Stefan W. Schmitz - Böcker

"Central bankers worldwide welcome the recent increase of research on payment systems. This volume, providing an expert overview on this timely subject, should be required reading for us all". - Erkki Liikanen, Governor of the Bank of Finland Monetary policy has been at the centre of economic research from the early stages of economic thought, but payment system research has attracted increased academic attention only in the past decade. This book’s succeeds in merging these two so far largely separated fields. Innovative and groundbreaking, Schmitz and Woods initiate research on the interdependence of institutional change in the payments system and monetary policy, examining the different channels via which payment systems affect monetary policy. It explores important themes such as:conceptualization and methods of analysis of institutional change in the payments systemdeterminants of institutional change in the payments system – political-economy versus technologyempirics of institutional change in the retail and in the wholesale payments systems – policy initiatives and new technologies in the payments systemimplications of institutional change in the payments system for monetary policy and the instruments available to central banks to cope with it.The result is an accessible overview of conceptual and methodological approaches to institutional change in payment systems, and a comprehensive and yet thorough assessment of its implications for monetary policy. The insights this timely book provides will be invaluable for researchers and practitioners in the field of monetary economics.

"Central bankers worldwide welcome the recent increase of research on payment systems. This volume, providing an expert overview on this timely subject, should be required reading for us all". - Erkki Liikanen, Governor of the Bank of Finland Monetary policy has been at the centre of economic research from the early stages of economic thought, but payment system research has attracted increased academic attention only in the past decade. This book’s succeeds in merging these two so far largely separated fields. Innovative and groundbreaking, Schmitz and Woods initiate research on the interdependence of institutional change in the payments system and monetary policy, examining the different channels via which payment systems affect monetary policy. It explores important themes such as:conceptualization and methods of analysis of institutional change in the payments systemdeterminants of institutional change in the payments system – political-economy versus technologyempirics of institutional change in the retail and in the wholesale payments systems – policy initiatives and new technologies in the payments systemimplications of institutional change in the payments system for monetary policy and the instruments available to central banks to cope with it.The result is an accessible overview of conceptual and methodological approaches to institutional change in payment systems, and a comprehensive and yet thorough assessment of its implications for monetary policy. The insights this timely book provides will be invaluable for researchers and practitioners in the field of monetary economics.

Otto Neurath (1882-1945) was a highly unorthodox thinker both in philosophy and economics. He proposed a radically expanded scope of economic analysis that would facilitate a comparative and systematic study of the impact of a great variety of economic and political measures on a population’s well-being. Neurath regarded the controversial and widely misunderstood concept of calculation in kind as an indispensable instrument for anyone (economist or politician) who sought to analyze economic relationships from a wider perspective than that of price formation under market conditions. What is the impact of alternative (economic, political or organisational) measures on living conditions? What are the appropriate methods to compare and to rationally choose among alternative measures? In Neurath’s opinion, answers to these questions are crucial for every democratic government. The contributions to this sparkling new book conclude that Neurath touched on many of the most criticalproblems of economic theory during its formative years as a modern discipline; his economics provides insights into the foundational problems of modern economics and should encourage contemporary economic theorists to critically reflect their own hidden presumptions. Neurath’s arguments continue to challenge the foundations of today’s neo-liberal approach to political-economy. They have also been rediscovered by researchers in the fields of ecological economics and of sustainable development as visionary and original. His comprehensive theory of life conditions and life quality anticipated the questions development economists and the general public meet today.

This book is unique in providing the first full English translation of Menger's seminal article Geld - one of the most influential papers on the origin of money. The editors aim to facilitate a broader and more detailed discussion of Menger's method, theory and findings with this translation and in depth analysis.Menger's institutional approach is applied and extended to the analysis of the evolution of payments systems, focusing in particular on electronic money, on its institutional character, and on monetary policy as well as predictions of likely future developments.Carl Menger and the Evolution of Payments Systems will be of great interest to financial economists and Austrian economists as well as historians of economic thought.