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E-raamat: Systems Perspective on Financial Systems [Taylor & Francis e-raamat]

(School of Business, Slippery Rock University)
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Systems Perspective on Financial SystemsSuurem pilt
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This book is devoted to a systems-theoretical presentation of the main results of applying the systemic yoyo model and relevant analytical tools to the topics of money and financial institutions. The author presents the main concepts and results of the subject matter in the language of systems science, which has in the past century prompted revolutionary applicati ons of systems research in various subfields of traditional disciplines. This volume applies a brand new logic of reasoning to some of the unsett led problems in the area of money and banking. Due to the particular systemic approach employed, the reader will be able to see how different economic activities are implicitly related to each other and how financial decisions are holistically made in reference to seemingly unrelated events. That is, the learning of this particular subject matter takes place at a different, more elevated level, from which, among others, economies are respectively seen as both closed and open systems; their interactions emulate those of rotational pools of fluids.





This book can be used as a textbook for researchers and graduate students in economics, finance, systems science, and mathematical / systems modeling. It will also be useful as a reference book for applied economists and various policy makers.
Editorial board xi
Preface xiii
About the author xv
Acknowledgements xvii
PART 1 Preparation
1 Overview
3(22)
1.1 The basics of money
3(6)
1.1.1 The meaning and function of money
3(2)
1.1.2 Different kinds of money
5(4)
1.2 Why is a systemic approach important?
9(5)
1.2.1 A two-dimensional spectrum of knowledge
9(1)
1.2.2 The systemic yoyo model
10(4)
1.3 Problems investigated using systems thinking and methodology
14(3)
1.3.1 Problems systems science could address
14(1)
1.3.2 Is 1 + 1 = 2 universally true?
15(1)
1.3.3 How modern science resolves problems?
16(1)
1.4 Main results of this book
17(8)
2 The yoyo mode: Properties and justifications
25(28)
2.1 Properties of systemic yoyos
25(6)
2.1.1 The field structure
25(2)
2.1.2 The quark structure of systemic yoyos
27(4)
2.2 Laws on state of motion
31(7)
2.2.1 The first law on state of motion
31(1)
2.2.2 The second law on state of motion
32(2)
2.2.3 The 3rd and 4th laws on state of motion
34(2)
2.2.4 Validity of figurative analysis?
36(2)
2.3 Theoretical justifications
38(5)
2.3.1 Blown-ups: Moments of transition in evolutions
38(1)
2.3.2 Mathematical properties of blown-ups
39(1)
2.3.3 The problem of quantitative infinity
40(1)
2.3.4 Equal quantitative effects
41(2)
2.4 Empirical justifications
43(10)
2.4.1 Bjerknes' circulation theorem
43(2)
2.4.2 Conservation of informational infrastructure
45(3)
2.4.3 Silent human communications
48(5)
PART 2 Domestic financial system: Seen as a closed system
3 The financial infrastructure
53(36)
3.1 Composition of the financial system
53(4)
3.2 Monetary standard of currencies
57(5)
3.3 Definition of money
62(2)
3.4 Credit
64(4)
3.5 Financial markets
68(2)
3.6 The banking system
70(12)
3.6.1 The modern banking system
70(3)
3.6.2 The banking business
73(9)
3.7 Innovation: Livelihood of national financial infrastructure
82(6)
3.8 Some final remarks
88(1)
4 Supply and demand of money
89(52)
4.1 The concept of supply and demand: Two interacting economic forces
90(3)
4.2 The supply of money
93(17)
4.2.1 Creation of currency
93(6)
4.2.2 Monetary multiplier
99(3)
4.2.3 Money supply models
102(8)
4.3 The demand of money
110(29)
4.3.1 Classical quantity theory of money
111(1)
4.3.1.1 The theory of cash transactions
111(2)
4.3.1.2 The cash balance theory
113(2)
4.3.1.3 The income quantity theory
115(1)
4.3.2 Keynesian demand for money
115(6)
4.3.3 Further developments of Keynesian theory
121(9)
4.3.4 Modern quantity theory of money
130(5)
4.3.5 Empirical tests of money demand
135(1)
4.3.5.1 Interest rate and demand for money
136(1)
4.3.5.2 Stability of the demand for money
137(1)
4.3.5.3 Circulation speed of money
138(1)
4.4 A few final comments
139(2)
5 Interest: A factor influencing monetary supply and demand
141(42)
5.1 Loanable funds
141(10)
5.2 Liquidity preference
151(6)
5.3 Interest rate and total output
157(7)
5.4 Risk structure of interest rates
164(6)
5.5 Term structure of interest rates
170(9)
5.6 Market behaviors and response to different-scale investment opportunities
179(2)
5.7 Some concluding words
181(2)
6 Monetary policy: Another factor influencing monetary supply and demand
183(70)
6.1 Goals of monetary policy
183(9)
6.1.1 Tasks and contents of monetary policy
184(1)
6.1.2 Goals of monetary policy
185(7)
6.2 Medium-term goals of monetary policy
192(3)
6.3 Tools of monetary policy
195(7)
6.4 Conduction mechanism of monetary policy
202(9)
6.5 Empirical analysis on the importance of money
211(8)
6.6 Money and fiscal policies in the IS-LM model
219(13)
6.6.1 Movement of IS curve
219(4)
6.6.2 Movement of LM curve
223(2)
6.6.3 Movement of total output and interest rate
225(5)
6.6.4 The crowding-out effect
230(2)
6.7 Inflation
232(16)
6.7.1 The phenomenon
232(1)
6.7.2 Price levels of goods
233(3)
6.7.3 Causes of inflation
236(6)
6.7.4 Game theory explanation of stagflation phenomena
242(4)
6.7.5 Dealing with inflation
246(2)
6.8 Systemic structure of monetary policy
248(5)
7 Portfolio of assets
253(42)
7.1 Constant existence of investment opportunities
253(7)
7.1.1 Economic yoyo flows
254(1)
7.1.2 A simple model for perfect capital markets
255(3)
7.1.3 A simple model when capital markets are imperfect
258(2)
7.2 Interest rates and yields
260(5)
7.2.1 Present values
260(1)
7.2.2 Yield to maturity
261(2)
7.2.3 Prices, rates of return, and yields of bonds
263(2)
7.3 Factors affecting portfolio choices
265(3)
7.4 Balance between risk and yields
268(17)
7.4.1 Diversity of investment
268(2)
7.4.2 Mean variance utility
270(4)
7.4.3 Determination of the portfolio proportion
274(7)
7.4.4 Estimate of the β coefficient
281(1)
7.4.5 Portfolio proportions
282(2)
7.4.6 Asset pricing
284(1)
7.5 Portfolio selection
285(10)
7.5.1 Expected yields of portfolios
286(2)
7.5.2 Demand of assets
288(2)
7.5.3 Advantages of diversity
290(5)
PART 3 International financial system: Seen as an ocean of interacting semi-closed systems
8 International Monetary System
295(46)
8.1 Introduction of the international monetary system
295(3)
8.1.1 The composites of the IMS
296(1)
8.1.2 Classifications of the IMS
297(1)
8.1.3 The functions of the IMS
297(1)
8.2 Development of the IMS
298(17)
8.2.1 The international gold standard
299(4)
8.2.2 The Bretton Woods System
303(6)
8.2.3 The Jamaica system
309(6)
8.3 Improvements on the IMS
315(4)
8.3.1 Main suggestions for improving the IMS
315(2)
8.3.2 An expected future of the IMS
317(2)
8.4 The European monetary system
319(5)
8.4.1 The history
319(2)
8.4.2 The European Union of money
321(1)
8.4.3 Economic impacts of the euro
322(2)
8.5 International organizations of finance
324(9)
8.5.1 The International Monetary Fund
324(4)
8.5.2 The World Bank Group
328(4)
8.5.3 Bankruptcy of nations: An ongoing thought
332(1)
8.6 The three-ringed structure of stable economic systems
333(5)
8.6.1 Three-ringed systemic structure of each economic system
333(1)
8.6.2 Economic energy and three-leveled energy transformation
334(3)
8.6.3 Non-conservative evolution of economic energy
337(1)
8.7 Some final words
338(3)
9 International reserves and capital flows
341(48)
9.1 Introduction to international reserves
342(9)
9.1.1 Characteristics of international reserves
342(1)
9.1.2 Components of international reserves
343(5)
9.1.3 Borrowed international reserves
348(3)
9.2 Management of international reserves
351(12)
9.2.1 The management of magnitudes
351(5)
9.2.2 The structural management
356(2)
9.2.3 Reserves of the USA, Europe, Japan, and Great Britain
358(5)
9.3 Potential problems regarding foreign currency reserves
363(4)
9.3.1 The problem of capital flight
363(2)
9.3.2 The problem of credibility
365(1)
9.3.3 The problem of currency substitution
366(1)
9.4 Capital flows across national borders
367(16)
9.4.1 Types of international capital flows
368(3)
9.4.2 Causes, present state and expected future of capital flows
371(4)
9.4.3 Impacts of international capital flows
375(5)
9.4.4 International capital flows and national financial systems
380(3)
9.5 Interactions between economic yoyo fields
383(6)
9.5.1 Classification of economic yoyo fields
383(4)
9.5.2 Combinations of economic yoyos through meridian fields
387(2)
10 Financial globalization and its consequences
389(48)
10.1 The structure of the international financial market
389(8)
10.1.1 The international money market
390(1)
10.1.2 The international capital market
391(2)
10.1.3 The Euro currency market
393(3)
10.1.4 International foreign exchange
396(1)
10.2 Causes and effects of international capital flow
397(8)
10.2.1 Characteristics of capital flow in the international market
397(1)
10.2.2 Reasons for international capital flows
398(2)
10.2.3 Positive effects of international capital flows
400(3)
10.2.4 Impacts of capital flows on domestic and international equilibria
403(2)
10.3 Debt and bank crises: Impacts of financial globalization
405(7)
10.3.1 Debt crises of developing countries
405(4)
10.3.2 Bank crises
409(3)
10.4 Currency crises: Impacts of financial globalization
412(17)
10.4.1 The concept of currency crises
413(2)
10.4.2 Causes of currency crises
415(8)
10.4.3 Asian currency crises: A real-life case
423(3)
10.4.4 Solution to currency crises as analyzed using Asian scenario
426(3)
10.5 Will financial attacks be always possible?
429(8)
10.5.1 How environments determine the nature of economies
430(1)
10.5.2 Existence of financial centers under different regulations
430(2)
10.5.3 Centralizable economies
432(1)
10.5.4 Forever existence of emerging economic centers
433(4)
11 Financial crises and currency wars
437(56)
11.1 International financial crises
437(11)
11.1.1 Financial crises and currency crises
438(1)
11.1.2 Theories of international financial crises
439(9)
11.2 Speculative attacks and currency crises
448(12)
11.2.1 Short-term capital flows and speculative attacks
448(2)
11.2.2 Recent speculative attacks and currency crises
450(3)
11.2.3 New characteristics of recent speculative attacks
453(2)
11.2.4 Chilean capital account liberation: A case of success
455(5)
11.3 Currency wars and possible self-defense
460(20)
11.3.1 One possible form of currency wars
461(4)
11.3.2 A strategy of self-protection
465(1)
11.3.2.1 A model for categorized purchasing power
465(3)
11.3.2.2 Functional relationship between P and (D -- S)
468(6)
11.3.2.3 Separating economic categories by using feedback
474(3)
11.3.2.4 A strategy for national defense
477(3)
11A Feedback: A general systems approach
480(1)
11A.1 Introduction
480(1)
11A.2 Feedback and its properties
481(3)
11A.3 Properties that are feedback invariant
484(2)
11A.4 A characterization of decoupling
486(2)
11A.5 The main theorem
488(5)
12 Modern China: A quick glance
493(44)
12.1 Appearance and development of Chinese central bank
493(4)
12.1.1 A brief history
493(1)
12.1.2 Hierarchy of Chinese central bank
494(1)
12.1.3 Business of the people's bank of China
495(1)
12.1.4 Money supply of China
496(1)
12.2 Chinese financial system
497(11)
12.2.1 Chinese banks
497(3)
12.2.2 Other financial organizations
500(1)
12.2.3 Business of lending and investing
501(4)
12.2.4 Other banking businesses
505(3)
12.3 Financial reforms of China
508(3)
12.3.1 Need for reform
508(1)
12.3.2 Key aspects of financial reform
509(2)
12.4 International reserves of China
511(9)
12.4.1 Fast increase in foreign reserves
512(3)
12.4.2 Management of foreign reserves
515(2)
12.4.3 How can the risk of US$3,442.65 billion reserves be resolved?
517(3)
12.5 Understanding China culturally
520(12)
12.5.1 "What is China as a civilization?
520(6)
12.5.2 How will China revive through adopting beneficial elements
526(1)
12.5.3 What kind of democracy would China potentially embrace?
527(3)
12.5.4 External pressures China currently experiences
530(1)
12.5.5 Will China be peaceful with neighboring economies?
531(1)
12.6 Will economic prosperity visit China soon?
532(5)
Bibliography 537(6)
Subject index 543
Dr. Jeffrey Yi-Lin Forrest, also known as Yi Lin, holds all his educational degrees (BS, MS, and PhD) in pure mathematics from Northwestern University (China) and Auburn University (USA) and had one year of postdoctoral experience in statistics at Carnegie Mellon University (USA). Currently, he is a guest and specially appointed professor in economics, finance, systems science, and mathematics at several major universities in China, including Huazhong University of Science and Technology, National University of Defense Technology, Nanjing University of Aeronautics and Astronautics, and a tenured professor of mathematics at the Pennsylvania State System of Higher Education (Slippery Rock campus). Since 1993, he has been serving as the president of the International Institute for General Systems Studies, Inc. Along with various professional endeavors he organized, Dr. Forrest has had the honor to mobilize scholars from over 80 countries representing more than 50 different scientific disciplines. Over the years, he has served on the editorial boards of 11 professional journals, including Kybernetes: The International Journal of Cybernetics, Systems and Management Sciences, Journal of Systems Science and Complexity, International Journal of General Systems, and Advances in Systems Science and Applications. And, he is the editor of the book series entitled "Systems Evaluation, Prediction and Decision-Making", and the editor of the book series Communications in Cybernetics, Systems Science and Engineering, both published by Taylor and Francis with the former since 2008 and the latter since 2011.

Some of Dr. Forrests research was funded by the United Nations, the State of Pennsylvania, the National Science Foundation of China, and the German National Research Center for Information Architecture and Software Technology.

Professor Jeffrey Forrests professional career started in 1984 when his first paper was published. His research interests are mainly i
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