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The Money Problem: Rethinking Financial Regulation
Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a ‘public’ or ‘private’ activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch?
In The Money Problem , Morgan Ricks addresses all of these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad.
In The Money Problem , Morgan Ricks addresses all of these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad.
336 pages, Hardcover
First published April 21, 2016
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Displaying 1 - 2 of 2 reviews
August 12, 2022
9/10
An ambitious, well-researched, and clearly argued case for monetary reform. Morgan Ricks argues that financial stability is best understood as a problem of monetary design; that financial panics are the primary problem (not other concerns such as debt cycles or systemic risk); and can potentially be solved through an updating of banking regulation to make short term debt prohibited outside the banking system and publicly insured within it. Ricks begins with a compelling overview of the research on banking theory and financial panics and then turns to imagining how a society might build a strong system from scratch. Some arguments at times feel a bit stretched, but overall it is an extremely compelling case and full of ideas for anyone interested money, banking, and financial stability to reflect on.
An ambitious, well-researched, and clearly argued case for monetary reform. Morgan Ricks argues that financial stability is best understood as a problem of monetary design; that financial panics are the primary problem (not other concerns such as debt cycles or systemic risk); and can potentially be solved through an updating of banking regulation to make short term debt prohibited outside the banking system and publicly insured within it. Ricks begins with a compelling overview of the research on banking theory and financial panics and then turns to imagining how a society might build a strong system from scratch. Some arguments at times feel a bit stretched, but overall it is an extremely compelling case and full of ideas for anyone interested money, banking, and financial stability to reflect on.
March 21, 2023
Compelling read. Can't believe we're just letting private banks fuck around with money as a public good.
Admittedly a challenging read, had to reread multiple portions to feel like I had a sense of what is going on. For a layreader, too much of the space is about rebutting other academic arguments surrounding banking regulation. But hey, I get it.
Admittedly a challenging read, had to reread multiple portions to feel like I had a sense of what is going on. For a layreader, too much of the space is about rebutting other academic arguments surrounding banking regulation. But hey, I get it.
Displaying 1 - 2 of 2 reviews