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What's the use of banks, especially after the crisis?

Virginie Monvoisin

Keywords: banker; money; financing; risks; support of production; endogeneity

Since the outbreak of the crisis, banks appear at best useless and at worst harmful. The recent standard theory indeed constructed an analysis showing that banks had nothing specific to offer. However, the theory of endogenous money provides a consistent monetary theory and gives to the bank a particular place, eventually central. This analysis thus makes it possible not only to define the role and functions of banks but also to capture the recent developments in the banking system and the malfunctions they generate.

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