A wide range of heterodox theories claim that banks are special because they create money in the act of lending. Put …

This paper provides insights into the determinants of currency choice in cross-border bank lending, such as bilateral … distance, financial and trade linkages to issuer countries of major currencies, and invoicing currency patterns. Cross …-border bank lending in US dollars, and particularly in euro, is highly concentrated in a small number of countries. The UK is …

Studies of intermediated arbitrage argue that bank balance sheets are an important consideration, yet little evidence …