The Monetary System: Analysis and New Approaches to Regulation (The Wiley Finance Series)

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9781118867921: The Monetary System: Analysis and New Approaches to Regulation (The Wiley Finance Series)

A groundbreaking work that paves the way for a new, pro-active financial system

With The Monetary System, innovative author pairing Jean-Francois Serval and Jean-Pascal Tranie devise a comprehensive economic modeling system that accounts for the unprecedented situation facing international and regional economies by developing a controversial new stance on the operation of money in society. Presenting a classification of financial instruments with a view toward their underlying legal structures, the book sheds new light on the present economic and financial problems of slow growth and rising debts, and proposes possible outcomes for the global economy.

The authors have already gained international attention with their novel approach to currency, and now they turn their attention to the social function of money in all its myriad forms. The book provides a way forward in an era of increased life expectancy and other new social patterns and the social role of money provides a framework for understanding intergenerational redistribution—an urgently pressing task in our time.

  • New aggregate financial categories and economic modeling reveal a possible foundation for increased financial stability
  • Companion website includes key mathematical models, accounting standards, and PowerPoint slides
  • Comprehensive theoretical underpinning presents the contemporary model of money as a social contract
  • Insights into the current economic situation make sense of sovereign debt risk in markets around the world

With questions and answers at the end of each chapter, The Monetary System will help you form a new conception of the role of money in society. Improved regulation and tax policies are needed to stabilize the global economy, and this book provides the framework for getting there.

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From the Inside Flap:

The Monetary System offers a clear understanding of how the world financial system works and addresses a number of key issues facing today's society. Because of increased life expectancy and longer retirement periods the new social pattern we live in requires the development of new money policies by governments. This book outlines the conceptual basis required to build a new and more stable financial system, paving the way for new fiscal policy.

Jean-François Serval and Jean-Pascal Tranié provide an in-depth analysis of the definition of money and show how money operates both in a historical context and within complex modern day transactions. The authors take a courageous and controversial stance in presenting the contemporary implementation of money as a social contract, governed by laws and regulations set by our culture. Serval and Tranié present an analytic approach that distinguishes those financial instruments that are freely transferable and those that can be classified as securitization and CDS.

This book suggests a new model that aggregates the M5 category encompassing all financial instruments including cash from the Central Bank. In essence, all receivables that are in counterparty relationships are recorded as debts on balance sheets, the M6 entry being the total of balance sheets from where the data has to be collected to compare them with revenues. By employing derivatives of M5 and M6, the book covers all underlying collateral classes, thus allowing a type of comprehensive economic modelling that is innovative in its approach.

Additionally, Serval and Tranié reveal the social role of monetary contracts not only because they are grounding exchanges as it has always been in the past but because it is a sampling tool for redistribution between actors including "sectors" through taxation, inflation, and deflation and finally between generations.

The Monetary System offers bankers and anyone else concerned with today's global economic condition an understanding of the key distinguishing factors that can help shape a financially stable future.

From the Back Cover:

An important guide to how money works and a new model for financial health

The recent global financial crisis raised questions on how to balance actions based on short-term decision making against the uncertainty of impending long-term change in the economic environment. The Monetary System outlines the conceptual basis required to build a new and more stable financial system, paving the way for an economic policy model that places emphasis on rotation – rather than on inventories – of financial instruments that would result in improved policies.

In this important text, Jean-François Serval and Jean-Pascal Tranié explore the historical context of money and reveal how transactions work in today's global economic environment. The Monetary System is a compelling work that answers a number of key questions about our current financial situation: What underpinning of democratic society facilitated a transition to the uncontrolled creation of money? What were the major drivers and what are the consequences that characterize the current economic impasse? How can one forecast future trends? What can be done to "fix" the present economic system?

Based on exhaustive research, the book offers an overview of the present economic situation throughout the world that is defined by slow growth, rising debts, and low inflation. The authors envision a healthy economic future and put forward a new model for the global economy.

The Monetary System is a comprehensive resource that gives banking professionals, auditors, financial advisors, policy makers, as well as others interested in the topic, keen insight into our current economic situation and offers an understanding of the factors that can help shape a sound financial future.

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