“This book is a marvelous invitation to rethink deeply what we thought we knew about monetary economics and international finance. It leads us down unexplored paths. Fiat money could be thought of as equity of a nation. This has powerful implications which the book spells out in the most clear and elegant way: the optimal money supply becomes an investment decision and the Bagehot rule becomes inadvisable for central banks. I enthusiastically recommend this highly creative book. Reading it makes us see the world and economic theories through new lenses.”—Hélène Rey, London Business School“Money is a nation's equity, sovereignty and central banking. Money Capital provides profoundly new perspectives for monetary policy, international finance, investment, and development finance. Bolton and Huang seek to trace the development of such new insights and identify their enlightening implications, and their book serves as a guidance for policy making, investing, and development financing.” —Chen Yuan, former Chairman of China Development Bank“In Money Capital, Bolton and Huang build an entirely new framework to study money, banking, central banking, and international finance. Their innovative insight of money being the equity of a nation leads to fascinating new perspectives on many important theoretical and policy issues, including how money should enter the economy, what is the optimal amount of money growth to support economic prosperity, how to conduct the lender-of-last-resort operations, how to coordinate monetary and fiscal policy, and how to form an optimal currency area. I strongly recommend this enlightening book to all policymakers, academics, financial professionals, and the general public interested in these issues.”—Yu Yongding, Chinese Academy of Social Sciences, and former President of China’s World Economic Society“The essence of this excellent book it is that fiat money has important attributes in common with corporate equity—its value rises and falls in proportion with the strength of the issuer. On this and other often disputed cases, such as large expenditures and optimal currency areas and monetary unions, the authors are correct, which makes this book important for all those interested in monetary issues to read and learn.”—Charles Goodhart, London School of Economics