Since the earliest troubadours, traveling from town to town to perform has been the primary way that musicians have made a living. In the 21st century, the rise of the Internet and digital music has meant a decline in recording royalties and touring has become increasingly important to a...

In the U.S., corporate bankruptcies generally go through the court system for resolution, whereas bank failures are resolved by bank regulatory agencies. The goal of corporate bankruptcy is to maximize the value of the firm as a quot;going concernquot; in liquidation to the shareholders. In a...

Maurice Allais's view that the credit created by fractional reserve banking is equivalent to counterfeiting has led him to recommend the separation of the depository and lending functions of banks. This proposal has recently been reintroduced by James Tobin and others under the term quot;narrow...

At a time when small businesses are suffering from a credit crunch, quot;nichequot; financial institutions increasingly are filling the void left by more traditional sources of financing, such as commercial banks. In this working paper, authors Dimitri B. Papadimitriou, Ronnie J. Phillips, and...

This paper presents a balance sheet approach to understanding the reform of the financial system to include narrow banking. It was prepared for a conference at the Jerome Levy Economics Institute of Bard College, June 23-28, 1991