The virtual course "Economics of money and banking - Virtual Course - Coursera", is a course with different contents and that offers video classes of Approx. 33 hours to complete. Explore its essential features, and click the orange button to get detailed information on the Coursera e-Learning platform
The last three or four decades have seen a remarkable evolution in the institutions that make up the modern monetary system.
The financial crisis of 2007-2009 is a wake-up call that we need a similar evolution in the analytical apparatus and the theories we use to understand that system.
Produced and sponsored by the Institute for New Economic Thought, this course is an attempt to begin the process of new economic thought by reviving and updating some long-forgotten traditions in monetary thought that have recently become relevant.
Three features of the new system are central.
More importantly, the intertwining of previously separate capital markets and money markets has produced a system with new dynamics and new vulnerabilities.
The financial crisis revealed those vulnerabilities for all to see.
The result was two years of desperate innovation by central bankers as they tried first this and then that in an effort to stop the collapse.
Second, the global character of the crisis has revealed the global character of the system, which is something new in post-war history but nothing new from a longer-term perspective.
Central bank cooperation was key to halting the collapse, and the details of that cooperation point to the contours of an emerging new international monetary order.
Third, absolutely central to the crisis was the operation of key derivative contracts, notably credit default swaps and currency swaps.
Modern money cannot be understood separately from modern finance, nor can modern monetary theory be constructed separately from modern financial theory.
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Columbia University
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