Finance Constraints and the Theory of Money - 1st Edition - ISBN: 9780127017211, 9781483276083

Finance Constraints and the Theory of Money

1st Edition

Selected Papers

Authors: S. C. Tsiang
Editors: Meir Kohn
eBook ISBN: 9781483276083
Imprint: Academic Press
Published Date: 28th October 1989
Page Count: 416
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Description

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.

Table of Contents


Preface

Acknowledgements

1. Introduction

Section I

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

Section II

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

Section III

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

Section IV

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

Section V

15. LF and LP

16. The Context of S. C. Tsiang's Monetary Economics

17. The Cash-in-Advance Constraint in International Economics

Author Index

Subject Index

Contents of Previous Volumes

Details

No. of pages:
416
Language:
English
Copyright:
© Academic Press 1989
Published:
Imprint:
Academic Press
eBook ISBN:
9781483276083

About the Author

S. C. Tsiang

About the Editor

Meir Kohn