by the observation that the money at the core of these systems, central bank money, is injected into the economy on terms …, not defined in a market, but by the collateral frameworks and interest rate policies of central banks. Using the …

types of money are created and destructed: bank deposits, when banks grant loans to firms or to other banks, and central … bank money, when the central bank grants loans to private banks. We show that symmetric equilibria yield the first …We study money creation and destruction in today's monetary architecture within a general equilibrium setting. Two …

Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the … behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher … structure of banks may matter for the transmission of negative policy rates, especially for long-maturity illiquid assets …

money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create …Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its … their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a …

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of … financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The … global financial crisis, which could be blamed on excessive financialization of the economy. -- Money ; Money of Account …

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of … financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The …

The aim of the paper is to evaluate the importance of the endogenous money theory, and the criterion used is whether … this theory enables us to elaborate on and to broaden the explanation of the non-neutrality of money formulated by Keynes … in The General Theory. The thesis upheld in this paper is that the endogenous money theory allows us to put forward a …