A methodology to represent historically specific monetary and financial systems as a web of balance sheets that comprises different monetary and fiscal institutions and interlocks via different credit instruments.
Public-private entities whose activities combine traces of monetary and fiscal policy, and can play a critical role to steer monetary architectures in a large-scale transformation.
The systemic financing of a large-scale transformation requires an initial balance sheet expansion long-term funding, and eventually a final contraction of the balance sheets in a monetary architecture.
The ‘triad’ of taxation, government borrowing, and central bank money creation are conventionally seen as the avalaible policy options for a state to finance large-scale transformations.
