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We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the nonfinancial sector. This demand drives a premium on safe and liquid assets that the financial sector exploits by owning risky and illiquid...
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This paper compares the effectiveness, efficiency and robustness of standard and non-standard monetary policy tools, such as the banks' refinancing interest rate, penalty interest rate on deposit facility holdings and minimum reserve requirements on attracted deposits. The assessment is...
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Introduction -- 1 What is money? -- A History of Money and Banking -- 2 Money from the very beginning -- 3 Banks enter … the scene -- 4 The dawn of modern banking -- 5 The creation of a paper currency -- 6 Modern banking comes of age -- 7 The …This book explores the nature of money and banking throughout their history, and applies this to the study of financial …
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