1st Edition

Monetary Economics, Banking and Policy Expanding Economic Thought to Meet Contemporary Challenges

Edited By Penelope Hawkins, Ioana Negru Copyright 2023
    260 Pages 16 B/W Illustrations
    by Routledge

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    This edited collection seeks to advance thinking on money and the monetary nature of the economy, macroeconomic analysis and economic policy, setting it within the context of current scholarship and global socioeconomic concerns, and the crisis in the economics discipline. A key aim is to highlight the central contribution that Sheila Dow has made to these fields.

    Bringing together an impressive panel of contributors, this volume explores topics including central bank independence, liquidity preferences, money supply endogeneity, financial regulation, regional finance and public debt.

    The essays in this first collection of two will be thought-provoking reading for advanced students and scholars of macroeconomics, monetary economics, central banking and heterodox economics. Contributors have a broad range of professional experience at universities, central banks, business, development institutions and policy advisories.


    1. Macroprudential institutionalism: The Bank of England’s Financial Policy Committee and the contemporary limits of central bank policy

    Jamie Morgan

    2. Central Bank Independence: are the glory days over?

    Charles Goodhar

    3. The efficacy of monetary policy in an age of financialisation and climate change

    Malcolm Sawyer

    4. Keynes on Individual Behavior and the Possibility of Involuntary Unemployment Equilibrium

    Roy Rotheim

    5. Keynes’s Chapter 2 definition of involuntary unemployment

    Christopher Torr

    6. What Keynes learnt from Kalecki – A brief introduction to the Fiscal theory of Debt Management

    Jan Toporowsk

    7. Payment vs. Funding: The Law of Reflux for Today

    Perry Mehrling

    8. "Revolution and counter-revolution in UK banks"’ asset composition since 1945, and why they matter to the debate about horizontalism

    Tim Congdon

    9. The endogeneity of the money supply in the General Theory

    G.C. Harcourt and Peter Kriesler

    10. Liquidity preference and the digital financial inclusion illusion

    Penelope Hawkins

    11. The rising importance of liquidity-premium analysis: towards a regeneration of liquidity-preference theory

    Theodore Koutsobinas

    12. "Regional finance": beyond theory and dualism

    Carlos J. Rodríguez-Fuentes

    13. Money in the Early Years of the Soviet Union: Barter and Back Again - A Short-lived Experiment of Transformation

    Kobil Ruziev

    14. The practicality of pluralism in the economic analysis of the least developed countries

    Daniel Gay

    15. The Body of work of Sheila Dow – Publications from 1980 to 2022


    Penelope Hawkins is Senior Economic Affairs Officer at UNCTAD, specializing in public indebtedness of developing countries, financing for development and financial inclusion. As Founder and Managing Director of Feasibility (Pty) Ltd, she previously undertook leading research projects in the financial sector in Southern Africa. Orcid.org/0000-0002-2395-2499

    Ioana Negru is Reader in Economics at University ‘Lucian Blaga’ Sibiu. She is the Co-editor of Ethical Formation of Economists (2019) with Wilfred Dolfsma and Gift in Economy and Society (2020), with Stefan Kesting and Paolo Silvestry. She is a member of the Skidelsky Committee for improving the economics curriculum worldwide.