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The endogeneity of money and the securitizing system. Beyond shadow banking

The endogeneity of money and the securitizing system. Beyond shadow banking

Caverzasi, Eugenio, Botta, Alberto and Capelli, Clara (2018) The endogeneity of money and the securitizing system. Beyond shadow banking. [Working Paper]

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Abstract

Financialization is not just a phenomenon regarding the exponential growth of the financial sector with respect to the real side of the economy. This paper aims shedding some light on the nature and the systemic impact of new elements in the financial realm and particularly on the so-called shadow banking through a macroeconomic perspective. Our analysis shows how financial evolutions have had an impact on the monetary system and on the whole economy at multiple levels. It involved the channel through which money enters the economic system, the rise of new financial institutions and activities, the implementation of monetary policies, and the relation between the real and the financial sector. What we are witnessing is not the rise of a shady version of something old whereas the surge of new forms of financial accumulation.

Item Type: Working Paper
Uncontrolled Keywords: endogenous money, securitization, shadow banking, inequality, financial instability,
Subjects: H Social Sciences > HG Finance
Faculty / Department / Research Group: Faculty of Business > Greenwich Political Economy Research Centre (GPERC)
Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA) > Greenwich Political Economy Research Centre (GPERC)
Faculty of Business
Last Modified: 10 Jan 2018 09:42
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: None
URI: http://gala.gre.ac.uk/id/eprint/18527

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