The Money Problem: Rethinking Financial Regulation
Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a ‘public’ or ‘private’ activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch?
In The Money Problem, Morgan Ricks addresses all of these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad.
What people are saying - Write a review
We haven't found any reviews in the usual places.
Other editions - View all
account holders analysis argue assets Bagehot bank game bank notes bank runs bank’s banking panics banking regulation base money Ben Bernanke Bernanke blog bonds borrower business model capital regulation capital requirements cash equivalents central bank chapter checkable deposits collateral coordination game cost debt-fueled bubbles default deposit banks deposit insurance Depression Dodd-Frank economists equity FDIC fees fiat money figure financial crisis financial firms financial stability policy financing crunch firm’s function Gorton instruments investment Irving Fisher issuance issue issuers Japan’s Keynes Krugman lender of last lending liabilities liquidity loans LOLR macroeconomic medium of exchange member banks ment Milton Friedman monetary authority monetary policy money creation money market money supply money-claims moneyness nonbank Paul Krugman physical currency portfolio constraints PPP system problem r-currency Recession reformed monetary system reformed system regulatory repo risk constraints Schwartz seigniorage short-term debt sovereign theory tion transaction Treasury Walter Bagehot