discuss the consolidation of the central bank with the Treasury. We obtain a visual explanation about how commercial banks are … responsible for endogenous money creation whereas the Treasury and the central bank are in charge of the total amount of net money …

bank. Indeed, this optimal graph allows to perform payments very easily as it amounts to the suppression of loops … argue that in those cases, the Treasury and the central bank can be meaningfully consolidated. After describing the …

bank. Without a sufficiently independent central bank, the government inevitably borrows money excessively, and as a result …

nontrivial fiat-currencies demands. Sudden stops/bank-panics are possible, and key for evaluating the merits of alternative ex …

One of the fascinating aspects of the European debt crisis has been the resilience of the euro. For much of 2011, the … euro was a key reserve currency, oblivious to the chaos ravaging European economies. Now, however, the gravity of the … crisis is finally dragging down the euro. As the Euro zone debt crisis enters its third uncertain year, the question about …

a Single Global Currency managed by a Global Central Bank within a Global Monetary Union: - Annual transaction costs of … current monetary unions, especially the euro. Each successive annual edition of this book will ... …