Introduction

M. L. Burstein
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M. L. Burstein: York University

Chapter 1 in The New Art of Central Banking, 1991, pp 3-16 from Palgrave Macmillan

Abstract: Abstract The new art of central banking pivots on a reformed (tabular) monetary standard, ‘securitization’ beyond the banking principle and other innovations in praxis, including debt-discharge (clearing) mechanisms. Its field of action is constricted by virtual convertibility; the transform of a central bank must operate in real space, the only space left; the ‘monetary’ authority must operate with real assets. What is more, intermediaries surviving beyond the banking principle (see Burstein, 1988) must back their liabilities with real assets; and public debt will also become virtually convertible into real assets — see Chapters 2 and 5 below.

Keywords: Central Banking; Public Debt; Real Rate; Monetary Authority; Monetary Aggregate (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11626-3_1

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DOI: 10.1007/978-1-349-11626-3_1

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