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Persistent link: https://www.econbiz.de/10013531857
The use of cashless payment instruments has been on an increase over many years now. At the same time, demand for cash … times. The increase in demand for cash known as the "banknote paradox" is a phenomenon observed in many economies. It … results from the existence of two streams of demand for cash - transactional and precautionary, and the differences in the …
Persistent link: https://www.econbiz.de/10014316654
Bargeld, Zinsen für Sparer, rein staatliche Währungen: Jahrhundertealte Gewissheiten des Geldes sind plötzlich passé …
Persistent link: https://www.econbiz.de/10012208664
The paper models the interaction between risk taking in the financial sector and central bank policy. It shows that in the absence of central bank intervention, the incentive of financial intermediaries to free ride on liquidity in good states may result in excessively low liquidity in bad...
Persistent link: https://www.econbiz.de/10003951399
Persistent link: https://www.econbiz.de/10013464429
endogenous money theory to be more precise in that regard. …
Persistent link: https://www.econbiz.de/10011808854
Persistent link: https://www.econbiz.de/10003959154
Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing, 2008), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback between lender of last resort policy and incentives of...
Persistent link: https://www.econbiz.de/10003833348
Persistent link: https://www.econbiz.de/10003951520
Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing, 2007), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback between lender of last resort policy and incentives of...
Persistent link: https://www.econbiz.de/10003750531