A wide range of heterodox theories claim that banks are special because they create money in the act of lending. Put …

The fact that money, banking, and financial markets interact in important ways seems self-evident. The theoretical … for government money, where the terms of bank deposit contracts are constrained by the liquidity insurance available in …

A wide range of heterodox theories claim that banks are special because they create money in the act of lending. Put …

We study the use of asset-backed money in a neoclassical growth model with illiquid capital. A mechanism is delegated …-backed money. The mechanism determines (i) the number of claims outstanding, (ii) the dividends paid to claim holders, and (iii …