In the context of recent developments with cryptocurrencies, as well as the potential rise of central bank digital currencies, we present a new visualisation of money. Using three novel figures, we distinguish between the relevant mechanisms, technologies, recordkeeping, and transactions of...

The paper answers three questions.(1) Does it matter if a central bank suffers a large capital loss? (2) Can the central bank become insolvent? (3) When, how and by whom should the central bank be recapitalised?

The effectiveness of monetary policy and the political legitimacy of the Federal Reserve depend on monetary policymakers' ability to communicate with the public, which in turn depends in part on the news media. While the finance and economics literature has investigated select aspects of...

The vast majority of case law establishes that, in the absence of a specific agreement to the contrary, the deposit of funds into a bank creates a debtor-creditor relationship, pursuant to which depositors are deemed creditors of their respective banks. In effect, depositors loan their deposits...

On March 10, 2016, the European Central Bank (ECB) announced the Corporate Sector Purchase Programme (CSPP) - commonly known as corporate quantitative easing (QE) - to improve the financing conditions of the Eurozone's real economy and strengthen the pass-through of unconventional monetary...

The theory of endogenous money is the cornerstone of Post-Keynesian economics, which dates back to the pioneering writings of authors such as J. Robinson, Kaldor and Kalecki. Second generation Post-Keynesians such as Paul Davidson and Basil Moore have clearly drawn the boundaries of...

John Mills is one of Britain’s most stimulating economic thinkers. Unusually, he has many decades of practical business experience and is also more commonly associated with the political left than the right. It is therefore an immense pleasure to engage with him on some of the most important...

Banks and financial market infrastructures (FMIs) that are not able to fulfill their paymentobligations can be a source of financial instability. This paper develops a composite risk indicator toevaluate the criticality of participants in a large value payment system network, combiningliquidity...

The main objective of this paper is to analyse euro adoption in CEE counties from the perspective of the Optimum Currency Area (OCA) theory. The main characteristics of the OCA theory are assessed and the empirical studies focusing on this theme are surveyed. As the area of asymmetric shocks...