Overview

In this volume of essays Kevin Dowd presents a strong case, that state intervention into financial and monetary systems has manifestly failed, and that we would be better off if central banks were abolished and governments stopped interfering with financial markets. Instead, he argues that financial markets should be left to regulate themselves; market forces would then deliver an efficient financial system, sound money and a strong safe system. Money and the Market falls into three parts: * Part I deals with the theory of free banking and begins with a presentation of the essence of the case in its favour. It is followed by essays examining the arguments put forward for particular forms of state intervention, the role of the invisible hand in the evolution of the monetary system, and asks whether we can blame laissez-faire for the instability we observe in contemporary financial markets. * Part II explores the monetary regime under laissez-faire and asks whether we would want the price level to move in line with productivity changes. Further essays look at Irving Fisher's 'compensated dollar' and monetary reform in Eastern Europe * Part III examines a variety of diverse policy issues - arguments for restricting international capital flows, the drive towards Monetary Union, monetary policy in the twenty-first century, the future of gold, the bailout of Long-Term Capital Management in 1998, and the Financial Services Act in the UK. This collection will be of considerable interests to students, researchers and policy-makers in the monetary and financial area.

Full Product Details

Author:   Kevin Dowd (University of Nottingham, UK)
Publisher:   Taylor & Francis Ltd
Imprint:   Routledge
Dimensions:   Width: 15.20cm , Height: 1.80cm , Length: 22.90cm
Weight:   0.498kg
ISBN:  

9780415242127

ISBN 10:   0415242126
Pages:   240
Publication Date:   23 November 2000
Audience:   College/higher education ,  Professional and scholarly ,  Tertiary & Higher Education ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Chapter 1 Introduction; Part 1 The theory of financial laissez-faire; Chapter 2 The case for financial laissez-faire; Chapter 3 Bank capital adequacy versus deposit insurance; Chapter 4 Does asymmetric information justify bank capital adequacy regulation?; Chapter 5 Competitive banking, bankers’ clubs, and bank regulation; Chapter 6 The invisible hand and the evolution of the monetary system; Chapter 7 Are free markets the cause of financial instability?; Part 2 The monetary regime; Chapter 8 A proposal to end inflation; Chapter 9 Reply to Hillier; Chapter 10 Using futures prices to control inflation; Chapter 11 The ‘compensated dollar’ revisited; Chapter 12 Money and the market; Part 3 Policy issues; Chapter 13 Two arguments for the restriction of international capital flows, K. Alec Chrystal; Chapter 14 Monetary policy in the twenty-first century; Chapter 15 Reflections on the future of gold; Chapter 16 Too big to fail? Long-Term Capital Management and the Federal Reserve; Chapter 17 Paternalism fails again, Jimmy M. Hinchliffe;

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Author Information

Kevin Dowd is Professor of Financial Risk Management at the University of Nottingham Business School and adjunct scholar at the CATO Institute in Washington.

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