Author Description

"Departing from conventionally held beliefs, Sergio Rossi argues in Money and Payments in Theory and Practice that money is not a financial asset and banks cannot create purchasing power on their own. The author asserts that the nature and workings of money and payments have not been thoroughly understood in both theory and practice." "Money and Payments in Theory and Practice points out that the origin of inflation may lie in a structural discrepancy between the architecture of our domestic payment systems and the banking nature of money. Sergio Rossi puts forward a positive as well as a normative approach to dispose of inflation through a structural change at the payment systems level." "This work will be essential reading not only for scholars in monetary economics, but also for professionals concerned with monetary policy and payments system issues."--BOOK JACKET.