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The monetary system - Jean-Francois Serval

Year 2015


AcknowledgementsForeword and IntroductionCHARTER 1. From Antiquity to Modern limes; Monetary Development Over 5000 Years. What History Explains and Comparison within New ContextsTHE ORIGIN OF MONEY; FROM ANTIQUITY TO MODERN TIMESA Metallic System Allowing Intrinsic Measurement Stamping: Ingots to CoinageGrounding the Guarantees of Stamping: From an All-Metallic System to Paper BillsTHE RISE AND FALL OF CIVILIZATIONSWHAT CAN WE LEARN FROM ANCIENT AND MORE MODERN HISTORY?QUESTIONS AND ANSWERSCHAPTER 2. Modern limes – Liberation and Growth of the Money Supply. The Facts Presented in Monetary Units and Resulting Regulatory NeedsMONETARY EVOLUTION BACKED BY ECONOMIC GROWTHDEVELOPMENT OF A GLOBAL FINANCIAL MARKET ECONOMYCITIZENS EMERGING IN THE PROCESS OF FINANCIALIZATIONThe RealitiesCauses Underlying Emerging Macroeconomic RealitiesResulting Needs for Standardization, Regulation and SupervisionQUESTIONS AND ANSWERSCHAPTER 3. Past and 21st-Century Money AnalysisDEFINING "TODAY'S MONEY"MONEY DEFINED BY ITS FUNCTIONALITYThe First Function: Price Setting – Money as a Measurement Standard-Based Source of InformationThe Second Function: A Payment and Trading InstrumentThe Third Function: A ReserveLINKS BETWEEN MONETARY FUNCTIONSTHE INTRINSIC DEFINITION OF MONEYA Trifunctional Monetary Support SystemHOW TO GROUND TRUST IN MONEY: AUDITED FINANCIAL STATEMENTS FOR GOVERNMENT AND CENTRAL BANKSSEIGNORAGE AND THE PRIVILEGE OF ISSUING AND STAMPING MONEYTraditional Seignorage in GeneralThe Modern Seignorage PrivilegeLegal Tender and SeignorageEVOLUTION OF MONEY INTO A SEGREGATED INTERMEDIATION TOOL WITH IMPRECISE FRONTIERSLinguistic Definition of the Word "Money"MONEY TODAYTHE DEMISE OF TRADITIONAL CONCEPTUAL APPROACHESTHE OPERATIONAL SCOPE OF MONEY AND ITS OSETHE EXTENSION OF MONEY WITH DISINTERMEDIATIONDirect Financing and Hedging of RiskREPLACEMENT OF BANK LOAN FINANCING BY SECURITIZATION AND THE IMPACT OF PRO-CYCLICAL EFFECTSThe Origin of SecuritizationThe Securitization Concept and Its ImplementationSecuritization Financing via Trust-Derived "Shadow Capital" Originating from Retirement Accounts, Direct Savings and Trade DeficitsGUARANTEES ON RECEIVABLES: A SECURITIZATION MULTIPLIEREXTENDING THE FIELD OF DEDTS AND GUARANTEESDEVIATIONS FROM EFFECTIVE RISK CONTROL: THE CDS CASETOWARDS THE FULL LIBERATION OF MONEY FROM ANY REFERENTIALGUARANTEES AND THE EXTENSION OF MONETARY INSTRUMENTS LIBERATED FROM UNIFIED RACKING AND ISSUANCE CONSTRAINTSMonetary Effects of GuaranteesSHADOW OR PARALLEL RANKING SYSTEMSBEFORE ACCOUNTING FOR ANY TRANSACTION – THE SAMPLING TOPIC. THE MIX UP BETWEEN NUMBERS AND FORMULAEQUESTIONS AND ANSWERSCHAPTER 4. The Contemporary Basis for Money Expression: Accounting LedgersBOOK BALANCES ARE EITHER MONEY OR POTENTIAL MONEYA SINGLE WORLDWIDE LANGUAGE; ACCOUNTING AND FINANCIAL STATEMENTSThe Consistency-Based Principle of BookkeepingThe "Double-Posting" PrincipleCONSEQUENCES OF THE BASIC ACCOUNTING PRINCIPLESCONCEPTS AND RULES TO REPORT EXCHANGES AND DETERMINE THE IMAGE OF FINANCIAL STATEMENTSTHE IMAGE PRESENTED BY FINANCIAL STATEMENTS INFLUENCES THE ANALYSIS OF ECONOMIC DATA AND TRANSACTIONAL EXCHANGESDIRECT SYSTEMATIC IMPACT OF ACCOUNTING STANDARDSDouble-Entry ConsequenceValue ConsequenceWHERE MISLEADING STANDARDS GENERATE DISTORTED IMAGES Valuation Incertitude in Accounting StandardsThe Appraisal Spark Plug that Drives a Continued "Fair Value" CrisisMONETARY ASPECTS OF FINANCIAL STATEIVENTSTHE NECESSARY APPROACH IN ACCOUNTING: A HIERARCHY OF DANGEROUSNESSDegrees of Contagion ("Interconnection")The Fair Value Conceptual Mistake Contributes to Instability and DistrustA Need for Mathematical ApproachesQUESTIONS AND ANSWERSCHAPTER 5. The Regulation and Observation Limits Already Accepted, Compared with the Realities of Modern ExchangesMONETARY REGULATION AND FOLLOW-UPA RETROSPECTIVE ANALYSIS OF CLASSIC MONEY IN OPERATIONGOVERNMENTAL AND CENTRAL BANK MONETARY OPERATIONSInception, Monopolies and Measurement Aggregates as Classical Mechanisms for Issuing MoneyTRADITIONAL MONETARY AGGREGATESMonetary Aggregates in Central BanksACCEPTED CONCEPTS THAT COMPLEMENT TRADITIONAL MONETARY ANALYSIS – LIMITS AND EVOLUTIONFrom the Known Money Multiplier through the Banking System to a New PerspectiveTRADITIONAL REGULATORY MEASURES TO ENSURE RANKS' STABILITY LIMITSMONEY ISSUANCE THROUGH CENTRAL BANK INTERVENTIONSTHE INVESTMENT MULTIPLIERFOLLOWING OP ON REGULATING MONEY ISSUANCE IN A CHANGED ECONOMIC ENVIRONMENT. MONETARY SUPERVISION: AN ANCIENT QUESTIONTHE PRESENT-DAY NON-UTILITY OF CLASSICAL AGGREGATESNEW FORMS OF MONETARY EXCHANGETHE DRIVING ROLE OF MONETARY VELOCITYARE CENTRAL RANKS PREREQUISITE INSTITUTIONS THAT SHOULD REMAIN INDEPENDENT FROM SOVEREIGN AUTHORITY?New Policies to Stabilize the Banking SystemTHE INSUFFICIENCIES OF THE CURRENT SYSTEM FOR SATISFYING INFORMATION NEEDSQUESTIONS AND ANSWERSCHAPTER 6. Redefining the Monetary System and Measurements of Monetary Flow – Towards M5 and M6AT THE CORE OF THE ISSUE: THE DEFINITION OF CURRENCYTHE NEW ENVIRONMENT: BROADENING THE DEFINITION OF CURRENCYNEW MONETARY AGGREGATES DEFINE EXTENDED CONCEPTS OF MONEYDefining New Classes of Monetary Aggregates: M5 and M6M5/M6 and their Derivatives M5'/MG': Determining Definitions and UsesSegregation and Derived Aggregates: M5' and M6'The Utility of M5 and M6 AggregatesFROM A PRACTICAL POINT OF VIEW, WHAT ARE THE DATA LIMITATIONS FOR DETERMINING THE VALUES OF NEW MONETARY AGGREGATES?What Information Will These New Aggregates Yield?A New Aggregated Conceptual Approach Allowing Operational Transactions and Financial Ones to be ReconciledThe Resulting BreakthroughDEFINING NEW MONEY – THE DIFFERENCE DETWEEN SHADOW RANKING MONEY, VIRTUAL MONEY AND THE NEW AGGREGATESLegal Segregation between Different Types of Money, Depending on Underlying Guarantees and TransferabilitySHADOW BANKING IS DIFFERENT FROM VIRTUAL MONEYQUESTIONS AND ANSWERSCHAPTER 7. The Monetary SystemINTERNATIONAL EXCHANGES – INTERACTIONS AND MONETARY ZONE COHERENCEGENERAL FRAMEWORKDESCRIPTION OF THE CURRENT OPERATIONAL SYSTEM: DISTINCTION RETWEEN NATIONAL AND INTERNATIONAL SYSTEMSTHE CURRENT INTERNATIONAL SYSTEMThe International Set-upThe International Monetary FundThe Bank for International SettlementsThe World Bank GroupThe World Trade OrganizationINTERNATIONAL COORDINATIONG5 to G20The G20's Reasons to ExistThe Coordination of Goals Assigned to the G20TroikaMICRO- AND MACRO-PRUDENTIAL SURVEILLANCE AGENCIES' FRAMEWORKCOORDINATION ISSUES INSIDE THE E0R0Z0NE AS OPPOSED TO INTERNATIONALThe European Stability Mechanism and the European Central BankTHE BANKING UNIONTHE FISCAL POLICY COORDINATION ISSUE COMPARED WITH THE USATHE GROWING ISSUES OF THE SIZE OF THE MONETARY ZONES – RESEARCH FOR OPTIMUMTHE MONETARY INTERACTION OF SYSTEMSINTERNATIONAL MICROECONOMIC REGULATION COORDINATION SPECIFICSTRANSNATIONAL REALITIES ABOUT FINANCIAL INSTRUMENTS' MARKETS AND SYSTEMIC RISK MEASUREMENTHandling the Social Obstacles of Monetary UnificationThe Answer to HeterogeneityEUROPE AND THE USAThe US Answer to InequalitiesThe EU Answer to InequalitiesThe General Monetary Policy on Both Sides: Reinforce Equity, Regulate Transparency – A Dead EndThe Disputed Strategy: Addressing Macroeconomic ImbalancesALLOCATED ROLES AND GOALS IN THE INTERNATIONAL MONETARY SET-OPToday's International Situation and IssuesQUESTIONS AND ANSWERSCHAPTER 8. What is the Conceptual Essence of Contractual Money, Constraints and Implications?THE INTRINSIC NEW CONCEPTUAL VIEWS ON MONEYResilient Open Questions in a New EnvironmentSTABILITY AND GUARANTEESMoney as a Measurement Instrument: The Need for StabilityMoney Guarantees and TrustOne Key Consequence of the New Set-up: The Final TrapTHE EMERGENCE OF A NEW SEIGNORAGESpreading the Seignorage Rights between Chartered Financial Institutions Accepted to Trade Instruments and the Central Banks' Right to Drive ValuesSocial Roles of Money: Transferable, Reserve or Bubble? How to Determine Sociological Thresholds from Different DimensionsMODELLING THE MONETARY WINDBAG ANALYSISA Tentative Formula: STD (Serval-Tranie-Douady)Definition of Aggregates and Functions UsedDebt versus Equity Instruments: The Need for Big DataQUESTIONS AND ANSWERSCHAPTER 9. The New Nature of Money in Electronic limesNEW HORIZONS CONCERNING EXCHANGES, TIME AND GUARANTEESTime: A Different DimensionSocial Time and AnticipationSpeed Efficiency, Risks and Market SwitchesTransparency Effect and Risk of Centralization: The CCP ExampleMONEY ACCUMULATIONS AND INTERACTIONSFrom Excessive Accumulation Derives Non-level Playing FieldsDetermining the Appropriate Amounts of AccumulationTHE PARADOX OF AVAILABILITY OF MONEY MASSES AS A POLICY TOOL FOR THEIR HOLDERSThe Implosion Risk of the Money TrapQUESTIONS AND ANSWERSConclusionGlossary
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