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Finance Constraints and the Theory of Money: Selected Papers gathers together the work of S. C. Tsiang, one of the most cogent critics of the Keynesian stock approach to money in all its forms and one of the foremost champions of the flow approach. Tsiang's papers focus on finance constraints and the theory of money, tackling topics such as the role of money in trade-balance stability and the monetary theoretic foundation of the modern monetary approach to the balance of payments, as well as the diffusion of reserves and the money supply multiplier.
Comprised of 17 chapters, this volume begins by providing a background to the development of Tsiang's thinking on monetary theory and why he objected to the Keynesian stock equilibrium approach to money. The reader is then introduced to speculation and income stability; misconceptions in monetary theory and their influences on financial and banking practices; and liquidity preference in general equilibrium analysis. Subsequent chapters deal with the optimum supply of money; the total inadequacy of "Keynesian" balance of payments theory; and the rationale of the mean-standard deviation analysis, skewness preference, and the demand for money.
This book will be a useful resource for practitioners interested in economic theory, econometrics, and mathematical economics.
2. A Note on Speculation and Income Stability
3. Liquidity Preference and Loanable Funds Theories, Multiplier and Velocity Analysis: A Synthesis
4. The Role of Money in Trade-Balance Stability: Synthesis of the Elasticity and Absorption Approaches
5. Fashions and Misconceptions in Monetary Theory and Their Influences on Financial and Banking Practices
6. Walras' Law, Say's Law and Liquidity Preference in General Equilibrium Analysis
7. The Monetary Theoretic Foundation of the Modern Monetary Approach to the Balance of Payments
8. The Total Inadequacy of "Keynesian" Balance of Payments Theory, or Rather That of "Walras' Law"?
9. The Flow Formulation of the Money Market Equilibrium for an Open Economy and the Determination of the Exchange Rate
10. The Rationale of the Mean-Standard Deviation Analysis, Skewness Preference and the Demand for Money
11. The Diffusion of Reserves and the Money Supply Multiplier
12. Stock or Portfolio Approach to Monetary Theory and the Neo-Keynesian School of James Tobin
13. Keynes' "Finance" Demand for Liquidity, Robertson's Loanable Funds Theory, and Friedman's Monetarism
14. A Critical Note on the Optimum Supply of Money
15. LF and LP
16. The Context of S. C. Tsiang's Monetary Economics
17. The Cash-in-Advance Constraint in International Economics
Contents of Previous Volumes
- No. of pages:
- © Academic Press 1989
- 28th October 1989
- Academic Press
- eBook ISBN: