Background
AUERNHEIMER, Leonardo was born in 1936 in Alta Gracia, Cordoba, Argentina.
( The study of money, banking and financial markets is a ...)
The study of money, banking and financial markets is a required or very popular elective in most undergraduate and graduate programs in economics and finance in Africa. However, the textbooks used are those written primarily for the developed world such as the United States or the U.K. The result is that students graduate with excellent theoretical knowledge about the subject matter as it pertains to the developed economies, but lack the ability to apply the same knowledge to less developed economies. Although the subject matter of money and banking can be treated at a theoretical level, it is best done with institutions in mind. As an application oriented course, references and applications should, as much as possible, be to the conditions and institutions present in the environment where the subject is being studied and where the knowledge will be used, rather than to institutions that exist elsewhere in developed economies. The primary purpose of Essentials of Money, Banking and Financial Institutions is to provide a text in money, banking, and financial institutions in the context of the developing economies, especially Africa. Throughout the book, a deliberate effort will be made to focus the students’ attention on the need to develop the existing institutions so they can help to accelerate economic development.
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AUERNHEIMER, Leonardo was born in 1936 in Alta Gracia, Cordoba, Argentina.
Licenciado, University Buenos Aires, 1965. Master of Arts, Doctor of Philosophy University Chicago, 1970, 1973.
Consultant, Ford Foundation,
1965-1966. Teach. Assistant, University Buenos Aires, 1966-1985. Visiting Professor, University Vicosa, Brasil, 1972-1973.
Assistant Professor, Texas A&M University, 1973-1977. Con., Visiting Professor, Centro de Estudios Monetarios Latinoamericanos, Mexico City,
1975, CEMA, 1980-1981. Visiting Scholar, University Gottingen, W. Germany, 1983.
Association Professor of Economics, Texas A&M University, College Station, Texas, United States of America, Senior Investigator, Centro de Estudios Macroecon. de Argentina (CEMA), Buenos Aires, Argentina, since 1977.
( The study of money, banking and financial markets is a ...)
Early work reflected an interest in the theory and implications of the revenues from the creation of fiat money. In particular, the 1974 Journal of Political Economy piece showed the correct and general specification of those revenues taking account of transitional but, as it turns out, essential elements. In addition, this early paper is considered as the first reference in the monetary literature of instances where ‘time inconsistency’ could arise.
Later work, in part inspired by the stabilisation experiments of the Southern Cone countries during the late 1970s, is related to expectations, the ‘fiscal’ constraint, and the connection between debt and money printing financing of government expenditures under both monetary and exchange rate rules. In addition to my interest in macro and monetary theory, I have made incur
sions in the theory of capital and depreciation. In particular the work with T. R. Saving shows the robustness of durability with respect to alternative forms of market organisation.