Money and (Shadow) Banking: A Thought Experiment

18 Pages Posted: 7 Apr 2013

See all articles by Morgan Ricks

Morgan Ricks

Vanderbilt University - Law School; European Corporate Governance Institute (ECGI)

Date Written: April 1, 2012


This paper approaches the shadow banking problem from a monetary point of view. It does so by means of a simple thought experiment. The aim is to strip away the inessentials so as to reveal some of the basic legal-institutional design considerations that attend the establishment and management of a monetary system. It is the author's experience that underlying assumptions in this area are surprisingly divergent and, at any rate, are seldom made explicit in the shadow banking literature. If this paper merely assists in surfacing some otherwise unstated assumptions, it will have served its purpose.

Suggested Citation

Ricks, Morgan, Money and (Shadow) Banking: A Thought Experiment (April 1, 2012). Review of Banking and Financial Law, Vol. 31, 2011-2012, Available at SSRN:

Morgan Ricks (Contact Author)

Vanderbilt University - Law School ( email )

131 21st Avenue South
Nashville, TN 37203-1181
United States

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels

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