Finance is not something separate from society. It is neither a Marxian superstructure nor a monetarist veil, but rather the very substance of modern social relations, a web of time-dated promises to pay that stretches from now into the future, and from here around the globe. Financial...

The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line with the Fed, the second tier including those who can offer acceptable collateral to the Fed, and the third tier...

The analytical tension in post-Keynesian thought between the theory of endogenous (credit) money and the theory of liquidity preference, brought to our attention by Dow and Dow (1989), can be viewed through the lens of the money view (Mehrling 2013) as a particular case of the balance between...

This paper sketches the outlines of the new international monetary system that has emerged in the aftermath of the global financial crisis. At the center of the system, a network of central bank swaps between the six major central banks serves as an elastic backstop for private foreign exchange...

The dollar’s depreciation during the early floating rate period, 1973–1981, was a symptom of the Great Inflation. In that environment, sterilized foreign exchange interventions were ineffective in halting the dollar’s decline, but they showed a limited ability to smooth dollar movements....

The turbulence in East Asia, the contagious effects on financial markets of other emerging economies and even on the major world stock markets, and the renewed instability in exchange rates are, I think, warnings of trouble in a world in which capital is free to flow as never before around the...