The (other) deleveraging: What economists need to know about the modern money creation process

Manmohan Singh, Peter Stella, 2 July 2012



One of the financial system’s chief roles is to provide credit for worthy investments. Some very deep changes are happening to this system – changes that surprisingly few people are aware of.

Topics: Macroeconomic policy
Tags: Central Banks, monetary policy, money multiplier, Pledged collateral, private money creation, re-pledging

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