A01=Benjamin J. Cohen
Alternative currency
Asset management
Author_Benjamin J. Cohen
Broad money
Budgetary policy
Call money
Capital control
Category=GTQ
Category=KCBM
Central bank
Commodity
Competition (economics)
Convertibility plan
Credit (finance)
Credit risk
Currency
Currency Act
Currency board
Currency competition
Currency Internationalization
Currency substitution
Currency swap
Currency union
Demand for money
Economic bubble
Economic integration
Economic interventionism
Economic Life
Economic power
Economic recovery
Economics
Economy
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Equity Market
Exchange fund
Exchange rate
Federal Reserve Note
Fiat money
Foreign exchange controls
Hedge (finance)
International Monetary Fund
Investment
Investment strategy
Liquidity risk
Market liquidity
Market power
Monetary authority
Monetary base
Monetary policy
Monetary sovereignty
Monetary system
Money
Money market
Money supply
Nationalization
Policy
Portfolio investment
Price Leadership
Protectionism
Purchasing power
Reserve Assets
Reserve currency
Security (finance)
Seigniorage
Sovereign Risk
Supply (economics)
Swap (finance)
The Future of Money
Tight Monetary Policy
Transaction cost
Transfer payment
Utility
Value (economics)
World economy
Product details
- ISBN 9780691116662
- Weight: 482g
- Dimensions: 152 x 235mm
- Publication Date: 22 Jan 2006
- Publisher: Princeton University Press
- Publication City/Country: US
- Product Form: Paperback
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Is globalization leading us toward a world of fewer and fewer currencies and, consequently, simplified monetary management? Many specialists believe this is the case, as the territorial monopolies national governments have long claimed over money appears to be eroding. In The Future of Money, Benjamin Cohen argues that this view--which he calls the "Contraction Contention"--is wrong. Rigorously argued, written with extraordinary clarity, and thoroughly up-to-date, this book demonstrates that the global population of currencies is set to expand greatly, not contract, making monetary governance more difficult, not less. At the book's core is an innovative theoretical model for understanding the strategic preferences of states in monetary management. Should governments defend their traditional monetary sovereignty, or should they seek some kind of regional consolidation of currencies? The model offers two broad advances. First, whereas most scholarly work evaluates strategic options individually or in comparison to just one other alternative, this model emphasizes the three-dimensional nature of the decisions involved.
Second, the model emphasizes degrees of currency regionalization as a central determinant of state preferences. Cohen also systematically explores the role of the private sector as an alternative source of money. The book concludes with two key policy proposals. First, fiscal policy should be resurrected as a tool of macroeconomic management, to offset the present-day erosion in the effectiveness of monetary policy. Second, the International Monetary Fund should more actively help coordinate the decentralized strategic decision-making of governments. The future of money will be perilous. But, by mapping out the alternative policies countries can follow, The Future of Money shows it need not be chaotic.
Benjamin J. Cohen is Louis G. Lancaster Professor of International Political Economy at the University of California, Santa Barbara. He is the author of nine previous books, including "Organizing the World's Money, In Whose Interest?", and "The Geography of Money".
