case study on the flow of funds accounts in Japan between 1980-2017. We found that money stock equals total domestic debts … financed by banks, to non-banking private and public sectors including non-financial corporations, households, and the … time series. Current empirical finding demonstrates that the majority of money is created as interest-bearing debts …

worse off than if banks would coordinate on more liquid investment. It is shown that public provision of liquidity improves …

This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public …

currency to pay public debt denominated in their own currency, but they can also easily bypass any self-imposed constraint on …