This paper aims at investigating some neglected consequences of free capital mobility in the Euro area. The approach we use in this work is based on the bookkeeping nature of money, which shows that capital - in the form of bank deposits - is mobile within a currency area but actually immobile...

Stock-flow consistent (SFC) modelling and monetary circuit theory (MCT) have many similarities. However, an important difference concerns the reflux phase, during which the credits issued by banks are repaid. This phase is constitutive of MCT models, but does not generally appear explicitly in...

While Basil Moore is well known for his view on endogenous money, very little is known about how he got there, and how his views might have evolved through time. This paper examines Moore's early views, pre-Horizontalists and Verticalists, and explains how Moore's views are rooted in a...