Merchants of Debt at the Extreme Overnight
Re-Considering Monetary Theories via Rollover-Induced Interbank Frictions
Bibliographic Data
| ID | 7166606 |
|---|---|
| Authors | Jessica Reale (0000-0003-0216-145X, Ruhr-Universität Bochum, Bochum, Germany, corresponding author) |
| Year | 2025 |
| Volume | 37 |
| Issue | 1 |
| Pages | 165-182 |
| Publication date | 2025-01-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Review of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0953-8259 • E-ISSN: 1465-3982 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/09538259.2023.2190015 |
| OpenAlex | W4361223426 |
| Language | EN |
| Citations received | 1 |
| References cited | 34 |
Banks’ refusal to roll over short-term interbank debts has received increased attention since the global financial crisis. Yet, heterodox monetary theories ignore interbank transactions and rollover channels despite recognising the importance of banks’ debt-renewal practices. Against this backdrop, this research contextualises banks’ refinancing vulnerabilities within heterodox monetary theories and relates them to the literature on rollover-induced interbank frictions. This study also reveals a further shock amplifier. Due to the interplay between maturity-rollover and market-funding liquidity cycles, a rollover-circuit may emerge. This circuit may lead to additional threats to the operation of the interbank market and financial stability, compelling monetary theories not to further neglect banks’ refinancing issues
Debt · Economics · Financial system · Interbank lending market · Market liquidity · Monetary economics · Banking stability, regulation, efficiency · Economic Theory and Policy · Global Financial Crisis and Policies · Finance
Post-Keynesian Economics
History of Economic Analysis
The Elgar Companion to Radical Political Economy
Central Banking and Post-Keynesian Economics
The Economic Contributions of Hyman Minsky
Post Keynesian Approaches to Endogenous Money
The Eurozone
Changes in Central Bank Procedures During the Subprime Crisis and Their Repercussions on Monetary Theory
Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk
The theory of endogenous money and the LM schedule
The Monetary Thought of Allyn Abbott Young
Deciphering the Liquidity and Credit Crunch 2007-2008
| Unique citing works | 1 |
|---|---|
| Citations per year | 1 |
| Citation span | 2025 - 2025 (1) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 1 |