Brendan Brown - Böcker

This sequel to the author's earlier well-received Euro On Trial, shows how European Monetary Union became a main engine of the global credit bubble and puts forward a set of remedies which would reduce the danger of further economic debacle emanating from serious flaws in the present policy-making framework of the European Central Bank.

This book explores how economists operate effectively in financial markets. Using events as diverse as the Wall Street Crash of 1929 and Japanese earthquake damage the author traces the responses of the market to a variety of financial events. The subjects covered include:* The valuing process* Interpreting the news* The challenges of long term scenarios* The business and growth cycle* The economist as strategist

First published in 1988, this reissue reconstructs the reaction of financial markets to war, defeat, and revolution in Europe, from the assassination of Archduke Franz Ferdinand in June 1914, to the bankruptcy of Germany in July 1931. Dr. Brown demonstrates how the contemporary investor can improve the wisdom of his decisions by gaining an understanding of the financial history of these years. He also demonstrates how the skilled investor might project different political and economic realities and estimate their probability of recurrence.In his reconstruction work, Brendan Brown has undertaken extensive research into the financial press in the various European countries, seeing this as a prime clue to the mood in markets at the time. The findings will interest not just economists and financial specialists, but also readers keen to improve their understanding of the political and social events of the period.

First published in 1988, this reissue reconstructs the reaction of financial markets to war, defeat, and revolution in Europe, from the assassination of Archduke Franz Ferdinand in June 1914, to the bankruptcy of Germany in July 1931. Dr. Brown demonstrates how the contemporary investor can improve the wisdom of his decisions by gaining an understanding of the financial history of these years. He also demonstrates how the skilled investor might project different political and economic realities and estimate their probability of recurrence.In his reconstruction work, Brendan Brown has undertaken extensive research into the financial press in the various European countries, seeing this as a prime clue to the mood in markets at the time. The findings will interest not just economists and financial specialists, but also readers keen to improve their understanding of the political and social events of the period.

The Great Monetary Experiment designed and administered by the Federal Reserve under the Obama Administration unleashed strong irrational forces in global asset markets.

First published in 1989, The Economics of the Swap Market looks at how the swap has become a commonplace tool for corporations throughout the OECD world to ‘lock-in’ interest rates on their borrowing. The aim of The Economics of the Swap Market, is to contribute to a redressing of the balance. Subjects covered include both those conventionally falling within the scope of micro-economics and of macroeconomics, beginning with an examination of the forces behind the take-off the swap market and a formal setting out of key arbitrage relationships which hold in equilibrium between the swap markets on international capital flow.

First published in 1989, The Economics of the Swap Market looks at how the swap has become a commonplace tool for corporations throughout the OECD world to ‘lock-in’ interest rates on their borrowing. The aim of The Economics of the Swap Market, is to contribute to a redressing of the balance. Subjects covered include both those conventionally falling within the scope of micro-economics and of macroeconomics, beginning with an examination of the forces behind the take-off the swap market and a formal setting out of key arbitrage relationships which hold in equilibrium between the swap markets on international capital flow.

Originally published in 1987, The Flight of International Capital provides a fascinating comprehensive analysis of the history of international money movements. Taking 1931 as the turning point between old-style and modern methods of conducting monetary affairs, the book relates currency shifts and investment trends to political events. He deals with five eras in the history of international capital; the unsettled post-crash period 1931-1936; the flight of capital to the US before World War II; the dollar and Swiss Franc’s time as the only ‘hard monies’ till the late fifties; the emergence of the mark-dollar axis before 1971; and finally, the behaviour of floating currencies.

Originally published in 1987, The Flight of International Capital provides a fascinating comprehensive analysis of the history of international money movements. Taking 1931 as the turning point between old-style and modern methods of conducting monetary affairs, the book relates currency shifts and investment trends to political events. He deals with five eras in the history of international capital; the unsettled post-crash period 1931-1936; the flight of capital to the US before World War II; the dollar and Swiss Franc’s time as the only ‘hard monies’ till the late fifties; the emergence of the mark-dollar axis before 1971; and finally, the behaviour of floating currencies.

Originally published in 1983. With the prevailing uncertainties and wild fluctuation in exchange values at the time, the forward market in foreign exchange had become a vital issue for both governments and business corporations. This book by an expert practitioner in foreign exchange dealing describes how the forward market functions and analyses the constituent elements in its behaviour. The two principal types of foreign exchange deal are examined; forward outright and swap, and explanations are given of how both operate. The linkage between forward rates and interest rates is also considered and the book investigates what factors cause deviation from parity conditions. In addition, there is a discussion of political risk and the forward contract and the role of speculation in forward exchange as well as the methods of hedging.

Originally published in 1983. With the prevailing uncertainties and wild fluctuation in exchange values at the time, the forward market in foreign exchange had become a vital issue for both governments and business corporations. This book by an expert practitioner in foreign exchange dealing describes how the forward market functions and analyses the constituent elements in its behaviour. The two principal types of foreign exchange deal are examined; forward outright and swap, and explanations are given of how both operate. The linkage between forward rates and interest rates is also considered and the book investigates what factors cause deviation from parity conditions. In addition, there is a discussion of political risk and the forward contract and the role of speculation in forward exchange as well as the methods of hedging.

This sequel to the author's earlier well-received Euro On Trial, shows how European Monetary Union became a main engine of the global credit bubble and puts forward a set of remedies which would reduce the danger of further economic debacle emanating from serious flaws in the present policy-making framework of the European Central Bank.

This book analyses the controversial and critical issue of 2% inflation targeting, currently practised by central banks in the US, Japan and Europe. Where did the 2% target inflation originate, and for what reason? Do these reasons stand up to scrutiny?This book explores these key questions, contributing to the growing debate that the global 2% inflation standard prescribed by the central banks in the advanced economies globally is actually contributing to the economic malaise of these nations. It presents novel theoretical perspectives, intertwined with historical and market understanding, and features analysis that draws on monetary theory (including Austrian school), behavioural finance, and finance theory. Alongside rigorous analysis of the past and present, the book also features forward looking chapters, exploring how the 2% global inflation standard could collapse and what would ideally follow its demise, including a new look at the role of gold.

This book showcases written dialogue from Brendan Brown and Philippe Simonnot on the subject of European monetary turmoil past and present and what hope there could be for future reform. Starting with the collapse of the gold standard in 1914, proceeding to the brief gold-dollar standard of the mid inter-war years, on to the collapse of Bretton Woods and the heyday of the Deutsche mark and ultimately discussing the euro, this book looks at a broad range of financial history alongside many new and provoking hypotheses about the devastating monetary turbulence of the successive eras, always with a focus on the US monetary hegemon.   A highlight of the dialogue is an exploration of how past and future crises could combine to give birth to sound money in Europe – the launch, in effect, of a new euro. In the questions and answers within these pages, the authors draw on global examples and the challenges for Europe in deciding how to adapt to successive monetary shocks from the US, crafting a book that would be of interest to general finance and economics readers alongside students, researchers, and policymakers.

This is doubly regrettable, as the better money functions at an individual level in satisfying demand for quality, the better it is for economic prosperity and freedom.This book presents how modern money works both in the domestic economy and globally, outlining the essence of what makes good money.

This book argues that the blame for the ‘Great Pandemic Inflation’ in the US and Europe lies with serious flaws in the actual monetary regime. Money is literally out of control with no solid anchor. In consequence further great inflations lie ahead, whether the proximate cause is another massive supply shock (for example war, trade conflict, resource famine) or fiscal explosion or simply malfunctioning of the corrupted monetary system.The book draws on monetary principles applied in the laboratory of history – including wars, great recessions, and US wave elections – to make its key points. The choice of monetary principles is eclectic, including insights from Austrian School and previous works of the authors. The historical examples stretch from the 1890s to the present day. The authors do not shy away from use of counterfactual analysis, including how the shocks from the pandemic or Russia-Ukraine War would have played out under a sound money regime. Questions posed include how a flawed monetary regime has encountered so little political push-back. The answer includes an identification of the sub-groups in the US or global economy who gain from a flawed monetary regime and their wielding of power to protect the status quo. Crucially the book describes how asset inflation, one of the main symptoms of monetary disorder, has weakened opposition to the regime, though ultimately fanning populism due to decades of malinvestment. This book should have wide appeal to academics in monetary economics, international finance, international relations and history, especially those with a passion for the use of history as laboratory. More generally the book should fascinate a wide range of thinkers close to or in the thick of the global financial markets.