Sovereign Money: Beyond Reserve Banking (Paperback, 2017)

Introduction 1. Money 1.1 Currency, money and capital 1.2 Types of money 1.3 Creators and issuers of money 1.4 Coin currencies 1.5 Tally sticks 1.6 Banknotes and the ascent of fractional reserve banking 1.7 Bankmoney on account 1.8 Electronic cash 1.9 Money as an informational token 1.10 Where does the value of money come from? 1.11 A monetarised and financialised economy 2. Chartalism 2.1 State theory versus market theory of money 2.2 Money is a legal instrument by state fiat 2.3 The sovereign monetary prerogative and its two historical challenges 2.4 The Currency versus Banking controversy 2.5 Full chartalism versus state-backed commercial bankmoney 3. Money and Banking Today 3.1 The two-tier split-circuit structure 3.2 Bankmoney. Credit and deposit creation in one act 3.3 Interplay between public and interbank circulation 3.4 Minimum reserve positions and the unreal multiplier model 3.5 The unreal loanable funds model of banking. Savings as deactivated deposits 3.6 The golden bank rule and the question of maturity transformation 3.7 Restrictions to credit and deposit creation 3.8 Creation of bankmoney. The entire picture 3.9 Deletion of bankmoney 3.10 Quasi-seigniorage of bankmoney creation 3.11 Growing competition to primary bank credit from secondary credit offered by financial intermediaries 3.12 The rhetoric about endogenous and exogenous money 3.13 The false identity of money and credit 4. Problems of the bankmoney regime (fractional reserve banking) 4.1 The monetary system-the misjudged root cause of financial crises 4.2 Incomplete analysis of financial crises 4.3 The monetary quantity equation 4.4 Channels of bankmoney issuance 4.5 Inflation 4.6 Asset inflation, bubbles and crises 4.7 Over-indebtedness 4.8 Financial market failure 4.9 Monetary policy failure 4.10 Bankmoney is unsafe 4.11 The distributional bias of bankmoney and financial-market capitalism 4.12 From around 1980 to 2008. The Great Immoderation 4.13 The question of lawfulness of bankmoney 4.14 The disregarded constitutional dimension of the monetary order 5. Bankmoney to Sovereign Money 5.1 Basic traits of a sovereign money system 5.2 Central banks as the fourth branch of the state 5.3 Separation of money creation from banking, and of monetary from fiscal functions 5.4 The prohibition of the government from issuing money 5.5 The role of the banks in a sovereign money system 5.6 Capacity-oriented quantity policy 5.7 Channels of issuance and first uses of new money 5.8 Is there a necessary sequence in the circulation of money? 5.9 Sovereign money debt-free vs interest-bearing 5.10 How to account for sovereign money on a central-bank balance sheet 5.11 Conversion-day transition 5.12 Little to lose, much to gain. Stability, safety, seigniorage 5.13 Seigniorage to the benefit of the public purse 5.14 Transition through raising fractional reserves to 100% of deposits? 5.15 Government-issued money adding to bankmoney? 5.16 Sovereign e-cash and money accounts in addition to bank giro accounts 5.17 International connectivity of sovereign money