Theme: Authorities Fiscal Operations

Modern Monetary Theory (MMT) emphasises the importance of monetary operations inside modern economies. They explicate the deviation betwixt Hellenic Republic as well as Japan, a distinction that unopen to discovery difficult to make. This article provides a express overview, as well as a laid of links to unopen to of my related articles on this topic.

Please banking concern annotation that this is a "living document", as well as links volition hold upward filled inward equally the articles appear. This transportation is meant to hold upward a navigational aid. (I am publishing it immediately to offering an explanation to regular readers why a number of long articles on operations volition hold upward appearing on this site.)

What Is Modern Monetary Theory?

I induce got another "theme article" that discusses MMT here.  It provides a laid of links on this topic. One of my before articles, What Is Influenza A virus subtype H5N1 Government Bond? covers authorities finance from a basic high grade stance that is mutual inside a lot of the MMT writings seen on the internet. The articles listed inward the sections below supply is a to a greater extent than detailed expression at this topic.

Why Operations Matter?

There are a number of perennial topics of give-and-take that come upward up which are related to operations. Where does the coin for authorities deficit spending come upward from? Does authorities bond issuance heighten involvement rates? What is the cardinal banking concern upward to? Can the authorities hold upward forced to default past times "the markets"?

Articles:

• Why Operations Matter. [To do.]

The Euro Area And Sovereign Default Risk

Recent events induce got made it clear that the authorities bonds inward the euro expanse are non default direct chances free, My declaration is that modest changes inward the procedures of euro expanse operations would atomic number 82 to a organization that would inward fact hold upward default direct chances free; the electrical flow drift towards breakup has been the consequence of political decisions. And if nosotros grant the declaration that the euro expanse is solely a modest laid of procedural changes away from beingness default direct chances free, therefore past times contrast, countries that are deemed default direct chances gratis may solely hold upward a modest laid of badly designed procedures away from default. Therefore, a fixed income analyst needs to induce got these operational issues seriously.

Articles

• What Is The Difference Between Hellenic Republic And [Japan/United States/Canada]?* [To do.]

Detailed Analysis Of Operations

• Primer: Can We Consolidate The Central Government And The Central Bank?
• Minsky On Position-Making Instruments. Relates to the instruments used inward authorities finance.
• A Simplified Canadian Model Of Government Operations [To do.]
• Understanding "Treasury" Lending In Canadian Government Finance [To do.]
• What Is The Role Of Reserves In Government Finance? [To do.]
• Primer: Central Banks In Overdraft Economies [To do.]  

Influenza A virus subtype H5N1 Note To Regular Readers

These articles (like many on this site) correspond offset drafts of text that volition subsequently moved into longer documents that I volition publish. Previously, I induce got been interweaving multiple threads of enquiry together inward club to create a multifariousness of topics on this site. This was meant to human activeness equally a cast of marketplace research. However, I desire to complete a chapter on operations relatively quickly, as well as therefore I immediately hold off to set out a slug of articles on that topic.

I am non publishing amongst an academic audience inward mind, although I realise that academics are reading my articles. I hold off that I may add together unopen to citations to the literature inward footnotes equally the larger publications are ready to piece of job out the door. As a bleg, I would hold upward happy to comprise suggested references. This specially matters for the electrical flow laid of articles. I read the MMT literature years ago, as well as therefore I induce got absorbed the footing view, just I induce got lost rail of exceptional sources to cite. (I am happy to transportation links to cyberspace articles equally well, just those links interruption over fourth dimension as well as are less useful inward printed documents, therefore my preference is for references to journals or books.)


Footnote:

* The trigger for writing this sequence of articles was exactly this question: why is Hellenic Republic unlike than the United States? I realised I could non properly address that until the basics of authorities operations were covered first.

(c) Brian Romanchuk 2015