Financial markets, money and the real world

著者

書誌事項

Financial markets, money and the real world

Paul Davidson

Edward Elgar, c2002

  • : pbk

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注記

Includes bibliographical references and index

内容説明・目次

内容説明

Paul Davidson investigates why the 1990s was a decade of financial crises that almost precipitated a global market crash. He explores the reasons why the global economy still struggles with the aftermath of these crises and discusses the possibility that volatile financial markets in the future will have real impacts on whole industries and national economic systems.The author highlights the central role that domestic and international financial markets play in determining the economic growth rate, unemployment rate and international payments position of capitalist economies. He explains why the primary function of financial markets is to create liquidity and demonstrates that a liquid market cannot be efficient, and an efficient market cannot be liquid. He also proves that preventing liquidity problems from developing in national and international financial markets is the key element in fostering prosperity. Statistical evidence and theoretical analysis are combined to demonstrate why orthodox prescriptions for 'liberalizing' labor, product, and capital markets are the wrong policies for promoting a civilized society in the 21st century. Professional economists, financial reporters, government policy makers, those working in international economic organizations such as the IMF, the World Bank and the WTO, and concerned citizens will all benefit greatly from reading this highly acclaimed book.

目次

Contents: 1. Keynes, You Should be Alive Today! 2. Keynes's Principle of Effective Demand 3. Uncertainty and Reality in Economic Models 4. Investment: Illiquid Real Capital versus Liquid Assets 5. Why Liquidity Preference? 6. Financial Markets, Liquidity and Fast Exits 7. Planned Investment, Planned Savings, Liquidity and Economic Growth 8. Complicating the Picture: Money and International Liquidity 9. Trade Imbalances and International Payments 10. International Liquidity and Exchange Rate Stability 11. If Markets are Efficient Why Has There Been so Much Volatility in Financial Markets? 12. Exchange Rates and the Tobin Tax 13. The Plumbers' Solution to Destabilizing International Capital Flows 14. The Architectural Solution: Reforming the World's Money 15. The Economy and the Twenty-first Century Index

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