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Reforming the Short-Term Funding Markets

Morgan Ricks

Vanderbilt University - Law School

May 18, 2012

Harvard University John M. Olin Center for Law, Economics and Business Discussion Paper No. 713

Traditionally, governments have established licensing requirements for the issuance of important classes of monetary instruments — namely, deposit obligations and bank notes. Their issuance has been a legal privilege. This article proposes a similar legal regime for other short-term IOUs, which present similar problems. The approach would be functional rather than formalistic. The article sketches a prototype of such a regulatory system. In addition, the article offers a critical analysis of current reform initiatives pertaining to the short-term funding markets. It finds reasons to doubt that they will be effective. It proposes an alternative, coordinated regulatory approach that could be implemented under current U.S. law.

Number of Pages in PDF File: 34

Keywords: Money, banking, short-term funding, money markets, shadow banking, Dodd-Frank Act

JEL Classification: E42, K23

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Date posted: May 18, 2012 ; Last revised: May 21, 2012

Suggested Citation

Ricks, Morgan, Reforming the Short-Term Funding Markets (May 18, 2012). Harvard University John M. Olin Center for Law, Economics and Business Discussion Paper No. 713. Available at SSRN: http://ssrn.com/abstract=2062334 or http://dx.doi.org/10.2139/ssrn.2062334

Contact Information

Morgan Ricks (Contact Author)
Vanderbilt University - Law School ( email )
131 21st Avenue South
Nashville, TN 37203-1181
United States
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