Money in times of crisis pre-classical, classical and contemporary theories

Descrizione

I saggi raccolti in questo volume, presentati alla Sesta conferenza Guggenheim sulla Storia del Pensiero Economico che si è tenuta a Roma all’Accademia dei Lincei nel dicembre 2022, ricostruiscono alcuni punti di svolta nella riflessione economica.
Il sistema economico, oltre ad essere soggetto alla sua naturale dinamica interna creata dall’ alternarsi di boom e depressioni, deve spesso reagire a shock esterni, come guerre, epidemie e disastri naturali che vengono a sconvolgere norme e usi consolidati. Il sistema monetario e quello finanziario escono spesso da queste crisi profondamente mutati. Grandi cambiamenti, dall’introduzione della moneta cartacea e alla creazione dei titoli del debito pubblico negoziabili, dalla caduta del Gold Standard alla costruzione dell’egemonia del dollaro, sono stati la conseguenza di queste crisi, sollecitando importanti innovazioni anche nella teoria monetaria, che non può prescindere dai cambiamenti istituzionali.
Il volume dimostra come episodi del passato, quando riesaminati con la dovuta attenzione alla rigorosa ricostruzione di fatti e idee, possono introdurre nuove prospettive per l’analisi dei problemi del presente.

The essays collected in this volume, presented at the Sixth Guggenheim Lecture on the History of Economic Thought held at the Accademia dei Lincei in Rome in December 2022, reconstruct some turning points in economic thinking.
The economic system, in addition to being subject to its natural internal dynamics created by alternating booms and depressions, must often react to external shocks such as wars, epidemics and natural disasters that come to upset established norms and customs. The monetary and financial systems often emerge from these crises profoundly changed. Major changes, from the introduction of paper money to the creation of negotiable public debt securities, from the fall of the Gold Standard to the building of dollar hegemony, have been the consequence of these crises, prompting major innovations in monetary theory as well, which cannot ignore institutional changes.
This volume demonstrates how episodes from the past, when re-examined with due attention to the rigorous reconstruction of facts and ideas, can introduce new perspectives for the analysis of present problems.

Indice

Foreword Jimmy Weinblatt
Arie Arnon, Maria Cristina Marcuzzo, Annalisa Rosselli
Introduction
Part I
2022 Guggenheim Prize Winner Lecture
Emma Rothschild
Money and Anomie
Part II
Early Debates on Commodity and Paper Money
1. Margaret Schabas
Hume on Paper Money and the Nominal/Real Distinction
2. Richard van den Berg
Turgot’s Early Views on Capital and Interest
3. Lilia Costabile and François Velde
From Commodity Money to Fiduciary Money: The Kingdom of Naples in 16th-17th Century
4. Ghislain Deleplace
Storm in a Teacup? The Impact of War on the English Monetary System and Thought (1797-1821)
Part III
On the Shoulders of Keynes and Sraffa
5. Sylvie Rivot
Keynes and Monetary Policy: Lessons Learnt from the Great Depression

6. Carlo Panico
Rising Systemic Risk and Financial Crises: A Classical-Keynesian Interpretation
Part IV
Money and Exchanges at the Centre and at the Periphery
7. Ivo Maes and Ilaria Pasotti
Triffin’s Analysis of the 1931 Sterling Devaluation and Its Im¬portance for the Triffin Dilemma
8. Perry Mehrling
Exorbitant Privilege? On the Rise (and Rise) of the Global Dol¬lar System
9. Germán D. Feldman and Pablo Moldovan
The Role of Foreign Exchange Controls in the Periphery: Les¬sons from the Recent Argentine Experience
Part V
Money, Reserves and Central Banking
10. Luca Fantacci
Shifting Liquidity Preference from Money to Goods: Hayek and Keynes on a Commodity Reserve Currency
11. Warren Young and Edward W. Fuller
100 Percent Reserve Banking in Times of Crisis: From Venice to Walras
12. Daniela Gabor
(Shadow) Money Without a Central Bank: Towards a Theory of Monetary Time