The first attempt in the human history to consciously create money ended in a collapse in 1720, well-known as the money mania. This unfortunate start raises doubt on money creation as a whole such that today there are still voices questioning created money even though it is now indispensible for...

The endogenous-exogenous money debate is a futile one. Exogenous money creation, based on the money multiplier, is not a money creation process. Rather, it is a monetary policy model, but in it money is still created endogenously: bank loans (and foreign asset accumulation by banks) concurrently...

The state of bank liquidity, measured as the banks' net excess reserves (NER) with the central bank, is a critical element of the successful implementation of monetary policy. Central banks have absolute control over NER and manipulate it to bring about a positive NER (in QE periods) to drive...

Chapter 1 Introduction -- Chapter 2 How is money created? -- Chapter 3 The history of money creation -- Chapter 4 An appraisal of the financial monetary system -- Chapter 5 How does the sovereign money system work? -- Chapter 6 Advantages and disadvantages of the sovereign money system --...

The 1989 crisis in Cuba translated into the accumulation of real internal disequilibria, with large impacts in both the fiscal and the monetary environments. As in most transition economies, monetary manifestations included a repressed inflation in the regulated market; price increase in the...