Money markets offer monetary services and short-term finance in the capital market with the credit support of institutional sponsors. Investors finance money market instruments at low interest because their salability on short notice confers an implicit monetary services yield. Low interest...

We study the effects of money (anticipated inflation) on capital formation. Previous papers on this topic adopt reduced-form approaches, putting money in the utility function or imposing cash in advance, but use otherwise frictionless models. We follow a literature that is more explicit about...

This article recaps a conference on monetary and financial law held at the Bank of England. It reflects on international regulatory reform, the institutional structure of international monetary and financial law, resolution, and alternative currencies, payment systems and finance providers

In November 1987, Hyman Minsky visited Bogotá, Colombia, after being invited by a group of professors who at that time were interested in post-Keynesian economics. There, Minsky delivered some lectures, and Lauchlin Currie attended two of those lectures at the National University of Colombia....

Money is used everywhere. From the remotest corners of the world to the global centres of fi nance, money is used for the simplest tasks of everyday life to the most complex derivative transactions in the global economy. Since the very beginning of civilization when people started cultivation of...

This essay is the second of three. The first is nontechnical and in part autobiographical describing the evolution of my approach to developing a micro economic theory of money and financial institutions. This essay is devoted to a mathematical sketch of a closed economic exchange system with...

We extend the study of banking equilibrium in Berentsen, Camera and Waller (2007) by introducing an explicit production function for banks. Banks employ labor resources, hired on a competitive market, to run their operations. In equilibrium this generates a spread between interest rates on loans...

This is a nontechnical retrospective paper on a game theoretic approach to the theory of money and financial institutions. The stress is on process models and the reconciliation of general equilibrium with Keynes and Schumpeter's approaches to non-equilibrium dynamics

Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of...

On Friday 16 May 2014, the Bank of England's Legal Directorate, in association with the Centre for Commercial Law Studies at Queen Mary, University of London, hosted its second annual Conference on Monetary and Financial Law. The four main sessions covered: (i) taking stock of the international...