Financial dominance: Why the ‘market maker of last resort’ is a bad idea and what to do about it
(2025)
Journal Article
Financial regulation, influenced by mainstream models of banks as sources of liquidity risk, rather than post-Keynesian models of banks as liquidity providers, fostered the growth of the repo market and shadow banking from the 1980s on. In the repo m... Read More about Financial dominance: Why the ‘market maker of last resort’ is a bad idea and what to do about it.