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The paper identifies based on the monetary overinvestment theories by Wicksell (1898), Mises (1912) and Hayek (1929) monetary policy mistakes in large industrial countries issuing international currencies. It its argued that a neglect towards monetary policy reform in a world dominated by...
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Even though the sector of Non-bank financial intermediaries (NBFI) or shadow banks represent a large part of the contemporary financial system, these institutions received almost no attention in macroeconomic studies so far. Their presence has significant influence on the conduct of monetary...
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, financial stability has figured highly among central banks ́objectives, with policy measures ranging from interest rate … stabilization to serving as a lender of the last resort. With the ascent of macroeconomics, these traditional tasks of central banks … fiat money system has widened the scope for central bank policies, which are no longer constrained by legal obligations …
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