This paper divides money created by banking systems into two separate components, corresponding to a classification of the services provided by banking systems. The model of division into the amounts of intermediation and pure liquidity creation has some implications that are different from...

This paper discusses the economic impact of the Basel III reforms to banking regulation. We find that the long-term impact should be much less than many in the industry fear but the required accompanying changes to business models, business processes and governance, need to be carefully managed...