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By Kevin E. Villani Private market discipline is dynamic: prices adjust continuously as participants update their perceptions. Public prudential regulation is static: fixed rules…
By Kevin E. Villani Private market discipline is dynamic: prices adjust continuously as participants update their perceptions. Public prudential regulation is static: fixed rules…
What is fiat money and what does it do? This is essential to understand since today’s worldwide unbacked paper, or “fiat,” money regime is an…
