A Handbook Of Alternative Monetary Economics

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
Published by Edward Elgar Pub  Cheltenham, UK • Northampton, MA, USA  2006

Contents:
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
6French circuit theory 87
Claude Gnos
7 The Italian circuitist approach 105
Riccardo Realfonzo
8 The theory of money emissions 121
Sergio Rossi
9Keynes 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
v16 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

Review:
‘This Handbook covers a wide variety of issues of money and finance from a heterodox perspective and it proves that very convincing work is going on beyond mainstream economics. . . Arestis and Sawyer have done a marvellous job bringing together all these contributions, and I can highly recommend this Handbook to students and researchers in the area of money, finance and macroeconomics.’
– Eckhard Hein, Intervention