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| Title: | | Register, issue, cap and trade: A proposal for ending current and future financial crises  |
| Authors: | | Milne, Alistair |
| Issue Date: | | 2012 |
| Series/Report no.: | | Economics Discussion Papers 2012-34 |
| 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. |
| Subjects: | | 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 |
| JEL: | | E44 G21 G28 |
| Creative Commons License: | |  |
| Document Type: | | Working Paper |
| Appears in Collections: | | Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers
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