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  1. On the Necessary and Sufficient Conditions for Legitimate Banking Contracts.Philipp Bagus, Amadeus Gabriel & David Howden - 2018 - Journal of Business Ethics 147 (3):669-678.
    What role do demand deposits serve in the financial system? The answer to this simple question has great implications in keeping the legal terms of the contract consistent with the demands of the financial system. Demand deposits are a perfect monetary substitute. Since money is only held to hedge against perceived uncertainty in both the timing and magnitude of future expenditures, demand deposits are demanded for the same reason. From this we derive three main conclusions. First, a financial contract similar (...)
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