Monetary Theory

Traditional approaches to monetary economics have not been successful in anticipating or explaining crises. This book argues for a fundamental reinterpretation of money, along Keynesian lines.

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Monetary Theory provides an alternative to monetary economics based on the distinctive properties of money banking. The book:
*Analyses money
*Shows that the distinction between money and income is rooted in the banking practice
*Examines exchange rate instability and financial crisis
*Puts forward an alternative proposal for European Monetary Union.