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Central Banking Without Central Bank Money

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Originally published July 1999
AuthorsMr. Arto Kovanen
Timo Henckel
Alain Ize
Date of Reg.
Date of Upd.
ID1983011
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About Central Banking Without Central Bank Money


Given the rapidly declining demand for central bank reserves and their gradual replacement in wholesale payments by alternative forms of money—clearinghouse moneyand treasury money—this paper discusses whether the complete extinction of base money could undermine monetary control. . . .

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