Book content
List of tables xi
Preface xii
Acknowledgements xiv
Introduction 1
PART I
Theoretical foundations 13
1 Substance and purposes of economic activity 15
PART II
Money and credit 39
2 Debts and balance sheets 41
3 The creation of bank deposits 58
4 The creation of central bank deposits 77
5 The instruments of a central bank 90
6 The creation of sovereign securities 102
7 The sustainability of the financial system 127
8 Inflation and deflation 135
PART III
Analysis 147
9 A macroeconomic model 149
10 Europe before the euro 164
11 The situation with the euro 168
PART IV
Reform 187
12 How do we restore demand? 189
13 The future: with or without the euro? 193
Conclusion 202
Further reading 204
Index 206