Banking And Monetary Policy From The Perspective Of Austrian Economics

Author : Annette Godart-van der Kroon,Patrik Vonlanthen
Publisher : Springer
Page : 280 pages
File Size : 50,7 Mb
Release : 2018-07-23
Category : Business & Economics
ISBN : 9783319758176

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Banking and Monetary Policy from the Perspective of Austrian Economics by Annette Godart-van der Kroon,Patrik Vonlanthen Pdf

This book discusses contemporary banking and monetary policy issues from the perspective of the Austrian School of Economics. Based on the heritage of the Austrian school, leading scholars and practitioners offer a coherent diagnosis and analysis of the factors leading to Europe’s current financial crisis. The first part of the book discusses Ludwig von Mises’s and Friedrich August von Hayek’s ideas on banking and monetary policy from both historical and economic standpoints. It includes contributions on Austrian monetary dynamics and micro-foundational business cycle theory, von Mises’s concepts of liquidity and solvency of fractional-reserve banks, and liberalism of Austrian economics. The second part analyzes the measures taken by the European Central Bank (ECB) in light of the ideas of von Mises and Hayek. It includes contributions on non-neutrality of money, ECB monetary policy, and the future of the ECB. The third and final part presents discussions on monetary reforms, including contributions on Bitcoins, Cryptocurrencies and anti-deflationist Paranoia.

Author : Llewellyn H. Rockwell
Publisher : Ludwig von Mises Institute
Page : 165 pages
File Size : 49,5 Mb
Release : 1992
Category : Gold standard
ISBN : 9780945466116

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The Gold Standard by Llewellyn H. Rockwell Pdf

Author : Jesús Huerta de Soto
Publisher : Ludwig von Mises Institute
Page : 939 pages
File Size : 48,8 Mb
Release : 2009
Category : Business & Economics
ISBN : 9781933550398

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Money, Bank Credit, and Economic Cycles by Jesús Huerta de Soto Pdf

Can the market fully manage the money and banking sector? Jesus Huerta de Soto, professor of economics at the Universidad Rey Juan Carlos, Madrid, has made history with this mammoth and exciting treatise that it has and can again, without inflation, without business cycles, and without the economic instability that has characterised the age of government control. Such a book as this comes along only once every several generations: a complete comprehensive treatise on economic theory. It is sweeping, revolutionary, and devastating -- not only the most extended elucidation of Austrian business cycle theory to ever appear in print but also a decisive vindication of the Misesian-Rothbardian perspective on money, banking, and the law. The author has said that this is the most significant work on money and banking to appear since 1912, when Mises's own book was published and changed the way all economists thought about the subject. Its five main contributions: A wholesale reconstruction of the legal framework for money and banking, from the ancient world to modern times; An application of law-and-economics logic to banking that links microeconomic analysis to macroeconomic phenomena; A comprehensive critique of fractional-reserve banking from the point of view of history, theory, and policy; An application of the Austrian critique of socialism to central banking; The most comprehensive look at banking enterprise from the point of view of market-based entrepreneurship. Those are the main points but, in fact, this only scratches the surface. Indeed, it would be difficult to overestimate the importance of this book. De Soto provides also a defence of the Austrian perspective on business cycles against every other theory, defends the 100% reserve perspective from the point of view of Roman and British law, takes on the most important objections to full reserve theory, and presents a full policy program for radical reform. It could take a decade for the full implications of this book to be absorbed but this much is clear: all serious students of these subject matters will have to master this treatise.

Author : Thomas Mayer
Publisher : Banking, Money and International Finance
Page : 204 pages
File Size : 51,5 Mb
Release : 2019-12-12
Category : Electronic
ISBN : 036788884X

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Austrian Economics, Money and Finance by Thomas Mayer Pdf

The financial crisis has exposed severe shortcomings in mainstream monetary economics and modern finance. It is surprising that these shortcomings have not led to a wider debate about the need to overhaul these theories. Instead, mainstream economists have closed ranks to defend existing theories and public authorities have expanded their interference in markets. This book investigates the problems associated with mainstream monetary economics and finance, and proposes alternatives based on the Austrian school of economics. This school emanated from the work of the nineteenth-century Austrian economist Carl Menger and was developed further by Eugen von Böhm-Bawerk, Ludwig von Mises, and Friedrich August von Hayek. In monetary economics, the Austrian school regards the creation of money by banks through credit extension as a key source of economic instability. From this follows the need for a comprehensive reform of our present monetary system. In a new monetary order, money could be issued by both public and private institutions, and there would be no need for fractional reserve banking. Instead of creating money, banks would intermediate it. In finance, the Austrian school rejects the notion of rational expectations and measurable risk. Individuals use their subjective knowledge to gather and evaluate information, and they act in a world of radical uncertainty. Hence, markets are not "efficient" nor can portfolios be built on the basis of known probability distributions of asset prices as described in the modern finance literature. This book explores the need for a new theoretical foundation for asset pricing and investment management that will give practitioners more useful orientation.

Author : Martti Vihanto
Publisher : Unknown
Page : 142 pages
File Size : 52,6 Mb
Release : 1988
Category : Austrian school of economics
ISBN : IND:30000000279343

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The Austrian Theory of Free Monetary Institutions by Martti Vihanto Pdf

Author : Ludwig Van den Hauwe
Publisher : BoD – Books on Demand
Page : 188 pages
File Size : 51,6 Mb
Release : 2009
Category : Monetary policy
ISBN : 9782810602216

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Three Essays in Monetary Theory by Ludwig Van den Hauwe Pdf

Recent events in international financial markets have revived the scientific interest in conceivable institutional alternatives to prevailing monetary arrangements. In the essays reprinted in this book, the author critically examines some of the more influential arguments which have been made in favour of decentralization in banking.

Author : Thomas Mayer
Publisher : Routledge
Page : 298 pages
File Size : 50,5 Mb
Release : 2017-11-10
Category : Business & Economics
ISBN : 9781351685528

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Austrian Economics, Money and Finance by Thomas Mayer Pdf

The financial crisis has exposed severe shortcomings in mainstream monetary economics and modern finance. It is surprising that these shortcomings have not led to a wider debate about the need to overhaul these theories. Instead, mainstream economists have closed ranks to defend existing theories and public authorities have expanded their interference in markets. This book investigates the problems associated with mainstream monetary economics and finance, and proposes alternatives based on the Austrian school of economics. This school emanated from the work of the nineteenth-century Austrian economist Carl Menger and was developed further by Eugen von Böhm-Bawerk, Ludwig von Mises, and Friedrich August von Hayek. In monetary economics, the Austrian school regards the creation of money by banks through credit extension as a key source of economic instability. From this follows the need for a comprehensive reform of our present monetary system. In a new monetary order, money could be issued by both public and private institutions, and there would be no need for fractional reserve banking. Instead of creating money, banks would intermediate it. In finance, the Austrian school rejects the notion of rational expectations and measurable risk. Individuals use their subjective knowledge to gather and evaluate information, and they act in a world of radical uncertainty. Hence, markets are not "efficient" nor can portfolios be built on the basis of known probability distributions of asset prices as described in the modern finance literature. This book explores the need for a new theoretical foundation for asset pricing and investment management that will give practitioners more useful orientation.

Author : Jesús Huerta de Soto
Publisher : Ludwig von Mises Institute
Page : 938 pages
File Size : 41,8 Mb
Release : 2006
Category : Banks and banking
ISBN : 9781610163880

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Money, Bank Credit, and Economic Cycles by Jesús Huerta de Soto Pdf

Author : Tino Förster
Publisher : GRIN Verlag
Page : 40 pages
File Size : 47,8 Mb
Release : 2014-09-08
Category : Business & Economics
ISBN : 9783656737582

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Monetary Policy and The Subprime Crisis. An Austrian Approach by Tino Förster Pdf

Bachelor Thesis from the year 2014 in the subject Economics - Monetary theory and policy, grade: 1,0, Martin Luther University, language: English, abstract: The role of central banks and monetary policy in modern economies is a highly controversial topic. This paper attempts to show the relationship between monetary policy and the development of economic crisis, especially the recent Subprime Crisis in the USA. For this purpose the first part of the paper examines the Austrian theory of the business cycle and its illustration, the capital-based macroeconomics model. According to the Austrian theory artificially low interest-rates are responsible for misallocations of resources within the in-tertemporal capital structure and, consequently, reoccurring fluctuations within the eco-nomic system. The second part of the paper applies the Austrian theory of the business cycle to the Sub-prime Crisis and investigates the role of the Federal Reserve System for the development of the crisis. Ultimately, this paper states that expansionary monetary policy and flawed government regulations were the cause for unbalanced changes in the American structure of production and the recession.

Author : Charles H. Feinstein
Publisher : Clarendon Press
Page : 554 pages
File Size : 55,6 Mb
Release : 1995-09-28
Category : Business & Economics
ISBN : 0191521663

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Banking, Currency, and Finance in Europe Between the Wars by Charles H. Feinstein Pdf

The financial history of interwar Europe was dominated by catastrophic episodes of hyper-inflation, dramatic exchange rate crises, massive and destabilizing movements of gold and capital, and extensive banking failures. In their attempt to restore and sustain the gold standard as the basis of the international monetary system, many countries were compelled to resort to deflationary fiscal and monetary policies of exceptional severity. The policies thus adopted in the 1920s were a major cause of the Great Depression of 1929-33; and this in turn exerted a powerful influence on the subsequent political and economic history of the 1930s. This collection of essays is the work of an international network of economic historians from Europe and the United States convened by the European Science Foundation. It brings together, in an accessible style, current knowledge and understanding of the nature and effects of these developments in banking, currency, and finance in the interwar period. The topics are examined at three levels. In Part I a substantial introductory survey of the central issues over the entire period is followed by special studies of the banking crises, the global capital flows, and the interrelationship of economic and political policies, with each of these themes considered in an international perspective. Part II is devoted to illuminating comparative analyses of the financial and exchange policies of pairs of countries; France and Italy, Britain and Germany, Sweden and Finland, and Belgium and France. In Part III the essays move to the level of individual countries and each contributor explores topics such as the form and efficacy of official banking and monetary policies, the role of the central bank, movements in the money supply and prices, the relationship between the banks and the industrial sector, changes in exchange rates and foreign capital investment. The volume covers all the major countries, and also makes available the results of recent research on banking and finance in smaller countries, such as Spain, Austria, Norway, Poland, Portugal, Bulgaria, and Ireland. The questions addressed by this book, and the temes and patterns it reveals, are relevant both to economic and political historians of the years between the two world wars, and to those interested in contemporary banking and financial problems.

Author : Alan S. Blinder
Publisher : MIT Press
Page : 116 pages
File Size : 54,9 Mb
Release : 1999-01-07
Category : Business & Economics
ISBN : 0262522608

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Central Banking in Theory and Practice by Alan S. Blinder Pdf

Alan S. Blinder offers the dual perspective of a leading academic macroeconomist who served a stint as Vice-Chairman of the Federal Reserve Board—one who practiced what he had long preached and then returned to academia to write about it. He tells central bankers how they might better incorporate academic knowledge and thinking into the conduct of monetary policy, and he tells scholars how they might reorient their research to be more attuned to reality and thus more useful to central bankers. Based on the 1996 Lionel Robbins Lectures, this readable book deals succinctly, in a nontechnical manner, with a wide variety of issues in monetary policy. The book also includes the author's suggested solution to an age-old problem in monetary theory: what it means for monetary policy to be "neutral."

Author : Arkadiusz Sieroń
Publisher : Routledge
Page : 162 pages
File Size : 41,5 Mb
Release : 2019-02-04
Category : Business & Economics
ISBN : 9780429657283

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Money, Inflation and Business Cycles by Arkadiusz Sieroń Pdf

Who would disagree that money matters? Economists have yet to sufficiently explore issues related to monetary inflation in relation to the Cantillon effect, i.e. distribution and price effects resulting from uneven changes in the money supply and their impact on the economy. This book fills this important gap in the existing literature. The author classifies the various channels through which new money can be injected into the economy and demonstrates that it is not only the increase in money supply that is important, but also the way in which it occurs. Since the increase in money supply does not affect the cash balance of all economic entities in the same proportion and at the same time – new money is introduced into the economy through specific channels – a distribution of income and changes in the structure of relative prices and production occur. The study of money supply growth, carried out in the spirit of Richard Cantillon, offers an important analytical framework that facilitates the development of a number of sub-disciplines within economics and provides a better understanding of many economic processes. It significantly explores the theory of money and inflation, the business cycle and price bubbles, but also the theory of banking and central banking, income distribution, income and wealth inequalities, and the theory of public choice. This book is therefore an important voice in the fundamental debate on the role of monetary factors in the economy, as well as on the effects and legitimacy of a loose monetary policy. In 2017, the doctoral dissertation on which the book is based was awarded the Polish Prime Minister’s prize. In these times of non-standard monetary policy and rising income inequalities in OECD countries, the focus on the distribution effect of monetary inflation makes this a must read for researchers and policy-makers and for anyone working in monetary economics. This title was translated from Polish by Martin Turnau.

Author : Alan G. Futerman,Walter E. Block
Publisher : Springer Nature
Page : 214 pages
File Size : 52,7 Mb
Release : 2021-11-01
Category : Business & Economics
ISBN : 9789811646911

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The Austro-Libertarian Point of View by Alan G. Futerman,Walter E. Block Pdf

This book covers several areas of economic theory and political philosophy from the perspective of Austrian Economics and libertarianism. As such, it deals with Epistemology and Methodology, Microeconomics, Macroeconomics, Labor Economics, International Economics, Political Philosophy, Law and Public Policy, all from the Austro-libertarian perspective. Hence, this book offers an integrated view of libertarianism and Austrian economics in the light of recent debates in the areas of economic science and political philosophy. Moreover, it builds from the foundations of the Austrian approach (epistemology and methodology), while the latter material deals with its application to the individual from the microeconomic perspective, which in turn allows an exploration of subjects in macroeconomics. Additionally, this work applies Austro-libertarianism to law, politics, and public policy. Thus, it offers a unified view of the entire approach, in a logical progression, allowing the readers to judge this perspective in full. Futerman and Block say that their book is not a manual, which I suppose it is not. But it is a collection of highly pertinent essays, from which you can understand what is mistaken in the orthodoxy of economics, law, and politics. The central term of art in Austrian economics is that phrase “human action.” It is the exercise of human will, not the blind bumping of one molecule against another or one organism against another, as in the physical sciences... Futerman and Block distinguish Austrian economics as a scientific enterprise based on liberty of the will from “libertarianism” as an advocacy based on policies implied by such liberty. “Although Austrian economics is positive and libertarianism is normative,” they write, “this book shows how both are related; how each can support the other.” Indeed they do. Deirdre N. McCloskey, PhD UIC Distinguished Professor of Economics and of History Emerita, Professor of English Emerita, Professor of Communication Emerita, University of Illinois at Chicago

Author : Avi J. Cohen,Harald Hagemann,John Smithin
Publisher : Springer
Page : 298 pages
File Size : 41,6 Mb
Release : 2012-10-05
Category : Business & Economics
ISBN : 9401062544

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Money, Financial Institutions and Macroeconomics by Avi J. Cohen,Harald Hagemann,John Smithin Pdf

Money, Financial Institutions and Macroeconomics presents a comparative and international perspective on the current state of research in monetary theory, and the application of monetary theory to important policy issues. The main emphasis is on views stressing the importance of credit creation in the monetary process, in a tradition which arguably encompasses Wicksell, the later Swedes and the Austrians, through the later Hicks, the circuit school and contemporary post-Keynesians. In addition, however, there are distinguished contributions from economists with a more `mainstream' approach to the issues. The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy; Part II explores alternative views on money and credit; Part III deals with monetary policy issues in North America; and Part IV discusses monetary policy issues in Europe. `Taken together, the contributions to this volume certainly bear out Hick's famous adage about the much closer relationship between `monetary theory' and `monetary history' than is the case in other branches of economic thought.'

Author : Anonim
Publisher : Ludwig von Mises Institute
Page : 262 pages
File Size : 54,5 Mb
Release : 2024-06-09
Category : Electronic
ISBN : 9781610164986

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Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions by Anonim Pdf