The recession which many countries experienced in the early 1990s had certain unusual aspects. Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. In consequence, reasons were sought to explain the special characteristics of the recession and as a result of the behaviour of asset prices attention turned to 'Debt-Deflation Theories' associated in different forms with Keynes and Irving Fisher. The contributors to this volume discuss the significance of debt deflation. Their striking common feature is that, on the evidence presented here, the behaviour of asset prices should not be of great concern to policy makers, or to those attempting to understand economic behaviour. However, residual doubts remain over the Japanese case.

Product Description: This set draws together rare material from 1870-1930 and ranges from monetary economics to straight banking theory. English banking theory changed little after a learning process in the first half of the nineteenth century. Some of the banks grew to be the biggest in the world and a banking system evolved that was probably the most stable in the world...read more (view table of contents, read Amazon.com's description)

Product Description: Debts and deficits are considered by some to be a major economic problem, indeed one that threatens the stability of the US economy with serious, possibly catastrophic consequences for the world economy. What is it that leads some countries into large and continuing budget or trade deficits? What are the consequences of a build-up of either internal or external debt or both? And, what is the solution to the problem? This collection is intended to be a reference source for both economists and economic historians...read more

(view table of contents)

Product Description: This volume contains the first eight lectures delivered in honour of Henry Thornton the economist, at City University, London. Seven of the lectures are by monetary economists and one is by a Governer of the Bank of England. There is a discussion of exchange rate behaviour and its implications for the international monetary system and a consideration of the changes in macroeconomics...read more

(view table of contents)

(view table of contents)

Product Description: Using historical examples, this book attempts to demonstrate that unregulated banking can be successful and that central banks' beneficial contribution has been greatly exaggerated. Topics covered include a description of the experiment with free banking during the French Revolution...read more