Money And The Market

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Kevin Dowd asserts that state intervention into financial and monetary systems has failed, and that we would be better off if financial markets were left to regulate themselves. This collection will appeal to students, researchers and policy makers in the monetary and financial area.

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Product Details

Meet the Author

Kevin Dowd is Professor of Financial Risk Management at the University of Nottingham Business School and adjunct scholar at the CATO Institute in Washington.

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Table of Contents

List of tables
Permissions acknowledgements
1 Introduction 1
Pt. 1 The theory of financial laissez-faire 15
2 The case for financial laissez-faire 17
3 Bank capital adequacy versus deposit insurance 26
4 Does asymmetric information justify bank capital adequacy regulation? 34
5 Competitive banking, bankers' clubs, and bank regulation 40
6 The invisible hand and the evolution of the monetary system 57
7 Are free markets the cause of financial instability? 75
Pt. 2 The monetary regime 83
8 A proposal to end inflation 85
9 Reply to Hillier 98
10 Using futures prices to control inflation: reply to Garrison and White 100
11 The 'compensated dollar' revisited 104
12 Money and the market: what role for government? 114
Pt. 3 Policy issues 129
13 Two arguments for the restriction of international capital flows 131
14 Monetary policy in the twenty-first century: an impossible task? 141
15 Reflections on the future of gold 145
16 Too big to fail? Long-Term Capital Management and the Federal Reserve 153
17 Paternalism fails again: the sorry story of the Financial Services Act 167
Notes 183
References 213
Index 221
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