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This is a list with bibliographic additions to the extensive bibliography, alphabetized and categorized under Academic Sources, MMT Issue, Advocacy, Supporting Studies, Articles, Videos and Background Studies.

For additions contact the editor.


B. Academic Studies on Sovereign Monetary Theory and Reform

Abel, Istvan and Lehmann, Kristof and Tapaszti, Attila. 2016. “The Controversial Treatment of Money and Banks in Macroeconomics”. Financial and Economic Review, 15/2 (June 2016): 33–58.

Andresen, Trond. 2018. “On the Dynamics of Money Circulation, Creation and Debt–a Control Systems Approach.” PhD Thesis, Norwegian University of Science and Technology, Trondheim, October 2018.

Bardy, Josiah J. 2017. Selecting an Alternative National Banking System Against Fractional Reserve Free Banking: The Greatest Modern Fraud?.Senior Thesis, Liberty University, Spring 2017.

Bezemer, Dirk, and Michael Hudson. 2016. “Finance is not the economy: Reviving the conceptual distinction“. Journal of Economic Issues, 50/3: 745-768.

Bjerg, Ole. “Financial vampires and the walking debt: The monsterology of post-crisis capitalism”. Copenhagen Business School. [Forthcoming; Spanish translation]

Block, Walter E. & Barnett, William. 2011. “Time Deposits, Dimensions and Fraud”. Journal of Business Ethics, 88: 711-716.

Chari, V.V. & Phelan, Christopher, 2014. “On the social usefulness of fractional reserve banking“. Journal of Monetary Economics, 65/C: 1-13.

Chiarella, Carl, et al. 2011. Stock Market Booms, Endogenous Credit Creation and the Implications of Broad and Narrow Banking for Macroeconomic Stability.” Journal of Economic Behavior & Organization, 83/3 (2012): 410-423.

Cochrane, John H. 2014. “Toward a Run-Free Financial System“. SSRN, 16 April 2014.

Demeulemeester, Samuel. 2018. “The 100% money proposal and its implications for banking: the Currie– Fisher approach versus the Chicago Plan approach”. European Journal of the History of Economic Thought, 25/2: 357-387.

Dixhoorn, Charlotte van. 2013. The Nature of Money. Dissertation. Master in Science Thesis Sustainable Development, Utrecht University.

Grasselli, Matheus R., and Alexander Lipton. 2019. The Broad Consequences of Narrow Banking“. International Journal of Theoretical and Applied Finance, 22/01 (2019).

Gross, Marco & Siebenbrunner, Christoph. 2019. “Money Creation in Fiat and Digital Currency Systems.” IMF Working Paper WP/19/285.

Hirota, Yasuyuki Miguel. 2016. “Reshuffling The Monetary And Financial System: Lessons from The Social And Solidarity Economy“. 2nd Annual Conference of the Monetary and Economic Research Center, Economic Lessons, Perspectives And Challenges From The Balkans, University of National and World Economy (UNWE), Sofia, Bulgaria, 13-14 October 2016: 31-51.

Holmes, Alan. 1969. “Operational Constraints on the Stabilization of Money Supply Growth“. Controlling Monetary Aggregates, (1969): 65-77.

Huber, Joseph. 2019. “Digital currency. Design principles to support a shift from bankmoney to central bank digital currency“. Real-world economics review (2019): 76.

Huber, Joseph. 2020. “Dominant Money.” Part I. Dominant Money and Tidal Changes in the Money Supply; Part II. The rise of sovereign digital currency (CBDC). Sovereign Money: Website for New Currency Theory and Monetary Reform, Jan 2020. Also available at SSRN 3513411.

Koddenbrock, Kai. 2017. “What Money Does: An Inquiry into the Backbone of Capitalist Political Economy”. MPIfG Discussion Paper, No. 17/9, Max Planck Institute for the Study of Societies, Cologne.

Lainà , Patrizio. 2018. “Full-Reserve Banking – Separating Money Creation from Bank Lending“. Dissertation, Faculty of Social Sciences, University of Helsinki.

Mendizábal, Hugo Rodríguez. “Narrow Banking with Modern Depository Institutions: Is there a Reason to Panic?.” International Journal of Central Banking, 63 (September, 2020).

Phillips, Ronnie J. 1992. “Credit Markets and Narrow Banking“. The Jerome Levy Economics Institute of Bard College, Working Paper No. 77, July 1992.

Musgrave, Ralph S . 2020. “The Crucial Flaw in the Bank System“. Munich Person RePEc Archive.

Musgrave, Ralph S. 2020. “Two Flaws in Fractional Reserve Banking“. Advances in Social Sciences Research Journal, 7/7 (25 July 2020): 26-32.

Ortlieb, Pierre. 2019. “Central Banks and the Folk Tales of Money“. Economic Questions, 3 Feb 2019.

Pera, Jacek. 2019. “Narrow Banking from the Perspective of Risk.” Acta Universitatis Lodziensis. Folia Oeconomica, 4/343: 53-72.

Shy, Oz & Stenbacka, Rune. 2000. A Bundling Argument for Narrow Banking.” SSRN 2803179, 19 June 2000.

Stoop, Marina. 2010. “Credit Creation and its Contribution to Financial Crises“. Unpublished Master Thesis submitted to the Department of Management, Technology and Economics (Mtec), Swiss Federal Institute Of Technology, Zurich.

Wicksell, Knut. 1936 (1898). Interest and Prices. Translated by Richard Kahn. London: Macmillan for the Royal Economic Society.

Yamaguchi, Kaoru. 2017. “A Transition to the Public Money System”. Chapter 17 in: Yamaguchi, Kaoru. 2014-17. “Money and Macroeconomic Dynamics: Accounting System Dynamics Approach. Edition 3.2. Awaji Island, Japan: Japan Future Research Center. 

Yamaguchi, Kaoru. 2017. “Money and Its Creation”. Chapter 5 in: Yamaguchi, Kaoru. 2014-17. “Money and Macroeconomic Dynamics: Accounting System Dynamics Approach. Edition 3.2. Awaji Island, Japan: Japan Future Research Center.

Yang, Xuechun. 2019. “Credit as a Crux in China’s Economic Growth: Credit Expansion and its Influences on China’s Real Economy“. Unpublished Master Thesis for the degree of Master of Science in Management, Technology and Economics (MTEC), Swiss Federal Institute Of Technology, Zurich.


C. Studies Critical of Sovereign Monetary Theory and Reform (including MMT section)

Eder, Jeff. 2020. “The Deficit Myth and Modern Monetary Theory Revised: The Canadian Version“. Review of The Deficit Myth by Stephanie Kelton. Progressive Money Canada, July 2020.

Eder, Jeff. 2021. “Modern Money, Forget Theory: Debunking the MMT S(TAB) Hypothesis”. Progressive Money Canada, 29 April 2021.

Harrison, Edward. 2019. “MMT For Dummies”. Credit Writedowns, Mar 1 2019.

Ruml, Beardsley. 1946. “Taxes for Revenue are Obsolete“. American Affairs, January 1946.

Every, Michael. 2019. “Mmm…MMT“. Utrecht: Rabobank/RaboResearch, 15 April 2019.


D. Non-academic Advocacy Pamphlets, Reports, Briefings and Books

Bikas, Konstantin & Livingstone, Zack. 2020. “Money We Trust: Designing Cash’s Digital Counterpart”. London: Positive Money.

Eder, Jeff. 2019.The Costs of Money Creation and Complexity“. Progressive Money Canada.

Erken, Hugo & Every, Michael & van Harn, Erik-Jan. 2020. “Money printing: First, do no harm“. Utrecht: Rabobank/RaboResearch, 20 July 2020.

Fuller, Edward W. 2019. “100% Banking and Its Advocates: A Brief History“. The Cobden Centre, 30 Oct 2019.

Greco, Thomas H, Jr. 1990. Money and Debt: A Solution to the Global Crisis. Knowledge Systems

Greco, Thomas H, Jr. 2001. Money: Understanding and Creating Alternatives to Legal Tender. White River Junction, VT & London, UK: Chelsea Green.

Greco, Thomas H, Jr. 1994. New Money for Healthy Communities. Greco Publishing.

Greco, Thomas H, Jr. 2009. The End of Money and the Future of Civilization. White River Junction, VT & London, UK: Chelsea Green.

Grewal, Subir. 2020. Struggling Amidst Plenty: A Layperson’s Guide To Our Awful Monetary System, Why it’s the Root Cause of Inequality, Debt, and “Too Big to Fail,” & The Little-Known Way to Fix It. Published by author.

Hixon, William F. 1997. It’s Your Money. Canada: Comer Publications.

Jan, Stefanie von. 2020. “Money Creation in the Fiat System — A Balance Sheet Analysis of Central Banks and Banks“. Stefanie von Jan Web site. 27 April 2020.

Kent, Christopher. 2018. Money – Born of Credit?”. Remarks at the Reserve Bank of Australia‘s Topical Talks Event for Educators, Sydney, 19 Sept 2018

Kortsch, Uli. 2016. Monetary Trust Initiative“. Wiki P2P Foundation, 14 July 2016.

Kortsch, Uli (Ed). 2021. The Next Money Crash—And a Reconstruction Blueprint. Bloomington, IN: iUniverse (order; Amazon)

Kotlikoff, Laurence. 2011. Jimmy Stewart Is Dead: Ending the World’s Ongoing Financial Plague with Limited Purpose Banking. Hoboken, NJ: John Wiley & Sons.

Musgrave, Ralph S. 2014. “The False Logic at the Heart of Fractional Reserve Banking“. Ralphonomics, 25 Mar 2014.

Musgrave, Ralph S. 2018a. “The Basic Flaw in our Bank System is Simple“. Medium, 27 Sept 2018.

Musgrave, Ralph S. 2018. The Solution is Full Reserve / 100% Reserve Banking. 3rd Edition. Istanbul, Turkey: KSP Books.

Musgrave, Ralph S. 2019. “Some of the economists who oppose the right of private banks to create money out of thin air“. Ralphonomics, 23 Oct 2019.

Musgrave, Ralph S. 2020. “The Crucial Flaw in the Bank System“. Medium, 23 April 2020.

Robertson, James. 1998. “Our Money“. New Internationalist, Oct 1998.

Robertson, James. 2008. “The History of Money: From Its Origins to Our Time”. Excerpt translated into English from: Une histoire de l’argent : Des origines à nos jours. 2008. Paris: Editions Autrement. (Amazon)

Turner, Adair. 2012. “Securitisation, Shadow Banking and the Value of Financial Innovation”. Remarks at the School of Advanced International Studies, Washington D.C., April 2012.

Turner, Adair. 2012.Monetary and Financial Stability: Lessons from the Crisis and from some Old Economic Texts”. Remarks at the South Africa Reserve Bank Conference, Pretoria. November 2012.

Turner, Adair. “Credit, money and leverage: What Wicksell, Hayek and Fisher knew and modern macroeconomics forgot.” Stockholm School of Economics Conference “Towards a Sustainable Financial System”, Stockholm. Vol. 12. 12 Sept 2013.

Walker, Karl. 2015. Money in History. Transl. by George Reiff, PhD. Zürich: Conzett Verlag. This translation is dedicated to Stephen Zarlenga and the American Monetary Institute (AMI)

Walsh, Steven. 2015. “Our Civic Education on How Seigniorage Money Can Work for All of Us and Help Sustain Life on Earth“. Course I.

Walsh, Steven. 2015. “Colonial Pennsylvania: How Money Can Work for Everybody“. Course II.

WRR. 2019. “Money Creation”. The Netherlands Scientific Council for Government Policy (WRR)


E. Supporting Studies Addressing Monetary Issues

Andolfatto, David. 2018. “Reconciling Orthodox and Heterodox Views on Money and Banking”. FRB St. Louis Working Paper 2018-27.

Borio, Claudio and Piti Disyatat. 2009. “Unconventional Monetary Policies: An Appraisal”. BIS Working Paper no. 292, November 2009.

Di Muzio, Tim & Robbins, Richard. 2020. Capitalized Money, Austerity and the Math of Capitalism“. Current Sociology, 68/2: 149-168.

Dodd, Nigel. 2012. “Simmel’s Perfect Money: Fiction, Socialism and Utopia in The Philosophy of Money. Theory, Culture & Society, 29/7-8:146-176.

Hansen, Bradley A. 2002. “The Fable of the Allegory: The Wizard of Oz in Economics.” The Journal of Economic Education, 33/3: 254-264.

Huber, Joseph. 2021. The future of money between CBDC and stablecoins: The Diem example. Sovereign Money: Website for Monetary systems Analysis and Reform, March 2021.

Hummel, William. 2006. Money What it is How it works: Second Edition. Bloomington, IN: iUniverse.

Reiff, George. 2016. “Goethe and the Creation of Money: FAUST II. George Reiff on

Schemmann, Michael. 2012. Liquid Money – The Final Thing. Federal Reserve and Central Bank Accounts for Everyone. Durham, NC: IICPA Publications. (Amazon)


F. Journalistic Articles Addressing Monetary Reform

Baker, Scott. 2010. “Stephen Zarlenga’s American Monetary Act: A Review“. HuffPost, 21 Dec 2010.

Baker, Scott. 2015. America Is Not Broke: Four Multi-trillion Paths to a Thriving America. Oakland, CA: Next Revelation Press.

Bongioivanni, Joe. 2016. “The Problem With Money And Banking: Inseparability”., 19 June 2016.

Cochrane, John H. 2013b. “Stopping Bank Crises Before They Start”. Wall Street Journal, June 24.

Cook, Richard C. – Archive on Global Research.

—–, —–. 2007. “An Emergency Program of Monetary Reform for the United States. Global Research, 26 April 2007.

—–, —–. 2007. “Monetary Reform and How a National Monetary System Should Work. Global Research, 11 May 2007.

—–, —–. 2007. “Credit as a Public Utility: The Key to Monetary Reform“. Global Research, 26 May 2007.

—–, —–. 2007. “C.H. Douglas: Pioneer of Monetary Reform.Global Research, 24 Sep 2007.

—–, —–. 2007. “The 2008 Presidential Election: Concepts Progressives Must Know About Monetary Policy and History. Global Research, 14 Dec 2007.

—–, —–. 2009. “It’s Time for a New Monetary System. Global Research, 23 Mar 2009.

—–, —–. 2009. “Democratizing the US Monetary System: Urgency of the American Monetary Act. Global Research, 6 May 2009.

—–, —–. 2009. We Hold These Truths: The Hope of Monetary Reform. Aurora, CO: Tendril Press. Review by Jamie Walton for AMI, 23 Dec 2010.

—–, —–. 2009. “Credit As A Public Utility: The Solution to the Economic Crisis. A video in Six Parts. Global Research, 28 Mar 2009. Part 2; Part 3; Part 4; Part 5; Part 6.

—–, —–. 2013. “The Gaia Plan“. Presentation at the Public Banking 2013: Funding the New Economy Conference, San Rafael, CA, June 2013. Public Banking TV on YouTube. 21 June 2013.

—–, —–. 2017. “The Usury Based System. Towards A Worldwide Financial Disaster? Global Research, 27 April 2017.

—–, —–. 2019. Universal Basic Income and the 2020 Election: Redistribution by Taxing the Rich. Global Research,18 Oct 2019.

—–, —–. 2020. “My Journey“. The Alliance For Just Money. 18 Aug 2020.

Dyson, Ben. 2011. “Money has been Privatised by Stealth”. The Guardian – UK, 15 Nov 2011.

Grim, Ryan. 2013. Priceless: How The Federal Reserve Bought The Economics Profession”. HuffPost, 13 May 2013.

Mellor, Mary. 2019. Our conception of money is based in fairytale – this has led us to austerity“. The Independent – UK, 21 June 2019.

Mitchell, Rodger Malcolm. 2018. “What is the real purpose of money? Gap Psychology and fairness. You may never have thought of it this way”. Monetary Sovereignty Blog, 11 May 2018.

Murphy, Robert P. 2020. “Do the Textbooks Get Money and Banking Backwards?“. Mises Wire, Mises Institute, April 2 2020.

Nielsen, Robert. 2014. “Endogenous Money Or How Loans Create Deposits”. Whistling In The Wind, 7 Feb 2014.

Olson, Thomas L. 2020. “Law on the Edge: The Credit River Case and the Fixations of Jerome Daly 1960-1990“. The Minnesota Legal History Project.

Tuckwell, David. 2017. Steve Keen: Banks Create Money, Fintechs Don’t”. Altfi, 7 June 2017.


G. Educational and Promotional Videos (and other media)

Bezemer, Dirk. 2013. “Debt, a Great Invention”. Debt, episode 1. University of Groningen on YouTube, June 13 2013.

Constancio, Vitor. 2011. “Challenges to monetary policy in 2012.Speech at 26th International Conference on Interest Rates, Frankfurt am Main. Vol. 8. 2011.

Dawnay, Emma & Degiacomi, Maurizio. 2018. “Lessons learnt from the Swiss Referendum on Sovereign Money“. Presentation at The Future of Money – 10 Years after Lehmann and Nakamoto Conference at the Frankfurt School of Finance & Management, 30 Jan 2018.

Eder, Jeff. 2021. “Modern Money, Forget Theory: Debunking the MMT S(TAB) Hypothesis”. Part 1. Video file. Progressive Money Canada, 29 April 2021.

Eder, Jeff. 2021. “Modern Money, Forget Theory: How Government Financing Actually Works (TAB)S”. Part 2. Video file. Progressive Money Canada, 17 May 2021.

Enger, Karly. 2021. “How is Money Created?“. Slideshow. Alliance For Just Money, 28 Jan 2021.

Graham, M Jayson. 2021. “The Economic Narrative”. Conversation with Mr. Mark Young. Podcast. The M Jayson Graham Show, Jan 24 2021.

GREG. 2020. “Is there a Magic Money Tree? A Talk with Radhika Desai, Yasin Kaya and Gary Porter“. Geopolitical Economy Research Group (GREG), University of Manitoba, Canada, 22 Oct 2020. Video file.

Kuypers, Stef. 2018. “Man Made Money“. TEDxTalks on You Tube, 16 Feb 2018.

The Monetary Institute. 2018. Our Money, Our Banks, Our Country – Money Creation in the Modern Economy“. Conference held in Zurich, Switzerland on February 5, 2018. 


H. Other Relevant Background Studies

Baptist, Edward E.. 2010. “Toxic Debt, Liar Loans, and Securitized Human Beings: The Panic of 1837 and the Fate of Slavery“. Common Place, 10/3 (April, 2010).

Bregman, Rutger. 2017. Utopia For Realists: How We Can Build the Ideal World. New York: Little, Brown Company.

Bregman, Rutger. 2020. Humankind: A Hopeful History. New York: Little, Brown Company.

Desai, Radhika. 2015. “Geopolitical Economy: The Discipline of Multipolarity.” Valdai Discussion Club. Valdai Papers, 24, July 2015.

Fennema, M. 1982. International Networks of Banks and Industry. Studies in Industrial Organization, vol 2. The Hague: Martinus Nijhoff.

Nitzan, Jonathan & Bichler, Shimshon. 2009. Capital as Power: A Study of Order and Creorder. Oxon, UK & New York: Routledge.

North, Gary. 2010. “Ellen Brown’s Historical Errors”. Gary North’s Specific Answers.

Pijl, Kees van der. 1983. Imperialism and Class Formation in the North Atlantic Area. PhD. Dissertation, University of Amsterdam, 1983.

Seligmann, Gustav L. 1967. “The Political Career of Senator Bronson M. Cutting“. PhD Dissertation, Department of History, University of Arizona.

Vague, Richard. 2019. A Brief History of Doom: Two Hundred Years of Financial Crises. University of Pennsylvania Press.

Walton, Jamie. 2008. “A Review of The Web of Debt by Ellen Hodgson Brown, J.D.” Valatie, NJ: American Monetary Institute.


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