Editing Monetary base (section)

== Accounting ==
Following [[International Financial Reporting Standards|IFRS]] standards, base money is registered as a liability of the central banks' balance sheet,<ref>{{Cite journal|last1=Archer|first1=David|last2=Moser-Boehm|first2=Paul|date=2013-04-29|title=Central bank finances|url=https://www.bis.org/publ/bppdf/bispap71.htm|language=en}}</ref> implying base money is by nature a debt from the central bank. However, given the special nature of central bank money – which cannot be redeemed in anything other than base money – numerous scholars such as [[Michael Kumhof]] have argued it should rather be recorded as a form of equity.<ref>{{Cite journal|last1=Kumhof|first1=Michael|last2=Allen|first2=Jason G.|last3=Bateman|first3=Will|last4=Lastra|first4=Rosa M.|last5=Gleeson|first5=Simon|last6=Omarova|first6=Saule T.|date=2020-11-14|title=Central Bank Money: Liability, Asset, or Equity of the Nation?|url=https://papers.ssrn.com/abstract=3730608|language=en|location=Rochester, NY|ssrn=3730608 }}</ref>