Professor Na Heeryang of National Pukyong University Publishes 'State-Led Money Creation'

Currency and Monetary Systems, Presenting New and Innovative Alternatives

Professor Na Heeryang of the Department of International Trade at Pukyong National University published the book State-led Money Creation (Parkyoungsa) on the 30th.

The book "State-Led Money Creation," published on the 30th of last month.

The author, Professor Na Heeryang, released this book in response to the recent occurrence of multiple global economic crises, highlighting the need for an economic popular science book that introduces alternative monetary and currency systems beyond the contents and level of typical financial investment or general economics textbooks.

In this book, the author discusses a simple yet fundamental question about economics and money: "If there are people who are poor and unhappy because they have no money, wouldn't it be possible for the state to directly create and provide money to them?"

The book is composed of six chapters: ▲ Background discussion on money ▲ Stories about money ▲ Examination of monetary theory ▲ Analysis of monetary and currency systems and state-led money creation ▲ Applicability of state-led money creation ▲ South Korea and state-led money creation.

This book critically evaluates existing conventional wisdom and policies regarding money, proposing new and innovative alternatives to monetary and currency systems to respond to the normalization of unforeseen crises and to protect the lives of the people.

Notably, it explores the necessity and possibility of "monetization of debt" from Modern Monetary Theory and "sovereign money" from Sovereign Money Theory, advocating that the state should fully utilize the positive role of money to alleviate the contradictions of neoliberalism. Modern Monetary Theory and Sovereign Money Theory are integrated into the concept of "state-led monetary theory," and the issuance of money through this is termed "state-led money creation."

Professor Na Heeryang stated, "This book aims to present the necessity of a new understanding of money and monetary and currency systems at a level accessible to the general public, including university students, and to respond to the questions and interests of general readers."

Professor Na has served as a researcher at the Bank of Korea, a research fellow at the Regional Research Center of POSCO Research Institute, an assistant professor in the Department of International Trade at Busan University of Foreign Studies, a visiting researcher at the Asia Center of Seoul National University, and a visiting professor at the University of Bern, World Trade Institute in Switzerland. He has conducted research on international economics, international trade, and ASEAN economies, and is currently engaged in studies on the nature of money and reform measures for monetary and currency systems.