Towards a New Paradigm in Monetary Economics

Joseph Stiglitz; Bruce Greenwald

doi:10.1017/CBO9780511615207

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Joseph Stiglitz, Columbia University, New York, Bruce Greenwald, Columbia University, New York

Publisher:: Cambridge University Press
Online publication date:: May 2010
Print publication year:: 2003
Online ISBN:: 9780511615207
DOI:: https://doi.org/10.1017/CBO9780511615207

Subjects:: Economics, Economic Theory
Series:: Raffaele Mattioli Lectures

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Towards a New Paradigm in Monetary Economics
Joseph Stiglitz, Bruce Greenwald
Online ISBN: 9780511615207

Book DOI: https://doi.org/10.1017/CBO9780511615207
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Towards a New Paradigm for Monetary Economics presents a pioneer treatment of critical topics in monetary economics. Unlike the prevailing monetary theory, this book focuses not on the role of money in facilitating transactions, but on the role of credit in facilitating economic 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.

Professor Joseph E. Stiglitz is the winner of the 2001 Nobel Prize for Economics

‘… recommended reading for all monetary economists and practitioners alike.’

Source: 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.‘

Source: Journal of International Development

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Towards a New Paradigm in Monetary Economics

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

List of figures and table
pp vii-x

The Raffaele Mattioli Lectures
pp xi-xii

Preface
pp xiii-xvi

Part I - The principles of the new paradigm
pp 1-6

1 - Reflections on the current state of monetary economics
pp 7-25

2 - How finance differs
pp 26-42

3 - The ideal banking system
pp 43-89

4 - Restricted banking (or, the banking system of today)
pp 90-103

5 - Market equilibrium
pp 104-116

6 - From the corn economy to the monetary economy
pp 117-136

7 - Towards a general equilibrium theory of credit
pp 137-150

Part II - Applications of the new paradigm
pp 151-153

8 - Monetary policy
pp 154-202

9 - Regulatory policy and the new paradigm
pp 203-233

10 - Financial market liberalization
pp 234-238

11 - Restructuring the banking sector
pp 239-250

12 - Regional downturns and development and monetary policy
pp 251-260

13 - The East Asia crisis
pp 261-275

14 - The 1991 US recession and the recovery
pp 276-283

15 - The new paradigm and the “new economy”
pp 284-292

16 - Concluding remarks
pp 293-302

Bibliography
pp 303-319

Index
pp 320-327

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Towards a New Paradigm in Monetary Economics

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Contents

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