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Interest on reserves,policy rules and quantitative easing
Institution:1. Department of Anatomic Pathology, Graduate of School of Medical Science, Kyushu University, Fukuoka 812-8582, Japan;2. Department of Otorhinolaryngology, Hamanomachi Hospital, Fukuoka 810-8539, Japan;3. Department of Otorhinolaryngology, Graduate of School of Medical Science, Kyushu University, Fukuoka 821-8582, Japan;4. Department of Pathology, National Kyushu Cancer Center, Fukuoka 811-1347, Japan;5. Department of Head and Neck Surgery, National Kyushu Cancer Center, Fukuoka 811-1347, Japan;6. Department of Pathology, Hamanomachi Hospital, Fukuoka 810-8539, Japan;1. University of Florida, Gulf Coast Research and Education Center, 14625 County Road 672, Wimauma, FL 33598, United States;2. Agricultural, Food, and Resource Economics, 308 Agriculture Hall, East Lansing, MI 48824, United States;3. University of Florida, Food and Resource Economics Department, P.O. Box 110240, Gainesville, FL 32611, United States;4. South Dakota State University, Department of Economics, Box 504, Scobey Hall, Brookings, SD 57007, United States;1. School of Management, University of Bradford, Emm Lane, BD9 4JL Bradford, UK;2. Department of Commerce, Finance and Shipping, Cyprus University of Technology, 115 Spyrou Araouzou Street, 3603 Limassol, Cyprus;1. Technical University Munich, 85748 Garching, Germany;2. School of Economics and Management, Leibniz University Hannover, Königsworther Platz 1, 30167 Hannover, Germany;3. University of Liverpool Management School, Chatham Street, Liverpool, L69 7ZH, UK
Abstract:Hundred percent reserve transaction banking system is proposed with tax-free interest on demand deposits and interest bearing reserves. To eliminate shadow banking arrangements, a 100% tax on net interest income is proposed for limited liability businesses. All financing of businesses would be mutual as currently most is. With this arrangement there would be no bank runs associated giving rise to a financial crisis.
Keywords:100% Reserve banking  Transaction banks  Monetary policy rules
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