The BondEconomics.com eReport Understanding Government Finance has been released, and is available at online retail stores in ebook format. The current list of retailers includes Amazon, Kobo, the Apple Store, Nook, Scribd, and the Tolino network. The widget above gives an online preview (from Amazon).
DescriptionThe government budget is not like a household budget. This report introduces the financial operations used by a central government with a free-floating currency, and explains how they differ from that of a household or corporation. The focus is on the types of constraints such a government faces, and what can cause such a government to default. This report also acts as an introduction to some of the concepts used by Modern Monetary Theory, a school of thought within economics. Modern Monetary Theory emphasises the real limits of government action, as opposed to purely theoretical views about fiscal policy.
- Book length: around 34,000 words. Paperback is 122 pages (103 excluding front matter).
- 18 Figures and charts.
Paperback Edition - ISBN 978-0-9947480-5-8The paperback edition was released July 4th, 2016. The book will be available at online booksellers, and via special order from bookstores. It will take 5-8 weeks to appear in some channels; it will appear first on Amazon sites.
There have been small differences from the ebook editions as a result of the format change, including the addition of figure numbers and an index.
Once the paperback and Kindle edition of the book are linked (within a few days), it should be possible to buy the paperback and receive the Kindle edition for free (the "book matching program").
EPUB Format - ISBN 978-0-9947480-0-3
- Kobo (Kobo distributes across many countries; you should be sent to the appropriate site). You may also be able to find the ebook via Kobo's retail partners; it may take time for it to appear.
- The Tolino system (there are a number of retailers that sell Tolino ebooks).
- Apple (iTunes)
- Nook (Barnes and Noble)
- Page Foundry
There are desktop and tablet apps to read the book, which are available at the retailer's sites. Also, there is Adobe Digital Editions, which allows you to read epubs, and manage them across a several portable devices.
Kindle (Amazon) Format - ISBN 978-0-9947480-1-0Tablets have a free Kindle app, you can read the book via a web browser ("on the cloud"), and there is also is a free app to read on desktop computers.
- Amazon.com (affiliate link)
- Amazon.ca (affiliate link)
- (plus remaining stores).
Table Of ContentsChapter 1 Overview
1.2 About this Report
Chapter 2 Understanding Money
2.2 Money Is a Unit of Account
2.4 Money and Bonds
2.5 Concluding Remarks
Chapter 3 Introduction to Government Finances
3.2 Constraints within Economic Models
3.3 What Is a Central Bank?
3.4 Simplified Framework of Government Finance
3.5 Consolidation of the Treasury and the Central Bank
3.6 Concluding Remarks
Chapter 4 Government Financial Operations
4.2 The Limited Role of Currency
4.3 Transactions Not Involving Currency
4.4 Can the Treasury Run Out of Money?
4.5 Concluding Remarks
Chapter 5 Extensions–Reserves, Government Lending
5.2 Bank Reserves
5.3 Government Lending
5.4 Aside: Quantitative Easing
5.5 Concluding Remarks
Chapter 6 Bonds and Interest Rates
6.2 Bond Yields and the Debt-to-GDP Ratio
6.3 Marginal Analysis and Bond Yields
6.4 Central Bank Control of Short Rates
6.5 Rate Expectations and the Term Premium
6.6 Rollover Risk
6.7 Why Issue Bonds?
6.8 Concluding Remarks
Chapter 7 Domestic Constraints on Deficits
7.2 Functional Finance
7.3 Mainstream Analysis of Government Financing
7.4 The Governmental Budget Constraint
7.5 Paying the Debt Back?
7.6 Complications with the Budget Constraint
7.7 Can We Model Fiscal Constraints?
7.8 Concluding Remarks
Chapter 8 Outside Constraints on Governments
8.2 Borrowing in Foreign Currency
8.3 Gold Parities and Currency Pegs
8.4 One-Sided Currency Pegs
8.5 External Constraints without a Currency Peg
8.7 Concluding Remarks
Chapter 9 Conclusions
A.1 Appendix: Government Bonds and Bills
A1.2 Treasury Bills
A.2 Appendix: Overdraft Economies
A.3 Appendix: Rate Expectations and the Term Premium
References and Further Reading
About the Author
Final CommentsI look forward to receiving your support and feedback. Comments here are highly welcome, as well as reviews on retail web sites.
(c) Brian Romanchuk 2015