Money Capital: New Monetary Principles for a More Prosperous Society

作者：Patrick Bolton, Haizhou Huang 出版时间：2024年01月

A conventional economic theory, monetarism, holds that inflation is a monetary phenomenon driven by changes in the supply of money. Yet recent experience—including the aftermath of the financial crisis of 2008 and the economic development of China—contradict this basic prediction. In this book, leading economists Patrick Bolton and Haizhou Huang offer a novel perspective, viewing monetary economics through the lens of corporate finance. They propose a richer theory, where money can be seen as the equity capital of a nation, playing a similar role as stocks for a company. This innovative framework integrates the real and monetary sides of the economy, with a banking sector and debt at its core. In the financial world, companies issue new shares only if it results in some kind of value creation; this is a basic principle of corporate finance that Bolton and Huang argue can be applied to monetary economics. When the government increases the money supply to finance positive net value investments—when it prints money to keep the economy going—it increases output, not inflation. This is evidenced by the strong growth in GDP and money in China over the last four decades, and in the United States during World War II. The effect of increasing money supply, they argue, depends on how money enters the system and what the money buys. The principles outlined by Bolton and Huang shed new light on a range of issues, including inflation, monetary and fiscal policy, central banking, money and growth, and the international monetary system. © 2024 by Princeton University Press.

新世纪的ESG金融

作者：邱慈观 出版时间：2021年11月

本书以“新世纪”和“ESG金融”为名，是放在新时代前暗性视角下看ESG。新书内容ESG投资为主，ESG实践为捕，并以宏观的“金前”名之，收录了作者32篇文章，舞与时间以2020年初到2021年中，第一部分为是论，从ESG实战和ESG投资两方面，圣以机今桥理和框架有。第一部分是ESG实践，不于相关的管理经济学基础、行业差异、绩效披露等议题，通过企业实践例加以剖析。第三部分是ESG投资，对于投资策略、产品、财务回报、投资动机等议题，基于对国内外发展的观察而进行探索。第四部分是ESG数据和绩效评告，就相关数据来源、投资人回应及产品结效披露等议题，基于世界最新发展而进行解忻。第五部分是ESG在中国，这部分特别聚焦于国内市场，探讨散户投资人、投资人构成、超额回报、碳中和目标等议题。