The Theory of Monetary Institutions covers free banking monetary thought and a theoretical account of the evolution of monetary institutions.
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" The Theory of Monetary Institutions is a thorough and insightful treatment of the emergence and evolution of money and banking regimes. Professor White′s brilliant exposition of alternative regimes is innovative and sheds a great deal of light upon the crucial features of contemporary money and banking institutions. This tour–de–force is a ′must–read′." Steve H. Hanke, The John Hopkins University "Larry White′s The Theory of Monetary Institutions provides a very clear, extremely readable and up–to–date overview of monetary theory. White provides a uniquely insightful perspective into a difficult and controversial area, and his arguments and analysis are unbeatable. All monetary economists should read it." Kevin Dowd, University of Sheffield "White has written an academically rigorous text covering the theory of money, banking, and monetary policy. The text stands out from others in the way it describes the evolution of economists′ thinking about monetary institutions. White excels in combining the historic with the contemporary, the abstract with the tangible, and the theoretical with the practical. The chapters on alternative monetary regimes will no doubt challenge many widely–held views about the proper role of government within an economy′s monetary system." James A. Overdahl "Lawrence H. White has emerged as one of the most thoughtful monetary economists of his generation, and The Theory of Monetary Institutions fills an important lacuna in the literature. The book is mature and balanced; its encyclopedic knowledge of the literature covers a far broader range of material than conventional texts. I am aware of no other book that does such a superb job of placing institutional arrangements in theoretical and historical perspective." Hugh Rockoff, Rutgers University
From the Back Cover
The Theory of Monetary Institutions analyzes the often overlooked – but fundamental – questions about monetary policy regimes: How and why have monetary institutions evolved into their present forms? What are the leading arguments for and against government involvement in money and banking? What models do we have for explaining how monetary authorities choose to behave in a discretionary fiat money regime, and how well do they fit? What alternatives to the current regime are available, and how would they work?
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First Sentence
In the beginning, goods were bartered directly for other goods. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
In the beginning, goods were bartered directly for other goods. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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12 of 13 people found the following review helpful
5.0 out of 5 stars
A Great Comprehensive Book
26 July 2000
By A Customer
- Published on Amazon.com
Format:Paperback
A great book. It is very comprehensive and written in a simple way (regarding the complexity of the themes it deals with). The investigation is very objective, it uses sound theoretical analysis and different mathematical models (which he explains in relatively simple terms), contrasting them with the historical evidence and empirical data. It treats the history and development of money (from commodity money to fiat money), and monetary institutions, doing an exceptional analysis of the gold standard, its costs and benefits. It also analyzes the role of Central Bank's in money and banking, and uses various models used to try to explain the Central Bank's behavior, according to different goals that Central Banks may have. Finally, it discusses alternative monetary proposals from Friedman to Yeager, with its pros and cons. In conclusion, a great book to update and deepen your knowledge about money and banking.
6 of 6 people found the following review helpful
5.0 out of 5 stars
Graduate Monetary Theory
8 May 2005
By Michael Thomas
- Published on Amazon.com
Format:Paperback
This book prepares a student with the background for several relevant debates in monetary theory. Written by Dr. White to cover the material he presents in a semester graduate lecture, this book has the best of both scope and detail. He builds a solid background with Mengerian foundations of money. Then he thoroughly builds a scheme of understanding monetary policy in a gold-backed system. Once this is accomplished, modern financial market complexities are built on top of the books over-arching analysis. Topics made clear include Inflationary bias (Barrow, Gordon, Kyland, and Prescott), hyperinflation, rules vs. discretion, bank deposit insurance, and many other central bank policies which can be difficult without proper guidance.
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