Book reviews
Book notes: The Limits of the Market, by Paul de Grauwe
De Grauwe has produced a concise analysis into how markets and governments react with one another; but his lack of familiarity with the history of economic thought is surprising
Book notes: The Spider Network, by David Enrich
A thrilling exploration of how currency trader Tom Hayes and confederates managed to corrupt the UK banking system in what has become one of the largest financial scandals in history
Book notes: The Tides of Capital, by Julia Leung
This “stimulating read” offers a unique perspective on how Asian countries have developed economically over the past 20 years. More interesting is Leung’s unintentional revelation that they still have a long way to go
Book notes: Can We Avoid Another Financial Crisis?, by Steve Keen
Steve Keen challenges “mainstream” economic thinking in this concise book, hoping to shift the political debate on debt
Book notes: Fed Up, by Danielle diMartino Booth
A “fascinating but annoying” account by a US Federal Reserve insider who openly criticises the culture of the US central bank and policy decisions made by the institution leading up to and following the financial crisis
Book notes: Crash Bang Wallop, by Iain Martin
A comprehensive study of the City of London and how it became the world’s leading financial centre prior to the financial crisis and the UK’s vote to leave the European Union
Book notes: Gaining Currency, by Eswar Prasad
A detailed study into the renminbi’s journey to becoming the reserve currency, taking a close look at the hurdles it has overcome and what obstacles remain in its way to competing on the global stage
Book notes: Bankers, Bureaucrats and Central Bank Politics, by Christopher Adolph
An interesting, if slightly dated, analysis of those who made monetary policy decisions in advanced economies between 1950–2001, attempting to understand whether personal background influences decision-making
Book notes: Architects of the Euro, edited by Kenneth Dyson and Ivo Maes
This biographical study of the 10 key players in the development of the Economic and Monetary Union provides a contrast to more historical analyses
Book notes: Competition and Stability in Banking, by Xavier Vives
Xavier Vives has written a fascinating book that highlights many important issues in banking regulation. But there are some flaws in his argument
Book notes: The Nobel Factor, by Avner Offer and Gabriel Söderberg
The authors offer some illuminating points on the politics behind the Nobel Prize in Economic Sciences, but fail to sufficiently challenge Sweden's social democracy, writes Graham Bannock
Book notes: The International Monetary Fund: Distinguishing Reality from Rhetoric, by Graham Bird and Dane Rowlands
The book brings valuable rigour to bear in assessing the work of the IMF, but suffers from a reliance on ageing data in many places, says Jacek Klich
Book notes: The Man Who Knew: The Life & Times of Alan Greenspan, by Sebastian Mallaby
An extensive account of Greenspan's life and achievements, but would have benefited from a closer analysis of his relationships with comrades at the Fed
Book notes: Shadow banking in China, by Andrew Sheng and Ng Chow Soon
The authors dispel many myths about shadow banking in China – but may underestimate future risks, writes Michael Taylor
Book notes: On central banking, by Jan Qvigstad
Qvigstad’s collection of lectures captures not just the culture of Norwegian central banking, but also an intellectual history of which the country can be proud
Book notes: The curse of cash, by Kenneth S Rogoff
A well-written book and sincerely argued, but it is based on weak economic analysis and inadequate economic and political history
Book notes: Achieving financial stability and growth in Africa, edited by Stephany Griffith-Jones and Ricardo Gottschalk
John Chown praises this comprehensive review that studies the possibility of achieving ‘the impossible’ in low-income Africa – both growth and financial stability
Book notes: Connectedness and contagion, by Hal Scott
Scott’s argument on the dangers of contagion has many appealing features, although he may be too eager to hand powers to unelected officials, writes Michael Reddell
Book notes: And the weak suffer what they must?, by Yanis Varoufakis
A book that is likely to elicit strong opinions – but Varoufakis writes persuasively, and may well win over many of his readers, says David Mayes
Book notes: The power of a single number, by Philipp Lepenies
Lepenies offers a brief but very readable treatment of GDP's political history, drawing out some important lessons in the process
Book notes: Priests of prosperity: how central bankers transformed the postcommunist world
Juliet Johnson has produced an interesting account of how central banks in former communist regimes were developed at a time when they had little or no experience of modern financial systems
Book notes: The euro and the battle of ideas, by Markus K Brunnermeier, Harold James and Jean-Pierre Landau
The authors have produced a fascinating and informative book that offers suggestions on how differences in beliefs can be overcome
Book notes: A few hares to chase, by Alan Bollard
The former Reserve Bank of New Zealand governor has produced a interesting account of the life of engineer-turned-economist Bill Phillips
Book notes: The power and independence of the Federal Reserve, by Peter Conti-Brown
Conti-Brown offers a call to action to fix the legitimacy of the Federal Reserve System, which is looking increasingly dated