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Money in the Modern World

Josef Jílek and Roman Matousek

The book explains the framework of the money, liquidity and monetary policy in the USA, the Eurozone, Japan, and the United Kingdom. Even if the book is based on contemporary banking practice, it arises from careful examination of the historical development of opinions on money, liquidity and monetary policy. The authors claim that money and liquidity (and the financial system as a whole) are demonstrated best through financial statements (balance sheet and income statement) which are based on accounting. Thus any operation is clarified through double-entry record. Furthermore, the fundamentals of the payment systems are outlined.

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275 References Anderson, Richard G.: Some Tables of Historical U.S. Currency and Monetary Aggregates Data. Working Paper. Federal Reserve Bank of St. Louis, St. Louis, 2003. Arestis, Philip and Alfred Eichner: The Post-Keynesian and Institutionalist Theory of Money and Credit. Journal of Economic Issues, 1988, 22(4), 1003−21. Arestis, Philip and Peter Howells: The Supply of Credit Money and the Demand for Deposits: a Reply. Cambridge Journal of Economics, 1999, 23(1), 115−19. Arestis, Philip and Malcom Sawyer (ed): Money, Finance and Capitalist Devel- opment. Edward Edgar, Cheltenham 2001. Bagehot, Walter: The Lombard Street: A Description of the Money Market. Henry S. King and Co., London 1873. Balls, Edward and Gus O’Donnell (eds): Reforming Britain’s Economic and Financial Policy – Towards Greater Economic Stability. Palgrave, Basingstoke 2002. Banking Reform – Discussion. The American Economic Review, 1913, 3(1), 64−88. Batini, Nicoletta, and Edward Nelson: The U.K.’s Rocky Road to Stability. Working Paper. Federal Reserve Bank of St. Louis, St. Louis 2005. Bean, Charles and Nigel Jenkinson: The formulation of Monetary Policy at the Bank of England. Bank of England Quarterly Bulletin, 2001, Winter, 434−41. Beckhart, Benjamin H.: Monetary Policy and Commercial Bank Portfolios. The American Economic Review, 1940, 30(1) Supplement, 17−26. Bell, Stephanie: The Role of the State and the Hierarchy of Money. Cambridge Journal of Economics, 2001, 25(2), 149−163. Bellofiore, Riccardo: Between Wicksell and Hayek: Mises' Theory of Money and Credit Revisited, The American Journal of Economics and Sociology, 1998, 57(4), 531...

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