Description
This is a book about financial theories and how they relate to the economy. It looks at how different financial structures and performance have affected the economy in the past, and it also looks at how economic development can be increased. The book is focused on the US economy, but the lessons it teaches are relevant to the global economy of the 21st century.
The study of financial history has never been more important. This volume focuses on theories about the relationship of financial markets to the rest of the economy. Searching out information on financial institutions and markets from the past, this work tests theories from the 1980s and 90s with this data, mainly in two fields of economics: financial structure and performance and economic development. Understanding and testing the relationship between money and credit and the level of output in the economy, the author emphasizes, may help predict or prevent business cycles and even make it possible to increase the rate of development and growth of an economy. Although this volume focuses on one geographical and historical area of the US economy, the lessons and implications are relevant for the global economy of the 21st century.
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