Download The Money Problem: Rethinking Financial Regulation by Morgan Ricks PDF

By Morgan Ricks

Years have handed because the international skilled one of many worst monetary crises in historical past, and whereas numerous specialists have analyzed it, many valuable questions stay unanswered. should still cash construction be thought of a ‘public’ or ‘private’ activity—or either? What will we suggest via, and need from, monetary balance? What function may still rules play? How may we layout our financial associations if lets begin from scratch?
 
In The cash Problem, Morgan Ricks addresses all of those questions and extra, providing a pragmatic but based blueprint for a modernized approach of cash and banking—one that, crucially, will be entire via incremental adjustments to the U.S.’ present approach. He brings a serious, lacking size to the continued debates over monetary balance coverage, arguing that the difficulty is basically considered one of financial method design. The funds Problem offers how to mitigate the danger of catastrophic panic sooner or later, and it'll extend the monetary reform dialog within the usa and abroad.

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Extra resources for The Money Problem: Rethinking Financial Regulation

Sample text

Certain money market instruments, in particular money market fund (MMF) shares/units and repurchase agreements are included in this aggregate. ”25 Note the reference here to “price certainty” as an essential feature. As with the accounting standards, liquidity is not enough. Now let’s return to economics. This chapter began by noting a definitional tension. Some economists reject using “money” to refer to instru- 40 chapter one ments that do not function as a medium of exchange; they have called it “weird slang,” “an abuse of the term,” and “unambiguously” wrong.

Upon instruction from a payer, the introduction 23 member bank would debit the payer’s r-currency account and credit the payee’s r-currency account by an equivalent amount. The member bank’s balance sheet would be unaffected by these two book entries. Presumably, though, the government wants to charter multiple member banks to achieve diversification and competition. This circumstance makes the payment mechanics more complicated. What happens when the payer and the payee hold accounts with different member banks?

In particular, they effect transfers of r-currency among account holders through bookkeeping entries, just as deposit banks do today. ) In effect, member banks are engaged in a joint venture with the state: a public-private partnership for the issuance and circulation of the money supply. Why involve the private sector in this monetary function? After all, the state could reserve to itself the exclusive privilege of issuing r-currency. We can imagine, for example, a system under which the state would spend r-currency into circulation through its normal fiscal operations, without involving private agents at all.

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