money and credit starting from a unit of monetary base. Crucially, however, at the very low frequencies the relative amounts … of the two aggregates created out of a unit of base money have remained unchanged over time in each of the 42 countries I … analyze. This finding questions the widespread notion that, since WWII, credit has become disconnected from broad money, and …

new financial crises is an important criterion for a stable European Union. Proponents of the Sovereign Money System (SMS …) identify the ability of private banks to create money as the main contributor to the outbreak of financial crisis. Hence, they … for "real" transactions is stable and therefore, a "workable" link from money base to economic activity can be established …

facts: (i) the long-run link between money growth and inflation and (ii) the link between credit growth and financial crises …. The analysis reveals that the former has weakened over time, while the latter has become stronger. Moreover, the money … two monetary facts. The money-inflation link is weaker in regimes characterised by low inflation and highly liberalised …

new financial crises is an important criterion for a stable European Union. Proponents of the Sovereign Money System (SMS …) identify the ability of private banks to create money as the main contributor to the outbreak of financial crisis. Hence, they … for "real" transactions is stable and therefore, a "workable" link from money base to economic activity can be established …

Current excess reserves could create a massive increase in the money supply if banks significantly increase their …