Towards a New Paradigm in Monetary Economics

by Joseph Stiglitz, Bruce Greenwald

Overview

Expanding upon the literature of new institutional economics, the first part of this study stresses the significance of imperfections in information, bankruptcy and banks. The second part examines the policy implications of the new paradigm emphasizing loanable fund demand and supply, and demonstrates its relevance to our understanding of two recent historical episodes—the East Asian financial crisis and the 1991 U.S. recession and subsequent recovery and boom.

Product Details

ISBN-13:	9780521810340
Publisher:	Cambridge University Press
Publication date:	09/04/2003
Series:	Raffaele Mattioli Lectures
Pages:	344
Product dimensions:	5.51(w) x 8.50(h) x 0.98(d)

About the Author

Professor 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.

Table of Contents

Introduction; Part I. Theory: 1. Reflections on the current state of monetary economics; 2. How finance differs; 3. The ideal banking system; 4. Restricted banking; 5. Market equilibrium; 6. From the corn economy to the monetary economy; 7. Towards a general equilibrium theory of credit; Part II. Applications: 8. Monetary policy; 9. Regulatory policy and the new paradigm; 10. Financial market liberalization; 11. Restructuring the banking sector; 12. Regional downturns and development of monetary policy; 13. The East Asia Crisis; 14. The 1991 US recession and the recovery; 15. The new paradigm and the new economy; 16. Concluding remarks.

Editorial Reviews

'… recommended reading for all monetary economists and practitioners alike.' International Affairs

'Overall this is an excellent contribution to our understanding of the functioning of modern financial markets. It will become essential reading for students, researchers, practitioners and policy-makers with an interest in the behaviour of monetary and financial systems.' Journal of International Development

From the Publisher