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Quantitative easing as a highway to hyperinflation /
This book addresses the topical issue of whether the current environment in the US and other major countries, where quantitative easing is used to boost the economy, is conducive to hyperinflation. This is a controversial and highly debated issue. Using both economics and history, the author challen...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Singapore ; Hackensack, N.J. :
World Scientific Pub. Co.,
©2014.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- 1. Inflation, deflation, disinflation and all that. 1.1. What is inflation? 1.2. Inflation and related concepts: a graphical illustration. 1.3. The causes of inflation. 1.4. Experience with inflation. 1.5. More inflation-related concepts. 1.6. Concluding remarks
- 2. The measurement of inflation. 2.1. The inflation rate. 2.2. Inflation, income growth and money illusion. 2.3. Measuring the general price level. 2.4. Core inflation. 2.5. The consumer price index. 2.6. The GDP deflator. 2.7. Other price indices. 2.8. Concluding remarks
- 3. The monetary theory of inflation. 3.1. Introduction. 3.2. The meaning of money and credit. 3.3. Money creation under a fractional reserve system. 3.4. The quantity theory of money. 3.5. Facts and figures. 3.6. Further remarks on the monetary theory of inflation. 3.7. Central bank independence. 3.8. Concluding remarks
- 4. Other theories of inflation and some extensions. 4.1. Demand-pull inflation. 4.2. Cost-push inflation. 4.3. A combined demand-cost model. 4.4. Inflationary shocks, monetary accommodation and monetary validation. 4.5. The fiscal theory of inflation. 4.6. The political theory of inflation. 4.7. The other side of the coin: deflation. 4.8. Concluding remarks
- 5. The consequences and costs of inflation. 5.1. Introduction. 5.2. The "positive" effects of inflation. 5.3. Arbitrary redistribution of income. 5.4. Business planning and investment. 5.5. Miscellaneous business costs. 5.6. Distortion of the effect of taxes. 5.7. The adverse effect of inflation on saving. 5.8. The effects of inflation on financial markets. 5.9. The effect of inflation on competitiveness. 5.10. Currency depreciation. 5.11. The effect of inflation on unemployment and growth. 5.12. Inflation-triggered social unrest. 5.13. The effect of inflation on morality. 5.14. The optimal inflation rate. 5.15. Hedging the risk of inflation. 5.16. Concluding remarks.
- 6. The phenomenon of hyperinflation. 6.1. What is hyperinflation? 6.2. Hyperinflation as an extension of moderate inflation. 6.3. The measurement of hyperinflation. 6.4. The syndrome of hyperinflation. 6.5. The hyperinflationary process and feedback effects. 6.6. Hyperinflation and the death of a fiat currency. 6.7. The monetary, confidence and fiscal models of hyperinflation. 6.8. The role of expectations. 6.9. Other approaches to hyperinflation. 6.10. The behavior of exchange rates under hyperinflation. 6.11. The empirical evidence. 6.12. The consequences of hyperinflation. 6.13. Dealing with hyperinflation: business issues. 6.14. Dealing with hyperinflation: macroeconomic issues. 6.15. Concluding remarks
- 7. The history of fiat money and hyperinflation. 7.1. Fiat money, monetary debasement and hyperinflation. 7.2. The early history of fiat money and hyperinflation. 7.3. Fiat money and hyperinflation in Europe prior to World War I. 7.4. Fiat money and monetary debasement in the U.S. 7.5. The classical hyperinflations of the 20th century. 7.6. Concluding remarks
- 8. Hyperinflationary episodes since the 1970s. 8.1. Introduction. 8.2. Angola. 8.3. Argentina. 8.4. Belarus. 8.5. Bolivia. 8.6. Bosnia-Herzegovina (Yugoslavia). 8.7. Brazil. 8.8. Congo (formerly Zaire). 8.9. Croatia. 8.10. Ecuador. 8.11. Georgia. 8.12. Iraq. 8.13. Israel. 8.14. Mexico. 8.15. Nicaragua. 8.16. Peru. 8.17. Poland. 8.18. Romania. 8.19. Russia. 8.20. Turkey. 8.21. Ukraine. 8.22. Zimbabwe. 8.23. Iran. 8.24. The overall picture. 8.25. Concluding remarks
- 9. The status quo: heading towards hyperinflation? 9.1. The road to hyperinflation. 9.2. Fiscal and monetary indicators worldwide. 9.3. Quantitative easing. 9.4. Hyperinflation in the U.S.: why and why not. 9.5. Concluding remarks
- 10. Leading indicators of U.S. hyperinflation. 10.1. The fiscal balance. 10.2. The spending side. 10.3. The revenue side. 10.4. The outlook for the U.S. fiscal position. 10.5. Public debt. 10.6. Monetary aggregates. 10.7. Lessons from theory. 10.8. Lessons from history. 10.9. When and how it will happen? 10.10. Concluding remarks
- 11. Concluding thoughts. 11.1. The highway network. 11.2. Fire or ice? 11.3. The unthinkables. 11.4. The big unthinkable: break-up of the U.S. 11.5. The day of reckoning is inevitable.