Money Capital

New Monetary Principles for a More Prosperous Society

Patrick Bolton, Haizhou Huang

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Hardback

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English

Princeton University Press
01 October 2024

Macroeconomics; Monetary economics; International economics; Economic history

A novel perspective on monetary and fiscal policy that views money as the equity capital of a nation

A conventional economic theory, monetarism, holds that inflation is a monetary phenomenon driven by changes in the supply of money. Yet recent experience

including the aftermath of the financial crisis of 2008 and the economic development of China

contradict this basic prediction. In this book, leading economists Patrick Bolton and Haizhou Huang offer a novel perspective, viewing monetary economics through the lens of corporate finance. They propose a richer theory, where money can be seen as the equity capital of a nation, playing a similar role as stocks for a company. This innovative framework integrates the real and monetary sides of the economy, with a banking sector and debt at its core.

In the financial world, companies issue new shares only if it results in some kind of value creation; this is a basic principle of corporate finance that Bolton and Huang argue can be applied to monetary economics. When the government increases the money supply to finance positive net value investments

when it prints money to keep the economy going

it increases output, not inflation. This is evidenced by the strong growth in GDP and money in China over the last four decades, and in the United States during World War II. The effect of increasing money supply, they argue, depends on how money enters the system and what the money buys. The principles outlined by Bolton and Huang shed new light on a range of issues, including inflation, monetary and fiscal policy, central banking, money and growth, and the international monetary system.

By: Patrick Bolton, Haizhou Huang
Imprint: Princeton University Press
Country of Publication: United States
Dimensions: Height: 235mm, Width: 156mm,
ISBN: 9780691232225
ISBN 10: 0691232229
Pages: 312
Publication Date: 01 October 2024
Audience: General/trade , ELT Advanced
Format: Hardback
Publisher's Status: Active

Patrick Bolton is professor of finance at Imperial College London and senior advisor to the Lazard Climate Center. Past president of the American Finance Association and a fellow of the Econometric Society, he is the coauthor of Contract Theory and The Green Swan: Central Banking and Financial Stability in the Age of Climate Change. Haizhou Huang is Special-Term Professor of Finance at PBoC School of Finance and Shanghai Advanced Institute of Finance and external member of the Monetary Policy Committee at the People's Bank of China (China's Central Bank). He is the author of The Global Financial System: Crises and Reforms and the coeditor of The Changing Fortunes of Central Banking.