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Finance Constraints and the Theory of Money
Selected Papers
- 1st Edition - October 28, 1989
- Author: S. C. Tsiang
- Editor: Meir Kohn
- Language: English
- Paperback ISBN:9 7 8 - 0 - 1 2 - 7 0 1 7 2 1 - 1
- eBook ISBN:9 7 8 - 1 - 4 8 3 2 - 7 6 0 8 - 3
Finance Constraints and the Theory of Money: Selected Papers gathers together the work of S. C. Tsiang, one of the most cogent critics of the Keynesian stock approach to money in… Read more
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Request a sales quoteFinance Constraints and the Theory of Money: Selected Papers gathers together the work of S. C. Tsiang, one of the most cogent critics of the Keynesian stock approach to money in all its forms and one of the foremost champions of the flow approach. Tsiang's papers focus on finance constraints and the theory of money, tackling topics such as the role of money in trade-balance stability and the monetary theoretic foundation of the modern monetary approach to the balance of payments, as well as the diffusion of reserves and the money supply multiplier. Comprised of 17 chapters, this volume begins by providing a background to the development of Tsiang's thinking on monetary theory and why he objected to the Keynesian stock equilibrium approach to money. The reader is then introduced to speculation and income stability; misconceptions in monetary theory and their influences on financial and banking practices; and liquidity preference in general equilibrium analysis. Subsequent chapters deal with the optimum supply of money; the total inadequacy of "Keynesian" balance of payments theory; and the rationale of the mean-standard deviation analysis, skewness preference, and the demand for money. This book will be a useful resource for practitioners interested in economic theory, econometrics, and mathematical economics.
PrefaceAcknowledgements 1. IntroductionSection I 2. A Note on Speculation and Income Stability 3. Liquidity Preference and Loanable Funds Theories, Multiplier and Velocity Analysis: A Synthesis 4. The Role of Money in Trade-Balance Stability: Synthesis of the Elasticity and Absorption Approaches 5. Fashions and Misconceptions in Monetary Theory and Their Influences on Financial and Banking PracticesSection II 6. Walras' Law, Say's Law and Liquidity Preference in General Equilibrium Analysis 7. The Monetary Theoretic Foundation of the Modern Monetary Approach to the Balance of Payments 8. The Total Inadequacy of "Keynesian" Balance of Payments Theory, or Rather That of "Walras' Law"? 9. The Flow Formulation of the Money Market Equilibrium for an Open Economy and the Determination of the Exchange RateSection III 10. The Rationale of the Mean-Standard Deviation Analysis, Skewness Preference and the Demand for Money 11. The Diffusion of Reserves and the Money Supply Multiplier 12. Stock or Portfolio Approach to Monetary Theory and the Neo-Keynesian School of James TobinSection IV 13. Keynes' "Finance" Demand for Liquidity, Robertson's Loanable Funds Theory, and Friedman's Monetarism 14. A Critical Note on the Optimum Supply of MoneySection V 15. LF and LP 16. The Context of S. C. Tsiang's Monetary Economics 17. The Cash-in-Advance Constraint in International EconomicsAuthor IndexSubject IndexContents of Previous Volumes
- No. of pages: 416
- Language: English
- Edition: 1
- Published: October 28, 1989
- Imprint: Academic Press
- Paperback ISBN: 9780127017211
- eBook ISBN: 9781483276083