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The rapid growth in stablecoin issuance, and the recent testing of stablecoins' par settlement promises, has provoked a flurry of papers proposing various forms of regulation and alternatives, from various vantage points. Our vantage point is the money view, which focuses attention on the mechanism of settlement, and the role of forward markets in absorbing price pressure in times of adverse settlement flows.

This paper presents a money view analysis of the recent crypto innovation of stablecoins, which have seen a remarkable rise and more recently some spectacular collapses. By analogizing on-chain with offshore, and developing an extended analogy of stablecoins with Eurodollars, we reveal the primitive character of the existing on-chain liquidity mechanism which supports the promise of par settlement by existing on-chain stablecoin models. Liquidity, not solvency, is the issue confronted by par settlement.

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Instruments such as bank deposits are more money-like compared to the others since they are promises to pay currency on demand. Securities, on the other hand, are promises to pay currency over some time horizon in the future, so they are even more attenuated promises to pay. Mehrling argues that the payments system hides this hierarchy by enabling the firms to use credit today to postpone the final settlement into the future.

In normal times, if a central bank, such as the Fed, wants to tighten, it raises the federal fund target. Raising the cost of the most liquid form of money in the system will then resonate down the monetary hierarchy. It immediately lowers the profitability of money market dealers (unless the term interest rate rises by the full amount). Because money market dealers set the funding cost for dealers in capital markets (i.e. because they are a level up in the hierarchy of money), capital market dealers will face pressure to raise asset prices and long-term interest rates. These security dealers are willing to hold existing security inventories only at a lower price, hence higher expected profit. Thus the centrally determined price of money changes the value of stocks.

Since 2018, Perry Mehrling has been Professor of International Political Economy at Boston University. Prior to this, he served for three decades as Professor of Economics at Barnard College, Columbia University. His work is now primarily concerned with articulating and finessing the Money View, a compelling approach to monetary economics which synthesises ideas from both economics and finance. In our interview, Mehrling introduces some of the central concerns of the Money View, and sheds light on his current research.

Aside from his writing, Mehrling is keen to stress the centrality of the classroom to the development of his thought. Teaching students about money at both Columbia and Boston University has enabled him to flesh out his theory, and to develop numerous important concepts and terms to elucidate the machinations of the modern monetary system.

The challenge of teaching money to the undergraduates at Columbia University provided the setting I needed for this intellectual work. Manhattan is, after all, the very heart of the global monetary and financial system.

In which directions are you hoping your future research will take you?

After thirty years in Manhattan, trying to make sense of the very core of the global system, I am shifting to trying to understand the periphery, and specifically how it links up to this core. The global system is a dollar system, but there are multiple other national currencies, arranged in a money-credit hierarchy that fluctuates in a global financial cycle, backstopped and regulated by public institutions which evolve in response to institutional innovation in private finance and money. My forthcoming book Money and Empire: Charles P. Kindleberger and the Dollar System (Cambridge 2022) tells the story about the construction of the present dollar system, but that system is a work in progress. My future research will build on these foundations in an attempt to make sense of continuing evolution of the system as a whole.

Mehrling, P, (2022). The Money View: An interview with Professor Perry Mehrling. Research Outreach, 129. Available at: -money-view-an-interview-with-professor-perry-mehrling/ (Accessed YYYY/MM/DD)

In a new working paper for the Bank of International Settlements, Iaki Aldasoro, Perry Mehrling and Daniel H. Neilson present a money view analysis of the recent crypto innovation of stablecoins, which have seen a remarkable rise and more recently some spectacular collapses. By analogizing on-chain with offshore, and developing an extended analogy of stablecoins with Eurodollars, the authors reveal that liquidity, not solvency, is the issue confronted by par settlement.

But I think Piketty admits it's not an iron law and things aren't destined to get worse. Government policies can be changed. The issue I wonder about is the euthansia of the rentier. Demand management policies of the government (monetary, fiscal, currency) need to do at least the minimum to avoid escalating deflation. That may involve the euthanasia of the rentier as liquidity becomes abundant. There's only so much the credit-worthy want to borrow and the rest will have to be lent out to those with spottier credit reports for the financial industry to make any money. There's a push to loosen credit standards.

1) There are some capital goods that are stuff that is materially produced, such as factories. This stuff has a cost of production, that arguably has some relationship with its "value". This is what I would call "real" capital. The ambiguity in Piketty comes from the fact that he speaks as if all capital is "real" capital, and as if every money flow translates in "real" capital.

My problem with the "monetary view" is that it sounds like if assets of the 2 and 3 classes all are just a "montary" thing, as opposed to a "real stuff view" that sees all assets as if they were of the 1 class.

In fact there is a lot of "financial value" that is not credit (nominally fixed), but assets of the 2nd and 3rd class IMHO.

Agree. But unlike you, I don't think this is a misstatement or unfortunate choice of words. I think it's a very clear statement of the basic theoretical orientation of the book. And I don't agree with your statement (on your blog) that MPK and MEK are just two terms for the same concept. One is ratio of two quantities of physical stuff, the other is a ratio of two quantities of money.

Perry Mehrling's brainchild, the Money View, is a monetary-financial school of thought that links the (usually separate) intellectual realms of economics and finance. It offers an integrated approach for conceptualizing money, finance and (shadow) banking, which it sees as the fundamental infrastructure of capitalism.[7] Other than most economic theories, it denotes analytical importance to the notion of liquidity as well as to the centrality of profit-seeking dealers as market makers.[8]The Money View has first been developed, formulated and put forward by Mehrling and is now - despite still being an academic minority view - popularized by scholars,[9][10] central bankers[11] and market practitioners[12][13] around the world.

The speciality of the Money View is its ability to adequately synthesize current features of our integrated monetary and financial system, which Mehrling describes as 'money market funding of capital market lending', a.k.a. shadow banking, by paying attention to both the money market and the capital market.

Money, as a means of payment, to facilitate (final) settlement. Credit, as a promise to pay (money). Finance, to facilitate valuation of promises to pay. Banking, as a means of allocation of credit.[7]

Inspired by Minsky's Hierarchy of Money, the Money View recognizes the de facto inequality of economic agents or entire countries in their capacity to issue something called money. A privileged few at the top of the hierarchy may issue money while the rest can only issue mere promises to pay money, i.e. credit (further down the hierarchy). The US dollar is at the top of the international hierarchy of money.

The Money View relies on comparatively few assumptions and uses reason as the primary source of knowledge. Generally, its analytical framework is based on viewing every monetary entity in terms of their stylized balance sheet, which serves as basic tools for asset-liability management, i.e. to measure sources and uses of funding.

Students receive money for being in the program, too, up to $10,000 for Ph.D. students. The money helps pay for school but also is supposed to be used as seed money for a business idea.

Harichandran said the fellowship programs are helpful for students who are not completely sure of their interest in energy projects. But there is no guarantee how students might use the money or that they will follow through on their projects.

The Money View Symposium was hosted by YSI on 5-7 February, 2021. The Symposium showcased the work of scholars and practitioners that make use of the money view, ranging from economists to lawyers, politicians and social scientists at large.

Having all the videos from this insightful conference in one playlist is great material for people who have not yet engaged with the perspective of the money view in detail, but also for everyone with prior knowledge as it showcases quite a range of perspectives and research.

Incidentally, the Money View is an elaboration of the traditional "credit view" or "banking theory", respectively. In particular, just as Marx and Keynes have emphasised, the Money View centres on the seemingly trivial aspect that in a money-based economy, money (or, indeed, credit) is at the heart of every economic activity, as opposed to the traditional view of a real-exchange, barter economy where money is presented as a mere "veil". e24fc04721