Time Deposits, Dimensions, and Fraud

Barnett, William; Block, Walter E.

doi:10.1007/s10551-008-9976-9

Cited by 29 publications

(30 citation statements)

References 22 publications

(15 reference statements)

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“…Continual increases in the credit supply have rendered the practice relatively riskless, and promoted its use to the levels that we currently see. In this regard, economists like Barnett and Block (2009, 2011) and Jankovic (2011 are partially correct to decry the practice. But the part that they should decry is not the practice of maturity transformation as such, provided that it functions within a set of guidelines.…”

Section: Resultsmentioning

confidence: 99%

“…Loans (e.g., certificates of deposit or other time deposits) are a different story. Despite claims to the contrary (Barnett andBlock 2009, 2011), there is no legal argument as to why loaned funds cannot be employed by the borrower. There is also no reason why the loaned funds cannot be employed knowing that they will not be made available until a time after the loan contract's duration.…”

Section: Risks and Consequences Of Maturity Transformationmentioning

confidence: 99%

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The Interest Rate Brake on Maturity Transformation

Howden

Gabriel

2015

Journal of Economic Issues

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Section: Resultsmentioning

confidence: 99%

Section: Risks and Consequences Of Maturity Transformationmentioning

confidence: 99%

The Interest Rate Brake on Maturity Transformation

Howden

Gabriel

2015

Journal of Economic Issues

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“…(6) In this connection reference can be made to, among others, Barnett & Block (2009a;2009b;, Bagus & Howden (2009;2010a;2012a;2012b;2013a;2013b), Bagus (2010b), Block & Davidson (2011), Davidson (2014a2014b), Bagus, Howden & Block (2013).…”

Section: Notesmentioning

confidence: 99%

Monetary Constitutionalism: Some Recent Developments

Hauwe

2017

SSRN Journal

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The volume edited by Leland Yeager more than 50 years ago and published in 1962 under the title In Search of a Monetary Constitution has turned out to be remarkably prescient since the Great Inflation was then about to begin. One might expect that in the wake of the Global Financial Crisis and Great Recession interest in monetary-constitutional matters would be revived and this has indeed been the case. In this paper an attempt is made to assess whether and to what extent scientific progress has been made in defining the nature and characteristics of a monetary constitution for the post-Crisis world. To that end some recent contributions to the literature are reviewed critically. IntroductionDespite some contributions to the economic literature that have acknowledged the role of central banks in the financial crisis and how these institutions have contributed to the Great Recession and the meager recovery thereafter (see e.g. Hetzel 2012), most economists have been more interested in analyzing the technical role that monetary policy played during and after the crisis, thus taking the existent framework as given, than in considering and addressing alternative frameworks for monetary policy. Some economists have not only been supporters of the current hypothetically optimal monetary framework but have even argued in favor of further enhancements on central bankers' discretionary powers. Several economists such as Nobel Prize winners Buchanan, Friedman and Hayek, however, had addressed the technicalities of monetary policy within the context of broader political economy concerns. Their proposals should be situated within the more general framework of institutional and constitutional reforms of the rules of the "monetary policy game". It is in the tradition of these contributions that we review some recent contributions without being exhaustive. The aim is to raise questions and to stimulate the intellectual debate rather than to provide conclusive answers. The Yeager 1962 volume and afterLeland Yeager's decision more than 50 years ago to organize a lecture series and the resulting volume on monetary constitutions (Yeager 1962) has turned out to be unusually prescient. It has been suggested that much damage might have been avoided if the world had listened to the message of the Yeager volume and subjected its central banks to the restrictions of a monetary constitution in the 1960s. (Rockoff 2015) In the aftermath of the 3 Global Financial Crisis one would expect thoughtful discussion of monetary constitutions to resume and this has indeed been the case. In this paper we will review some recent contributions to this debate and try to assess if, and to what extent, scientific progress has been made in the search for a monetary constitution. "A great deal of contemporary monetary scholarship (…) has concentrated on piecemeal and detailed study of our existing monetary structure and its performance. (…) The reforms proposed have generally been correspondingly minor. Meritorious though this detailed work has be...

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“…On the other side the argument is that fractional reserve banking is a fraudulent activity and that it should be prohibited. A long debate on this topic has taken place [36,[44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61][62]. There is, however, one issue that deserves to be addressed in this paper.…”

Section: ) Mv=gmv=pymentioning

confidence: 99%

Hayek’s Rule, NGDP Targeting, and the Productivity Norm: Theory and Application

Cachanosky¹

2014

J Stock Forex Trad

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The 2008 crisis demonstrated that, absent inflationary pressures, significant economic stress can occur as a consequence of loose monetary policy. This scenario raises the question as to whether there is a better alternative to price stability as a guiding principle for monetary policy. In this paper, I explore the theoretical insights of the productivity norm, its superiority to price stability in the form of Hayek's Rule and market monetarism's NGDP Targeting as the focus of monetary policy, and the challenges of applying such principles by central banks.

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Time Deposits, Dimensions, and Fraud

Cited by 29 publications

References 22 publications

The Interest Rate Brake on Maturity Transformation

The Interest Rate Brake on Maturity Transformation

Monetary Constitutionalism: Some Recent Developments

Hayek’s Rule, NGDP Targeting, and the Productivity Norm: Theory and Application

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