Daniela Gabor on Financial Globalization, Capital Controls, and the Critical Macrofinance Framework
Macro Musings with David Beckworth
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Credit Creation in Global Market Base Finance
i argue here that we tiplically think and debate credit creation through a lens that sort of privileges banks as the money creators. And what i are ask in the paper, what does it mean if we think about redit creation through the bond market? How do you create new systemic liabilities, or new types of money in order to finance thiscredit creation througha securities markets? Right? There is still a very critical role that a sort of traditional baks play. Because when they move from creating bank deposit to creating repo deposits in order to Finance their securities positions,. What they effectively do is theye destroy bank money ritor they destroy bank deposits.
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