2: The Natural Hierarchy of Money

Lecture PDF

Lec 2-1: FT: The Eurocrisis,  Liquidity vs. Solvency

FT article link

Lec 2-2: Hierarchy of Financial Instruments

Lec 2-3: Hierarchy of Financial Institutions

Lec 2-4: Dynamics of the Hierarchy

Lec 2-5: Discipline and Elasticity, Currency Principle and Banking Principle

Lec 2-6: Hierarchy of Market Makers

Lec 2-7: Managing the Hierarchy