Monetary and Financial Regimes

This book consists of three essays mainly in monetary and financial issues. The main thread running trough all these essays is the idea that the practical relevance of both monetary and financial factors, in general, can be derived from transaction and information costs. Another keystone that is emphasized throughout this work is the role of the monetary and financial institutions or regimes in the economy. Economic agents behave differently within different monetary regimes, and institutional changes alter the potential long-run performance and equilibrium of the economy. We are convinced that taking into account the institutional considerations in the economy is not in contradiction with mainstream economics. These approaches are complementary rather than alternative ways of examining economic phenomena.