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The authors consider different forms of financial capital and discuss their functioning by using simple models. They then develop a formal framework that helps to understand the dramatic expansion of financial wealth (both money and financial capital) and its increasingly unequal distribution.
The authors consider different forms of financial capital and discuss their functioning by using simple models. They then develop a formal framework that helps to understand the dramatic expansion of financial wealth (both money and financial capital) and its increasingly unequal distribution.
1 Introduction 9 1.1 Markets, money, financial capital9 1.2 Notations for models11 2 Beginning with banks15 2.1 Two money circuits 15 2.2 Banks’ deposit money18 2.3 Usages of reserves28 2.4 Zero-sum games and debts32 3 Bonds39 3.1 Some data39 3.2 Orientation to returns40 3.3 Government bond spreads46 3.4 Financing of government debt49 3.5 Appendix: Modern Money Theory59 4 Tradable shares63 4.1 Some data63 4.2 Speculative pricing65 4.3 Dividends71 4.4 Real and virtual gains76 5 Investment funds83 5.1 Some data 83 5.2 Speculation with fund shares85 5.3 Exchange-traded funds .89 6 Derivatives 95 6.1 Forwards and futures95 6.2 Options101 6.3 Credit default swaps108 7 Financialization115 7.1 Expansion of financial wealth115 7.2 Inequality of financial wealth139 References150 Index 154
1 Introduction 9 1.1 Markets, money, financial capital9 1.2 Notations for models11 2 Beginning with banks15 2.1 Two money circuits 15 2.2 Banks’ deposit money18 2.3 Usages of reserves28 2.4 Zero-sum games and debts32 3 Bonds39 3.1 Some data39 3.2 Orientation to returns40 3.3 Government bond spreads46 3.4 Financing of government debt49 3.5 Appendix: Modern Money Theory59 4 Tradable shares63 4.1 Some data63 4.2 Speculative pricing65 4.3 Dividends71 4.4 Real and virtual gains76 5 Investment funds83 5.1 Some data 83 5.2 Speculation with fund shares85 5.3 Exchange-traded funds .89 6 Derivatives 95 6.1 Forwards and futures95 6.2 Options101 6.3 Credit default swaps108 7 Financialization115 7.1 Expansion of financial wealth115 7.2 Inequality of financial wealth139 References150 Index 154
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