The Money Problem: Rethinking Financial Regulation

In The Money Problem, Morgan Ricks examines fundamental questions about financial regulation and stability that remain unanswered since the recent financial crisis. He considers whether money creation should be public, private, or both; what financial stability means and requires; what role regulation should play; and how monetary institutions might be designed from the ground up. Ricks proposes a practical blueprint for modernizing the money and banking system through incremental changes to the current U.S. system. He argues that financial stability policy is fundamentally a question of monetary system design, and that his approach can help reduce the risk of future financial panics. The book expands the scope of financial reform discussions by addressing this critical dimension of the debate.