The (other) deleveraging: What economists need to know about the modern money creation process by Manmohan Singh and Peter Stella published by VOXEU. “The world of credit creation has shifted over recent years. This column argues this shift is…
Money and Collateral by Manmohan Singh and Peter Stella published by IMF. “Between 1980 and before the recent crisis, the ratio of financial market debt to liquid assets rose exponentially in the U.S. (and in other financial markets), reflecting…
Central bank financial strength, policy constraints and inflation by Peter Stella, published by IMF. This paper argues the importance of central bank financial strength for policy outcomes increases exponentially as central bank finances become weaker or policy commitments become…
Issues in Central Bank Finance and Independence by Peter Stella and Ake Lönnberg, published by IMF. This paper discusses several issues in what might be termed “central bank finance”. The view taken in this paper is that it is…