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Cham : Springer International Publishing AG, 2021

1 online resource (257 pages)

ISBN 9783030702502 (electronic bk.)

ISBN 9783030702496

Research for Policy Ser.

Print version: Stellinga, Bart Money and Debt: the Public Role of Banks Cham : Springer International Publishing AG,c2021 ISBN 9783030702496

Money and Debt: The Public Role of Banks -- Preface -- Contents -- About the Authors -- Chapter 1: Introduction -- 1.1 What Is Money? -- 1.2 What Is Debt? -- 1.3 The Importance of Trust -- 1.4 The Dynamism of the Financial Monetary System -- 1.5 Overview of the Report -- Bibliography -- Chapter 2: How Is Money Created? -- 2.1 Banks and Money Creation -- 2.1.1 Electronic Payments and Cash Withdrawals -- 2.1.2 Free Money? -- 2.2 Driving and Constraining Forces -- 2.2.1 The Role of Households and Businesses -- 2.2.2 Banks Balance Sheet Risks -- 2.2.2.1 Absorbing Losses - Leverage and Capital Ratios -- 2.2.2.2 Meeting Withdrawals: Liquidity Ratios and Reserve Requirements -- 2.3 Monetary Policy -- 2.3.1 Objectives and Instruments -- 2.3.2 How Monetary Policy Works in Practice -- 2.3.3 Quantitative Easing -- 2.4 Conclusion -- Bibliography -- Chapter 3: The History of Money Creation -- 3.1 Money and Finance in the Nineteenth Century -- 3.1.1 Money and Payments -- 3.1.2 Financing -- 3.1.3 Policy and Regulation -- 3.1.4 Summary: Money Creation in the Nineteenth Century -- 3.2 The Interwar Period and the Great Depression (1918-1939) -- 3.2.1 Money and Payments -- 3.2.2 Financing -- 3.2.3 Policy and Regulation -- 3.2.4 Summary: Money Creation in the Interwar Period -- 3.3 The Bretton Woods Period (1945-1973) -- 3.3.1 Money and Payments -- 3.3.2 Financing -- 3.3.3 Policy and Regulation -- 3.3.4 Summary: Money Creation in the Bretton Woods Period -- 3.4 The Pre-crisis Period (1973-2008) -- 3.4.1 Money and Payments -- 3.4.2 Financing -- 3.4.3 Policy and Regulation -- 3.4.4 Summary: Money Creation in the Pre-crisis Period -- 3.5 Conclusion -- Bibliography -- Chapter 4: An Appraisal of the Financial Monetary System -- 4.1 Economic Contribution -- 4.1.1 The Payment System -- 4.1.2 The Volume of Debt -- 4.1.3 Reducing Debt Levels -- 4.2 Stability.

4.2.1 Stability of Individual Banks -- 4.2.2 Systemic Instability -- 4.3 Fairness -- 4.3.1 The Public Costs of a Crisis -- 4.3.2 Financial Benefits for Banks -- 4.3.3 Benefits and Costs of Increased Indebtedness -- 4.4 Legitimacy and Influence -- 4.4.1 The Public-Private Nature of Financial Institutions -- 4.4.2 Options for Democratic Control -- 4.4.3 Position of Citizens -- 4.5 Conclusion -- Bibliography -- Chapter 5: How Does the Sovereign Money System Work? -- 5.1 The Payment System -- 5.1.1 Payment Accounts at Payment Institutions -- 5.1.2 Payment Accounts at the Central Bank -- 5.1.3 Conclusion -- 5.2 The Financial System -- 5.2.1 Financing Institutions Operating on the Basis of Debt -- 5.2.2 Financing Institutions Operating on the Basis of Equity Only -- 5.2.3 Private and Public Lending -- 5.3 Monetary Policy and Financial Regulation -- 5.3.1 The Creation, Allocation and Destruction of Money -- 5.3.2 Regulating the Financial System -- 5.3.3 Independence and Accountability -- 5.4 Transition to the New System -- 5.4.1 Towards a New Payment System -- 5.4.2 Towards a New Financial System -- 5.5 Conclusion -- Bibliography -- Chapter 6: Advantages and Disadvantages of the Sovereign Money System -- 6.1 Economic Contribution -- 6.1.1 The Operation of the Payment System -- 6.1.2 The Financial Systems Procyclicality -- 6.1.3 Price and Availability of Credit -- 6.1.4 One-Off Debt Reduction -- 6.1.5 Summary -- 6.2 Stability -- 6.2.1 The Stability of Individual Institutions -- 6.2.2 Systemic Risks -- 6.2.3 Summary -- 6.3 Fairness -- 6.3.1 Abolition of Implicit and Explicit Public Support -- 6.3.2 Seigniorage -- 6.3.3 The Benefits and Costs of Debt -- 6.3.4 Summary -- 6.4 Legitimacy -- 6.4.1 The Separation of Public and Private Activities -- 6.4.2 Public Control and Democratic Oversight -- 6.4.3 The Position of Citizens -- 6.4.4 Summary -- 6.5 Other Issues.

6.5.1 The International Dimension -- 6.5.2 The Transition -- 6.5.3 Dynamics and Innovation -- 6.6 Conclusion -- Bibliography -- Chapter 7: Policies to Restore the Balance in the Current System -- 7.1 Taming the Money and Debt Cycle -- 7.1.1 Curbing the Growth of Debt -- 7.1.1.1 Macroprudential Policy -- 7.1.1.2 Tax Incentives -- 7.1.2 Policy Coherence and the Structure of the Financial Sector -- 7.1.2.1 Policy Coherence -- 7.1.2.2 Structural Measures -- 7.1.3 Preparedness for the Next Financial Crisis -- 7.1.3.1 Tightening of Banking Supervision -- 7.1.3.2 Problem Banks -- 7.1.3.3 Monetary Policy in the Next Crisis -- 7.1.3.4 Interim Conclusion -- 7.2 Balance Between Public and Private Interests -- 7.2.1 A Clearer Boundary Between Public and Private Interests -- 7.2.1.1 The Ring-Fencing of Public Activities -- 7.2.1.2 Reducing the Public Guarantee -- 7.2.1.3 Better Representation of Public Interests in the Banking Sector -- 7.2.1.4 Greater Awareness of Public Duty -- 7.2.1.5 Position of the Citizen -- 7.2.2 Interim Conclusion -- 7.3 Conclusion -- Bibliography -- Chapter 8: Conclusions and Recommendations -- 8.1 How Does Money Creation Work? -- 8.2 The Goals of the Financial Monetary System -- 8.3 Is the Sovereign Money System a Solution? -- 8.4 Two Major Challenges for the Current System -- 8.4.1 Balanced Growth of Money and Debt -- 8.4.2 Balance Between Public and Private Interests -- 8.5 Recommendations -- 8.5.1 Promote Diversity in the Financial Sector -- 8.5.2 Curb Excessive Debt Growth -- 8.5.3 Be Better Prepared for the Next Crisis -- 8.5.4 Anchor the Banks Public Dimension -- 8.6 Conclusion -- Bibliography -- Annexes -- Annex I: List of Experts Consulted -- Annex II: Tax Regime, Debt and Banks Risk Attitude -- Bibliography.

001895663

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(Au-PeEL)EBL6637099

(MiAaPQ)EBC6637099

(OCoLC)1257667839