scholarly journals Loanable funds versus money creation in banking: a benchmark result

2022 ◽  
Author(s):  
Salomon Faure ◽  
Hans Gersbach
Keyword(s):  
Complete Markets ◽  
Aggregate Risk ◽  
Money Creation ◽  
The Relationship ◽  
Equivalence Result

AbstractWe establish a benchmark result for the relationship between the loanable-funds and the money-creation approach to banking. In particular, we show that both processes yield the same allocations when there is no uncertainty. In such cases, using the much simpler loanable-funds approach as a shortcut does not imply any loss of generality. When there is aggregate risk with complete contracts and complete markets, we indicate that a restricted equivalence result holds.

scholarly journals Commercial Bank Money, Seigniorage, and the Macroeconomy

2018 ◽  
Author(s):  
Biagio Bossone
Keyword(s):  
Commercial Bank ◽  
Commercial Banks ◽  
Equilibrium Prices ◽  
Different Types ◽  
Money Creation ◽  
Fractional Reserves ◽  
Macroeconomic Implications ◽  
The Impact ◽  
The Relationship ◽  
Bank Money

This article evaluates the macroeconomic implications of commercial bank seigniorage, which emerges from the commercial banks’ power to create money in a fractional reserves regime. After evaluating the impact on aggregate output of commercial bank money relative to alternative exchange arrangements, the article identifies the determinants of commercial bank seigniorage and analyzes how equilibrium prices are determined in an economy where commercial banks extract seigniorage. The article also identifies the conditions under which commercial banks extract seigniorage, clarifies the relationship between seigniorage from commercial bank money creation and profits from pure financial intermediation, and shows how commercial bank seigniorage changes with different types of interbank payments settlement.

The euro and European identity: symbols, power and the politics of European monetary union

2004 ◽  
Vol 30 (2) ◽  
pp. 161-178 ◽  
Author(s):  
Matthias Kaelberer
Keyword(s):  
Collective Identity ◽  
European Identity ◽  
The European Union ◽  
Hybrid Identity ◽  
European Monetary ◽  
Monetary Unification ◽  
Money Creation ◽  
The One ◽  
Relationship Of ◽  
The Relationship

This article assesses the relationship between money, collective identity, and European integration. The recent move of the European Union (EU) toward a common currency – the euro – seems to contradict the conventional ‘one nation/one money’ assumption about the association between states, territory and money creation. However, from a broad macro-historical perspective, the process of European monetary unification is not as exceptional and unique as it is often made out to be. I argue that the relationship between money and collective identity is reciprocal. On the one hand, money is a purposeful political tool in the construction of identities. On the other hand, in order to function properly, money requires some degree of collective identity among its users. Thus, the article examines the role of the euro as part of an explicit project to facilitate the development of a European identity as well as the required level of European identity necessary for a successful functioning of the euro. The key identity aspect at stake in the relationship between money and identity is not an affective relationship between citizens and country, but rather a relationship of trust. During the process of modernisation, trust has become rather abstract and institutionalised. To support a modern relationship of trust, identity does not have to rest on deep affective feelings of belonging. Diffuse identity, based on utilitarian or contractual factors and as part of evolving hybrid identity structures, is sufficient.

Competitively-Issued Convertible Bank Notes in a Theory of Finance: Earl Thompson Meets Fischer Black

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Joshua R. Hendrickson
Keyword(s):  
Incomplete Markets ◽  
Competitive Equilibrium ◽  
Monetary Theory ◽  
Complete Markets ◽  
Macroeconomic Theory ◽  
Black Scholes ◽  
Positive Rate ◽  
Lack Of Commitment ◽  
The Relationship ◽  
Bank Notes

Abstract In this paper, I show the validity of and the relationship between two previously unrelated claims in monetary theory. The first claim, made by Earl Thompson, is that privately-issued bank notes pay a positive rate of return in a competitive equilibrium. The second claim, made by Fischer Black, is that it is possible to have a gold standard in which the gold reserves of the central bank are near zero. I show that both of these claims are correct under the assumption of complete markets and perfect commitment. The link between these claims is the Black-Scholes equation applied to convertible bank notes. In commodity-based monetary systems, bank notes are perpetual American options. I extend the model to consider the implications of a lack of commitment on the part of the bank and incomplete markets. I show that both arguments break down when banks lack commitment to redemption or markets are incomplete. I conclude with implications for macroeconomic theory.

Interstellar gas in the central region of the Galaxy

1967 ◽  
Vol 31 ◽  
pp. 239-251 ◽  
Author(s):  
F. J. Kerr
Keyword(s):  
Central Region ◽  
Galactic Plane ◽  
Neutral Hydrogen ◽  
Continuum Emission ◽  
Galactic Centre ◽  
Interstellar Gas ◽  
Hydrogen Recombination ◽  
The Galaxy ◽  
Centre Region ◽  
The Relationship

A review is given of information on the galactic-centre region obtained from recent observations of the 21-cm line from neutral hydrogen, the 18-cm group of OH lines, a hydrogen recombination line at 6 cm wavelength, and the continuum emission from ionized hydrogen.Both inward and outward motions are important in this region, in addition to rotation. Several types of observation indicate the presence of material in features inclined to the galactic plane. The relationship between the H and OH concentrations is not yet clear, but a rough picture of the central region can be proposed.

The relationship of the scleractinian corals to the rugose corals

Paleobiology ◽  
1980 ◽  
Vol 6 (02) ◽  
pp. 146-160 ◽  
Author(s):  
William A. Oliver
Keyword(s):  
Critical Points ◽  
Scleractinian Corals ◽  
Convincing Evidence ◽  
Early Triassic ◽  
Rugose Corals ◽  
History Of ◽  
The Subject ◽  
Relationship Of ◽  
The Relationship ◽  
Biologic Factors

The Mesozoic-Cenozoic coral Order Scleractinia has been suggested to have originated or evolved (1) by direct descent from the Paleozoic Order Rugosa or (2) by the development of a skeleton in members of one of the anemone groups that probably have existed throughout Phanerozoic time. In spite of much work on the subject, advocates of the direct descent hypothesis have failed to find convincing evidence of this relationship. Critical points are:(1) Rugosan septal insertion is serial; Scleractinian insertion is cyclic; no intermediate stages have been demonstrated. Apparent intermediates are Scleractinia having bilateral cyclic insertion or teratological Rugosa.(2) There is convincing evidence that the skeletons of many Rugosa were calcitic and none are known to be or to have been aragonitic. In contrast, the skeletons of all living Scleractinia are aragonitic and there is evidence that fossil Scleractinia were aragonitic also. The mineralogic difference is almost certainly due to intrinsic biologic factors.(3) No early Triassic corals of either group are known. This fact is not compelling (by itself) but is important in connection with points 1 and 2, because, given direct descent, both changes took place during this only stage in the history of the two groups in which there are no known corals.

Choosing a Markov blanket

2020 ◽  
Vol 43 ◽  
Author(s):  
Thomas Parr
Keyword(s):  
Markov Blanket ◽  
Target Article ◽  
The Relationship

Abstract This commentary focuses upon the relationship between two themes in the target article: the ways in which a Markov blanket may be defined and the role of precision and salience in mediating the interactions between what is internal and external to a system. These each rest upon the different perspectives we might take while “choosing” a Markov blanket.

Tinkering with cognitive gadgets: Cultural evolutionary psychology meets active inference

2019 ◽  
Vol 42 ◽  
Author(s):  
Paul Benjamin Badcock ◽  
Axel Constant ◽  
Maxwell James Désormeau Ramstead
Keyword(s):  
Evolutionary Psychology ◽  
Research Program ◽  
Active Inference ◽  
Innovative Research ◽  
Cognitive Faculties ◽  
Cultural Evolutionary ◽  
The Relationship

Abstract Cognitive Gadgets offers a new, convincing perspective on the origins of our distinctive cognitive faculties, coupled with a clear, innovative research program. Although we broadly endorse Heyes’ ideas, we raise some concerns about her characterisation of evolutionary psychology and the relationship between biology and culture, before discussing the potential fruits of examining cognitive gadgets through the lens of active inference.

Radiation Damage, Contrast and Statistics in High Resolution Biological Electron Microscopy

1970 ◽  
Vol 28 ◽  
pp. 260-261
Author(s):  
Robert M. Glaeser
Keyword(s):  
High Resolution ◽  
Particle Flux ◽  
Unit Area ◽  
Signal To Noise ◽  
Resolution Image ◽  
High Resolution Image ◽  
Pass Through ◽  
Counting Statistics ◽  
The Relationship ◽  
Picture Element

It is well known that a large flux of electrons must pass through a specimen in order to obtain a high resolution image while a smaller particle flux is satisfactory for a low resolution image. The minimum particle flux that is required depends upon the contrast in the image and the signal-to-noise (S/N) ratio at which the data are considered acceptable. For a given S/N associated with statistical fluxtuations, the relationship between contrast and “counting statistics” is s131_eqn1, where C = contrast; r2 is the area of a picture element corresponding to the resolution, r; N is the number of electrons incident per unit area of the specimen; f is the fraction of electrons that contribute to formation of the image, relative to the total number of electrons incident upon the object.

Skeletal elements of crinoid echinoderms: High-resolution structural and microanalytical results

1983 ◽  
Vol 41 ◽  
pp. 194-195
Author(s):  
D. F. Blake ◽  
L. F. Allard ◽  
D. R. Peacor
Keyword(s):  
High Resolution ◽  
Marine Invertebrates ◽  
Sea Urchins ◽  
Structural Features ◽  
Sea Stars ◽  
High Resolution Tem ◽  
Relationship Of ◽  
The Relationship ◽  
Insight Into

Echinodermata is a phylum of marine invertebrates which has been extant since Cambrian time (c.a. 500 m.y. before the present). Modern examples of echinoderms include sea urchins, sea stars, and sea lilies (crinoids). The endoskeletons of echinoderms are composed of plates or ossicles (Fig. 1) which are with few exceptions, porous, single crystals of high-magnesian calcite. Despite their single crystal nature, fracture surfaces do not exhibit the near-perfect {10.4} cleavage characteristic of inorganic calcite. This paradoxical mix of biogenic and inorganic features has prompted much recent work on echinoderm skeletal crystallography. Furthermore, fossil echinoderm hard parts comprise a volumetrically significant portion of some marine limestones sequences. The ultrastructural and microchemical characterization of modern skeletal material should lend insight into: 1). The nature of the biogenic processes involved, for example, the relationship of Mg heterogeneity to morphological and structural features in modern echinoderm material, and 2). The nature of the diagenetic changes undergone by their ancient, fossilized counterparts. In this study, high resolution TEM (HRTEM), high voltage TEM (HVTEM), and STEM microanalysis are used to characterize tha ultrastructural and microchemical composition of skeletal elements of the modern crinoid Neocrinus blakei.

Ultrastructural Correlations between Clonal Human Tumor Colonies and in Vivo Neoplasms

1982 ◽  
Vol 40 ◽  
pp. 210-211
Author(s):  
M.J. Murphy ◽  
R.R. Price ◽  
J.C. Sloman
Keyword(s):  
Cultured Cells ◽  
Human Tumor ◽  
Cell Type ◽  
Tumor Mass ◽  
Initial Cell ◽  
Cloning Assay ◽  
Human Tumor Cloning ◽  
The Relationship

The in vitro human tumor cloning assay originally described by Salmon and Hamburger has been applied recently to the investigation of differential anti-tumor drug sensitivities over a broad range of human neoplasms. A major problem in the acceptance of this technique has been the question of the relationship between the cultured cells and the original patient tumor, i.e., whether the colonies that develop derive from the neoplasm or from some other cell type within the initial cell population. A study of the ultrastructural morphology of the cultured cells vs. patient tumor has therefore been undertaken to resolve this question. Direct correlation was assured by division of a common tumor mass at surgical resection, one biopsy being fixed for TEM studies, the second being rapidly transported to the laboratory for culture.

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