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George Selgin: Interest burden on reserves tied to what U.S. Treasury owes

George Selgin: Interest burden on reserves tied to what U.S. Treasury owes
Interest burden linked to Treasury debt owed

George Selgin argued that while he does not favor an abundance of bank reserves, the main impact is a shift between reserves and Treasury securities that banks could otherwise hold, both bearing a comparable interest burden.

Selgin added that this burden ultimately depends on what the U.S. Treasury owes, regardless of whether banks hold its IOUs or those of the Federal Reserve.

Selgin previously addressed how the Federal Reserve began paying interest on reserves ahead of schedule in 2008, cautioning about the policy’s implications for the U.S. financial system through Fed IOR payments. He has also examined proposals that combine a fixed monetary base regime, such as Bitcoin, with free banking, an idea that has drawn interest from industry figures including Hal Finney, as detailed in Bitcoin and free banking discussions. Both topics inform Selgin’s broader commentary on monetary policy design and reserve management.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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