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About this product
- DescriptionTowards a New Paradigm for Monetary Ecomics presents a pioneer treatment of critical topics in monetary ecomics. Unlike the prevailing monetary theory, this book focuses t on the role of money in facilitating transactions, but on the role of credit in facilitating ecomic activities more broadly. The 'new paradigm' emphasizes the demand and supply of loanable funds, which in turn requires the understanding of the imperfections of information and the role of banks. One enlightening view is that credit is quite different from other commodities in the sense that the former is based on information and default risk. The book consists of two parts. The first part develops a basic model of credit based on banks' portfolio choices. The second part is dedicated to the policy implications, among which are the liberalization of financial markets, the East Asian Crisis, the 1991 US recession and the subsequent recovery.
- Author BiographyProfessor of Economics, Stanford University and Senior Research Fellow of Brookings Institution. Formerly Senior Vice President and Chief Economist at World Bank. Professor of Finance, Columbia Business School.
- Author(s)Bruce C. N. Greenwald,Joseph E. Stiglitz
- PublisherCambridge University Press
- Date of Publication04/09/2003
- SubjectEconomics: Professional & General
- Series TitleRaffaele Mattioli Lectures
- Place of PublicationCambridge
- Country of PublicationUnited Kingdom
- ImprintCambridge University Press
- Content Note59 graphs
- Weight440 g
- Width138 mm
- Height216 mm
- Spine20 mm
- Format DetailsTrade paperback (US)
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