International Money

An updated guide to the system through which the world's business is financed, including information on the sharp decline of oil prices, the cohesion of the OPEC cartel, the debt problems of developing countries the volatility of exchange rates and the monetary role of gold.

As with any production, this one ran into a few unexpected turns of events and minor crises. But all of these were handled with calm and ease by the Upjohn Institute and others who partnered with me on this project. I would like to thank John S. Earle and Michael Ryan for being on my planning committee. And thanks again to Michael for helping out with many of the tasks that had to get done each time we hosted a speaker. Thank you to Kevin M. Hollenbeck and Richard Wyrwa for jump-starting the book production process.

Introduction to a “money view” of economic activity for modern times, building on the intellectual traditions of British central banking and American institutionalism. Part One explores the economics of payment systems and money markets. Part Two explores connections with foreign exchange and capital markets. NOTE: The first week of Part Two reviews Part One, so you can take Part Two even if you missed Part One.

by Ashleigh Young (Editor)

This is Part Two of a two-part course. The last three or four decades have seen a remarkable evolution in the institutions that comprise the modern monetary system. The financial crisis of 2007-2009 is a wakeup call that we need a similar evolution in the analytical apparatus and theories that we use to understand that system.