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"Discussing money is always accompanied by controversy as well as enchantment. Debating what money is and how it performs its main functions in the contemporary economy is fundamental to understanding the social consequences of money transformation associated with the digital revolution. This book explores the links between the current and prospective properties of money, its production, and its relationship to the concepts of value, the common good, and innovation. Contested Money opens a debate on the role that money could play in a different paradigm based on a renewed conception of monetary properties and functions that are capable of having a positive impact on social and individual welfare. Massó outlines the fundamentals of this monetary model, which would operate as a parallel currency, where the processes of monetary and value creation are connected in a new deal between the citizen and the state, grounded on an approach of reciprocal rights and responsibilities. This book will appeal to scholars, students, and, more broadly, readers interested in a contemporary understanding of what money is, how it is being transformed, and the role that it can play in redefining the 21st century social contract"--

[Abstract]: The financialization of capitalist economies is closely related to the creation and commercialization of debt and its derivatives. This article demonstrates the relationship between the financialization of the government debt market and debt sustainability in Spain between 1996 and 2013. The article shows how the financialization of the Spanish government debt markets has been designed to favour liquidity through debt policy innovations, but on the other hand, it allowed investors to take speculative positions on the market's perception of default risk. The quick growth of public over indebtedness to finance the government's deficit and the costs of the financial system aid, produced a lack of credibility for Spanish debt sustainability and the government's solvency. The article argues that the institutional mechanisms that allowed the transformation of the banking crisis into a sovereign debt crises lie in the micro structure of government debt markets and its degree of financialization.

El concepto de fi nanciarización está siendo ampliamente utilizado paradescribir ciertos cambios estructurales en las economías capitalistasavanzadas. En este artículo se examinan las principales aproximacionesa este concepto. A continuación se identifi can, primero, las causas de laexpansión fi nanciera que se sintetizan en los procesos de innovación,liquidifi cación y desregulación; segundo, se analizan empíricamentepara el caso español los indicadores de dicho proceso, relativos a laestructura del balance y de la cuenta de resultados de los principalesactores económicos. Los resultados del análisis muestran unatendencia acorde con el conjunto de las economías capitalistas, en lascuales las ganancias de capital fi nanciero aumentan no solamentecuando los benefi cios netos de las empresas lo hacen sino tambiéncuando se produce un desplome de los mismos en un contexto degrave crisis económica y altas tasas de desempleo.