Hufbauer, Gary; Xie, Daniel Danxia - In: Journal of International Economic Law 13 (2010) 3, pp. 939-953
In this article, we propose a new monetary framework that defines a broader set of assets, De Facto Money (DFM), as the benchmark for improving financial stability. DFM is defined as traditional monetary aggregates plus other liquid assets such as stocks and bonds. Empirical evidence for the...