This chapter summarizes the case for considering money as a legal institution. The Western liberal tradition, represented here by John Locke’s iconic account of money, describes money as an item that emerged from barter before the state existed. Considered as an historical practice, money is...

The Eurosystem is mandated to safeguard price stability according to Article 127 TFEU. Based on a theoretical and policy-oriented approach, this article sheds light on a second public good with enormous practical relevance both for financial markets and institutions as well as for the general...

Kenya is about to embark on an important reform to expand banking to millions of poor households by enabling third-party retail agents as a low-cost distribution alternative to branches. However, this initiative risks being undermined by the mobile network operator (MNO) Safaricom, which...

In the course of their growth and their more recent crisis, cryptocurrencies suffered from tremendous volatility. Volatility impaired cryptocurrencies' ability to serve the needs generally associated with currencies, i.e. serve as a store of value as well as a medium of exchange and a unit of...

Private entities have recently attempted to invade the realm of central banking activities. This Article identifies this activity as “Shadow Central Banking,” and draws analogies with the previous emergence of “shadow banking” more generally. The “shadow banking” system emerged as a...

The purpose of this study is to investigate the fluctuations that occur in stock returns of US stock indices when there is an increase in the volume of Google internet searches for the phrase "quantitative easing" in the US. The exponential generalized autoregressive conditional...

This is the conference presentation for the working paper proposing a novel sentiment-based index of global financial stress presented at the 4th International Workshop "Systemic risks in the financial sector" (National Research University Higher School of Economics, Moscow, November 26th, 2021)

The paper studies the External Commercial Borrowing policy being followed by the Government of India in order to let the Indian entities access the foreign funds. The law governing foreign exchange is Foreign Exchange Management Act, 1999 but no express mention of the ECB instruments is there,...