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Current Scholarship
The Janus Faces of Money, Property, and Governance: Fiscal Finance, Empire, and Race

Jamee Moudud, Sarah Lawrence College

This paper contributes to the literature on racial capitalism by deploying a key insight of the Law and Political Economy tradition, which is that politics acting through the law plays a constitutive role in the monetary hardwiring of economies and their property rights.
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The Janus Faces of Money, Property, and Governance: Fiscal Finance, Empire, and Race

Current Scholarship
Senate Testimony of Katharina Pistor, Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System

Author: Katharina Pistor

In this testimony before Congress' Committee on Financial Services, Katharina Pistor examines Facebook’s proposed global cryptocurrency, Libra.
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Senate Testimony of Katharina Pistor, Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System

Current Scholarship
The Democratic Digital Dollar: A Digital Savings & Payments Platform for Fully Inclusive State, Local, and National Money & Banking Systems

Author: Robert Hockett

Many national and subnational units of government see a need for more inclusive money, payment, and retail banking systems for the capture, storage, and transfer of spendable value among their constituents.
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The Democratic Digital Dollar: A Digital Savings & Payments Platform for Fully Inclusive State, Local, and National Money & Banking Systems

Current Scholarship
Senate Testimony of Mehrsa Baradaran on Cryptocurrency & Financial Inclusion

Author: Mehrsa Baradaran

In this testimony before the Senate Committee on Banking, Housing and Community Affairs, Mehrsa Baradaran provides perspective on the cryptocurrency industry’s ambitions with regard to financial inclusion for low income Americas as well as its place in the banking regulatory landscape.
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Senate Testimony of Mehrsa Baradaran on Cryptocurrency & Financial Inclusion

Current Scholarship
Banks are not intermediaries of loanable funds – facts, theory and evidence

Authors: Zoltan Jakab and Michael Kumhof

In the loanable funds model, banks are modelled as resource-trading intermediaries that receive deposits of physical resources from savers before lending them to borrowers. In the financing model, banks are modelled as financial intermediaries whose loans are funded by ex-nihilo creation of ledger-entry deposits that facilitate payments among nonbanks. The financing model predicts larger and faster changes in bank lending and greater real effects of financial shocks.
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Banks are not intermediaries of loanable funds – facts, theory and evidence

Current Scholarship
State Building for a Free Market: The Great Depression and the Rise of Monetary Orthodoxy

Author: David M. P. Freund

The U.S. government transformed American finance between 1913 and 1935 by assuming extraordinary new powers over the banking sector and the money supply. And the government’s actions were reliably controversial. Beginning soon after the Federal Reserve began operations and lasting through the reforms that restructured the institution during the New Deal, critics warned that federal overreach in financial markets posed an existential threat to the free-enterprise system.
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State Building for a Free Market: The Great Depression and the Rise of Monetary Orthodoxy

Current Scholarship
Money and modernization in early modern England

Author: Nuno Palma

Classic accounts of the English industrial revolution present a long period of stagnation followed by a fast take-off. However, recent findings of slow but steady per capita economic growth suggest that this is a historically inaccurate portrait of early modern England. This growth pattern was in part driven by specialization and structural change accompanied by an increase in market participation at both the intensive and extensive levels. These, I argue, were supported by the gradual increase in money supply made possible by the importation of precious metals from America. They enabled a substantial increase in the monetization and liquidity levels of the economy, hence decreasing transaction costs, increasing market thickness, changing the relative incentive for participating in the market and allowing agglomeration economies to arise. By making trade with Asia possible, precious metals also induced demand for new desirable goods, which in turn encouraged market participation. Finally, the increased monetization and market participation made tax collection easier. This helped the government to build up fiscal capacity and as a consequence to provide for public goods. The structural change and increased market participation that ensued paved the way for modernization.
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Money and modernization in early modern England