00000nam a2200000 i 4500 UP-8027390931311417281 Buklod 20250303092002.0 m |o d | cr ||||||||||| 250303t20242024nju de 001 0 eng d 9780691232225 (hbk.) 23351637 Econ-34641 Mind Mover DLC DECON rda eng ccopycat HG 230.3 B65 2024 Bolton, Patrick 1957- author. Money capital new monetary principles for a more prosperous society Patrick Bolton, Haizhou Huang. ©2024 Princeton Princeton University Press [2024] xviii, 289 pages charts 24 cm text txt rdacontent unmediated rdamedia n volume nc rdacarrier Includes bibliographical references and index. The Poverty of Monetarism - - The Capital Structure of Nations - - Money, Banking, and the Lender of Last Resort - - How did China Finance its Growth - - The Coordination of Fiscal and Monetary Policy - - Money and Sovereignty - - Taking Stock. A conventional economic theory, monetarism, holds that inflation is a monetary phenomenon driven by changes in the supply of money. Yet recent experience including the aftermath of the financial crisis of 2008 and the economic development of China contradict this basic prediction. In this book, leading economists Patrick Bolton and Haizhou Huang offer a novel perspective, viewing monetary economics through the lens of corporate finance. They propose a richer theory, where money can be seen as the equity capital of a nation, playing a similar role as stocks for a company. This innovative framework integrates the real and monetary sides of the economy, with a banking sector and debt at its core. In the financial world, companies issue new shares only if it results in some kind of value creation; this is a basic principle of corporate finance that Bolton and Huang argue can be applied to monetary economics. When the government increases the money supply to finance positive net value investments when it prints money to keep the economy going it increases output, not inflation. This is evidenced by the strong growth in GDP and money in China over the last four decades, and in the United States during World War II. The effect of increasing money supply, they argue, depends on how money enters the system and what the money buys. The principles outlined by Bolton and Huang shed new light on a range of issues, including inflation, monetary and fiscal policy, central banking, money and growth, and the international monetary system." Amazon.com. Economics. Monetary policy. Corporations Finance. Huang, Haizhou author. Book FO UPD DECON HG 230.3 B65 2024 Book