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dc.contributor.authorMilne, Alistairen_US
dc.date.accessioned2012-08-09en_US
dc.date.accessioned2012-08-16T17:21:36Z-
dc.date.available2012-08-16T17:21:36Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/60493-
dc.description.abstractA 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.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesEconomics Discussion Papers 2012-34en_US
dc.subject.jelE44en_US
dc.subject.jelG21en_US
dc.subject.jelG28en_US
dc.subject.ddc330en_US
dc.subject.keywordBasel IIIen_US
dc.subject.keyworddebt deflationen_US
dc.subject.keywordendogenous moneyen_US
dc.subject.keywordfinancial regulationen_US
dc.subject.keywordglobal financial crisisen_US
dc.subject.keywordlimited purpose bankingen_US
dc.subject.keywordmaturity mismatchen_US
dc.subject.keywordnarrow moneyen_US
dc.subject.keywordPigouvian taxesen_US
dc.subject.keywordring fencingen_US
dc.subject.keywordsystemic financial risken_US
dc.subject.keywordsystemic financial externalitiesen_US
dc.subject.keywordTobin taxen_US
dc.subject.stwGeldsubstituten_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwRegulierungen_US
dc.subject.stwBasler Akkorden_US
dc.subject.stwHybrides Finanzprodukten_US
dc.subject.stwFinanzderivaten_US
dc.subject.stwWelten_US
dc.titleRegister, issue, cap and trade: A proposal for ending current and future financial crisesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn720844827en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen_US
dc.identifier.repecRePEc:zbw:ifwedp:201234-
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