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Brian Romanchuk

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Understanding Government Finance Kindle Edition

by Brian Romanchuk (Author) Format: Kindle Edition

4.4 31 ratings

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The government budget is not like a household budget. This report introduces the financial operations used by a central government with a free-floating currency, and explains how they differ from that of a household or corporation. The focus is on what constraints such a government faces, and explains why such governments only face a limited risk of involuntary default.

It introduces a simplified framework for the monetary system, along with the operating procedures that are associated with it. Complications seen in the real world are then added to this framework.

This report also acts as an introduction to some of the concepts used by Modern Monetary Theory, a school of thought within post-Keynesian economics.

About the Author

Brian Romanchuk founded the website BondEconomics.com in 2013. It is a website dedicated to providing analytical tools for the understanding of the bond markets and monetary economics. He previously was a senior fixed income analyst at la Caisse de dépôt et placement du Québec. He held a few positions, including being the head of quantitative analysis for fixed income. He worked there from 2006-2013. Previously, he worked as a quantitative analyst at BCA Research, a Montréal-based economic-financial research consultancy, from 1998-2005. During that period, he developed a number of proprietary models for fixed income analysis, as well as covering the economies of a few developed countries. Brian received a Ph.D. in Control Systems Engineering from the University of Cambridge, and held post-doctoral positions there and at McGill University. His undergraduate degree was in electrical engineering, from McGill. He is a CFA charter holder. Brian currently lives in the greater Montréal area. --This text refers to the paperback edition.

Print length

123 pages
Language

English
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On Kindle Scribe
Publication date

3 June 2015
File size

4318 KB
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Brian Romanchuk
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Product details

ASIN ‏ : ‎ B00YTHX9D0
Publisher ‏ : ‎ BondEconomics (3 June 2015)
Language ‏ : ‎ English
File size ‏ : ‎ 4318 KB
Simultaneous device usage ‏ : ‎ Unlimited
Text-to-Speech ‏ : ‎ Enabled
Screen Reader ‏ : ‎ Supported
Enhanced typesetting ‏ : ‎ Enabled
X-Ray ‏ : ‎ Not Enabled
Word Wise ‏ : ‎ Enabled
Sticky notes ‏ : ‎ On Kindle Scribe
Print length ‏ : ‎ 123 pages

Best Sellers Rank: 472,372 in Kindle Store (See Top 100 in Kindle Store)
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4.4 31 ratings

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Brian Romanchuk

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Brian Romanchuk founded the website BondEconomics.com in 2013. It is a website dedicated to providing analytical tools for the understanding of the bond markets and monetary economics.

He previously was a senior fixed income analyst at la Caisse de dépôt et placement du Québec. He held a few positions, including being the head of quantitative analysis for fixed income. He worked there from 2006-2013. Previously, he worked as a quantitative analyst at BCA Research, a Montréal-based economic-financial research consultancy, from 1998-2005. During that period, he developed a number of proprietary models for fixed income analysis, as well as covering the economies of a few developed countries.

Brian received a Ph.D. in Control Systems Engineering from the University of Cambridge, and held post-doctoral positions there and at McGill University. His undergraduate degree was in electrical engineering, from McGill.

Brian currently lives in the greater Montréal area.

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SP

Great primer on Canadian & US Gov't Finance... Much of it was over my head though

Reviewed in Canada on 9 March 2021

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This is not necessarily for beginners like me. I really struggled with 2 of the chapters. BUT it goes int great detail about how government finance actually works such as the role of the central bank and the finance department, and their relationships with other banks, what bonds are, and how money is created. In the end, I'd rather have too much detail than not enough.

Martin F.

If you want to understand government finance this is a must read

Reviewed in the United Kingdom on 1 May 2018

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If you want to understand government finance this is a must read

Edward J. Delzio

I highly recommend 'Understanding Government Finance' by Brian Romanchuk

Reviewed in the United States on 16 October 2015

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Whether you are a devout follower of Modern Monetary Theory (MMT), or have never heard of it, I highly recommend 'Understanding Government Finance' by Brian Romanchuk, who is a Quebec-based fixed income quant analyst and publishes the website Bond Economics. Mr. Romanchuk’s expertise on the subject matter of government finance is evident, he has a B.Eng. in electrical engineering from McGill University, a Ph.D. from the University of Cambridge in control systems engineering, and is a CFA Charterholder. In May 2015, Brian Romanchuk was named by the Fixed Income Database newsletter as one of the ‘Top 10 Fixed Income Experts Worth Following’.

As per Mr. Romanchuk, the study of economic models, just like the study of mathematical models, includes understanding the rules, called constraints, that govern the behavior of variables in any highly complex system. These constraints affect the interrelationships of variables with all other entities within an economy, and understanding of these constraints (or the lack of constraints like a currency peg / gold fix) helps determine economic outcomes.

Mr. Romanchuk correctly takes aim at the pre-financial-crisis US money market system, saying that its "negligible capital requirements exacerbated the crisis", and generally "dragged US banks into the mess". This is true. In 'Stress Test', written by former Treasury Secretary Timothy Geithner, US money markets were part of the tri-party repo market which seized when Lehman went bankrupt on September 15, 2008, magnifying the crisis. As a result of this consequential interconnection and heavy reliance on the repo market for intra-day credit, the US Federal Reserve Bank’s macro-prudential policy today is to reduce the role of US money markets, broker-dealers, and clearing banks in the tri-party repo market.

In another clever observation, Mr. Romanchuk writes that US Treasury debt management officials have “painted themselves into an elaborate corner” by continuing to stick to the narrative that Treasury debt issuance is still needed to finance federal deficit spending, and that pure market forces alone determine the interest rates set at Treasury bond auctions ('monetizing debts' of gold-backed dollars was replaced by 'monetizing deficits' in fiat dollars, and the federal gov't manipulates interest rates to levels that it sees fit).

In 'Understanding Government Finance', Mr. Romanchuk wastes no time pointing out many of the common misconceptions by citizens regarding central government financing and the nonsensical tools used worldwide by monetary policymakers such as “counter-productive” US reserve requirements, “crazy” European negative interest rates, “meaningless” central government budget constraints, and “silly” Japanese quantitative easing. QE was first deployed in Japan in the 1990s and now practiced globally because central bankers "yearn to remain relevant after lowering policy rates to zero”, Mr. Romanchuk quips in yet another hits-it-on-the-head passage.

7 people found this helpful

Mo

Short and to the point

Reviewed in the United States on 23 November 2019

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Good analytical content

diyman

Not for newbies

Reviewed in the United States on 9 August 2020

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Easy to read, but this book is best for people with general academic knowledge of economics. The author is also a proponent of MMT, so this book has that bias.

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