In recent years, U.S. government entities have become increasingly active as commercial participants in corporate restructurings by providing rescue loans when private market funding is unavailable. Like private lenders, the government can effectively control the operations of distressed...

This paper identifies how the structure of money and banking contributes to climate change described by Stern (2006) as the "The biggest market failure the World has ever seen". The paper also considers how an ecological form of electronic money redeemable into units of renewable electricity...

The creation of a new Consumer Financial Protection Agency (“CFPA”) is a very bad idea and should be rejected. The proposal is not salvageable and cannot be improved in substance or in form. The foundational premise of the CFPA is that a failure of consumer protection, and specifically...

We discuss the pros of adopting government-issued digital currencies as well as a supranational digital iCurrency. One such pro is to get rid of paper money (and coinage), a ubiquitous medium for spreading germs, as highlighted by the recent coronavirus outbreak. We set forth three policy...

This paper develops a simple model of an international lender of last resort (ILOLR). The world economy consists of many open economies, each with a banking system and a central bank operating under a pegged exchange rate regime. The fragility of the banking system and the limited ability of a...

2 Universidad Torcuato di Tella, Buenos Aires, Argentina and Inter-American Development Bank. De facto (unofficial) dollarization defined as the holding by residents of assets and liabilities denominated in a foreign currency is a policy concern in an increasing number of developing economies....