What Can We Learn from the Real Bills Doctrine?
Tarkka, Juha (15.01.2019)
Volyymi
52Numero
1
2019
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-201909111459Tiivistelmä
The historical development of bank liquidity doctrines is surveyed from the real bills doctrine and its antecedents to the present day. The underlying ideas of the succession of several dominant liquidity doctrines are analysed and compared, with attention to their historical contexts and respective weaknesses as exposed by experience. While the real bills doctrine is obsolete as such, its central idea that the liquidity of banks requires their credit to be linked to real income generation in the economy is unique among the different liquidity doctrines and can be useful as the liquidity regulation of banks is now subject to renewed interest.
Sisällysluettelo
Juha Tarkka: What Can We Learn from the Real Bills Doctrine? 1
Abstract 1
Zusammenfassung 1
I. Introduction 2
II. The Real Bills Doctrine as a Liquidity Rule 3
III. The Antecedents of the Real Bills Doctrine 6
IV. Remarks on Narrow Banking 7
V. The Shiftability Doctrine 8
VI. After the Great Depression and the War: The Anticipated Income Theory 11
VII. Liability Management 14
VIII. The Great Deregulation 16
IX. The Financial Crisis and its Aftermath 18
X. Discussion 21
Abstract 1
Zusammenfassung 1
I. Introduction 2
II. The Real Bills Doctrine as a Liquidity Rule 3
III. The Antecedents of the Real Bills Doctrine 6
IV. Remarks on Narrow Banking 7
V. The Shiftability Doctrine 8
VI. After the Great Depression and the War: The Anticipated Income Theory 11
VII. Liability Management 14
VIII. The Great Deregulation 16
IX. The Financial Crisis and its Aftermath 18
X. Discussion 21