kaal:claim:3782205-031

Banking performs the necessary function of absorbing the risk of less secure but more efficient small transactions, which are then bundled before a more expensive but secure transaction is made with the central bank.

Banking: provides a necessary service to absorb the risk of less secure but more effi- cient small transactions. These are then bundled before a more expensive but secure transaction happens with the central bank.

Craig Calcaterra, Wulf A. Kaal, Eight Institutions for the Evolution of Decentralization (2021), Chapter 9. Eight institutions, p. 4
https://ssrn.com/abstract=3782205 · source PDF

Craig Calcaterra, Wulf A. Kaal, Eight Institutions for the Evolution of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782205

mechanismsupport: assertedsystemic-riskrisk-and-incentives

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