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.

投资者的朋友

作者：朱宁 出版时间：2020年06月

这是一本投资相关的经济类图书。市场越是激烈动荡，越是存在良好的投资机会。关键是用对方法，不要人云亦云。广大投资者，尤其是散户，很容易追随市场的简单信号，陷入追涨杀跌的恶性循环之中，而且，投资者还经常过于自信，只记得自己获利的投资，而选择性忘却自己的失败。他们还不断变更自己的投资，希望通过自己的主动投资获得高收益。本书从行为金融学出发，深刻分析了投资者陷入这些投资误区的深层心理原因，并为广大投资者指出了更聪明的投资方法：把握交易节奏、持有多元化、从容选股、淡定择时，及时止损……希望这本书成为投资者真正的朋友，帮助投资者在市场波动中累积自己的财富，完成自己的财富升值。