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A central proposition in research on the role that banks play in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits, insofar as they constitute the supply of loanable funds, act as the driving force of bank lending. This paper argues that the...
Persistent link: https://www.econbiz.de/10005871023
The quantum money (q-money) as a possible convenient, socially innovative, technologically attractive and user … a number of topics: 1. The historical evolution of the money in the financial systems within the economies of the scales … and scopes over the centuries. 2. The definition on the electronic money in the financial systems within the economies of …
Persistent link: https://www.econbiz.de/10013011623
This article addresses some of the recent proposals for the conduct of monetary policies in the post-bubble environment. Advocacy of higher inflation targets is analyzed, and the challenge of maintaining monetary discipline in the face of massive fiscal deficits and mounting government debts is...
Persistent link: https://www.econbiz.de/10013083284
In a recent article, Yermack (2015) argues that bitcoin is not money because it functions poorly as a medium of … classifies an item as money if and only if it functions as a commonly-accepted medium of exchange. Then, we show that the demand … for bitcoin is comparable to the demand for many government-issued monies. Finally, we argue that bitcoin is money …
Persistent link: https://www.econbiz.de/10012870614
stationary strategies and some participants notoriously refuse to accept money then due to negative reciprocity their behavior …
Persistent link: https://www.econbiz.de/10014096359
-free asset over time. The four models specify this single asset to be private bonds, public bonds, public money, or private money … refers to the limits on private issue of money or bonds, or the supplies of publicly issued bonds or money.) …
Persistent link: https://www.econbiz.de/10012770986
allows limited record-keeping and enforcement. An equilibrium with money and credit is shown to exist if the cost of using …
Persistent link: https://www.econbiz.de/10013039827
The properties of money commonly referenced in the economics literature were originally identified by Jevons (1876) and … Menger (1892) in the late 1800s and were intended to describe physical currencies, such as commodity money, metallic coins … quantum money. These forms of money have novel properties that have not been studied extensively within the economics …
Persistent link: https://www.econbiz.de/10012660126
threatened central banks money and their role in the monetary system. Meanwhile, central banks have been studying and launching … challenges the boundaries of money. In light of El Salvador experience, we consider different points of view on the nature of … money allowing us to reject or to include Bitcoin and cryptocurrencies inside money spectrum …
Persistent link: https://www.econbiz.de/10014254340
We argue that there is a connection between the interbank market for liquidity and thebroader financial markets, which has its basis in demand for liquidity by banks. Tightnessin the interbank market for liquidity leads banks to engage in what we term “liquiditypull-back,” which involves...
Persistent link: https://www.econbiz.de/10009305106