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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
      
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What Can We Learn from the Real Bills Doctrine?, Credit and Capital Markets 1 (2019). Tarkka, Juha


Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
Tarkka Juha / General Secretariat
All authors as text Tarkka, Juha 
Number of authors
Status Published
Year of publication 2019 
Date 15.01.2019 
Name of article What Can We Learn from the Real Bills Doctrine? 
Name of journal Credit and Capital Markets
Volume of issue 52 
Number of issue
Pages 89-113 
Abstract The historical development of bank liquidity doctrines is surveyed from the real bills doctrine and its antecedents to the present day. The underlying ideas of the succession of several dominant liquidity doctrines are analysed and compared, with attention to their historical contexts and respective weaknesses as exposed by experience. While the real bills doctrine is obsolete as such, its central idea that the liquidity of banks requires their credit to be linked to real income generation in the economy is unique among the different liquidity doctrines and can be useful as the liquidity regulation of banks is now subject to renewed interest.
Index Juha Tarkka: What Can We Learn from the Real Bills Doctrine? 1
Abstract 1
Zusammenfassung 1
I. Introduction 2
II. The Real Bills Doctrine as a Liquidity Rule 3
III. The Antecedents of the Real Bills Doctrine 6
IV. Remarks on Narrow Banking 7
V. The Shiftability Doctrine 8
VI. After the Great Depression and the War: The Anticipated Income Theory 11
VII. Liability Management 14
VIII. The Great Deregulation 16
IX. The Financial Crisis and its Aftermath 18
X. Discussion 21
Free text descriptor in Finnish pankit; sääntely; likviditeetti; pankkitoiminta; taloushistoria 
Free text descriptor in English Bank regulation, Liquidity, Real bills 
JEL-codes B12, B26, G21 
ISSN / e-ISSN 2199-1235 
auki Internet addresses
Open Access Not open