9781137366900

The Money Trap Escaping the Grip of Global Finance

by
  • ISBN13:

    9781137366900

  • ISBN10:

    1137366907

  • Edition: Reprint
  • Format: Paperback
  • Copyright: 2013-11-05
  • Publisher: Palgrave Macmillan

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Summary

Why have the efforts of governments and central banks to revive economic growth and solve the problems left by the global financial crisis met with such limited success? Why have markets been periodically paralysed by fear and uncertainty?

This book argues that governments have been using the wrong policy weapons. They have relied on the traditional tools of low interest rates and monetary ease, plus tighter bank regulation and new macro-prudential toolkits.

The Money Trap discusses how governments have failed to understand the roots of the rolling crisis and recession of 2007-12. It argues that these roots lie in the interaction of an elastic credit supply, dysfunctional banking systems and an unreformed international monetary system.

Historically, the advanced countries enjoyed long periods of economic growth with stable money and without systemic banking crises - and minimal bank supervision. We can learn from the historical experience, and from the teaching of great economists. They point to a clear conclusion.

A root-and-branch reform both of banking and of international money is required. The centrepiece of such a reform should be the establishment of a new international monetary standard.

This book brings together the main strands of the current policy-oriented discussions and analyses a range of solutions, providing readers with an integrated guide and analysis to the events in the years since the start of the crisis in 2007 and their antecedents in the development of the system since the early 1970s. It draws on the author's extensive contacts and work as a leading financial commentator over the past 40 years.

Author Biography

Robert Pringle, the chairman and founder of Central Banking journal, is a financial commentator, economics editor and entrepreneur. He has devoted his career to reporting and analysing developments in the international money and capital markets and the international monetary system. His experience gives him a unique perspective on the dramatic changes that have occurred in global economics and finance and the problems that face the world economy now. He has held senior positions on The Economist, The Banker (as editor), the Group of 30 (a well-known think tank of which he was the first director), and at the WIDER Institute of the United Nations University. He has also served as a consultant to leading commercial banks and to governments on economic policy issues. He founded Central Banking Publications in 1990 and has built it into a leading source of independent information and commentary on the activities of central banks around the world. He has interviewed numerous central bank governors and has commissioned and published original work by many leading international economists.

Table of Contents

Preface
PART I: IN THE TRAP
1. Into the Danger Zone
2. Why Players Need a New Rulebook
3. How Monetary Systems are Born
4. World Money without an Anchor
PART II: SEARCHING FOR WAYS OUT
5. Improving National Policies
6. A Solution for the Eurozone
7. Money International
PART III: FOUR KEY ISSUES
8. Those Global Imbalances
9. The Reserve Currency Overhang
10. Can Banks Be Made Safe?
11. Markets, States and Bubbles
PART IV: HARNESSING THE POWER OF GLOBAL FINANCE
12. 100 Years of Currency Plans
13. The Choice of the Standard
14. Towards a Real Global Currency
15. The Emerging Global Financial System



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