- Europe and the USA
- Allocated Roles and Goals in the International Monetary Set-up
- Questions and Answers
- Notes
- CHAPTER 8 What is the Conceptual Essence of Contractual Money, Constraints and Implications?
- CHAPTER 9 The New Nature of Money in Electronic Times
- Conclusion
- Glossary
- References
- Selected Articles
- List of Monetary Central Institutions and Others (International and National) with Websites
- Index
- End User License Agreement
Product information
- Title: The Monetary System
- Author(s):
- Release date: December 2014
- Publisher(s): Wiley
- ISBN: 9781118867921
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