The Money Problem: Rethinking Financial Regulation

An "intriguing plan" addressing shadow banking, regulation, and the continuing quest for financial stability (Financial Times).

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...