@techreport{Milne2012Register,
abstract = {A fundamental cause of the global financial crisis was excessive creation of short-term money-like liabilities (quasi-money), notably in shadow banking holdings of sub-prime MBS and other US dollar structured credit instruments and in cross-border flow of capital to the uncompetitive Euro area periphery. This paper proposes a registration system for: (i) controlling quasi-money and resulting economic externalities and systemic risks; and (ii) supporting public sector monetary issue to counter collapse of private sector credit in the aftermath of crises. This policy would trigger a profound but also economically beneficial change in the business models of both banks and long-term investors.},
address = {Kiel},
author = {Alistair Milne},
copyright = {http://creativecommons.org/licenses/by-nc/2.0/de/deed.en},
keywords = {E44; G21; G28; 330; Basel III; debt deflation; endogenous money; financial regulation; global financial crisis; limited purpose banking; maturity mismatch; narrow money; Pigouvian taxes; ring fencing; systemic financial risk; systemic financial externalities; Tobin tax; Geldsubstitut; Finanzmarktkrise; Regulierung; Basler Akkord; Hybrides Finanzprodukt; Finanzderivat; Welt},
language = {eng},
number = {2012-34},
publisher = {Kiel Institute for the World Economy (IfW)},
title = {Register, issue, cap and trade: A proposal for ending current and future financial crises},
type = {Economics Discussion Papers},
url = {http://hdl.handle.net/10419/60493},
year = {2012}
}
