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.
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© 1991 M. L. Burstein
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Burstein, M.L. (1991). Introduction. In: The New Art of Central Banking. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-11626-3_1
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DOI: https://doi.org/10.1007/978-1-349-11626-3_1
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-11628-7
Online ISBN: 978-1-349-11626-3
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