Massimo Costa holds a Ph.D. in Business Economics and is Full Professor of Accounting at the University of Palermo. His research focuses on the history of accounting thought and accounting regulation. He advocates a normative approach to accounting and accounting research, with particular attention to the economic and social foundations of regulation and to non-mainstream and classical accounting traditions. In the field of accounting regulation, he has recently aligned with the institutional perspective, as opposed to dominant market- and entrepreneur-oriented approaches, and has co-developed, with Biagio Bossone, the “Accounting View of Money.” His contributions to accounting thought include the monograph Le Concezioni della Ragioneria nella dottrina italiana (2001) and, with Alan Sangster, the critical English translation of the first treatise on accrual accounting (1636), forthcoming in 2026.
Massimo Costa
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Sovereign Money is not Debt: Why Central bank Accounting Must Change
Central bank money is still accounted for as debt, a legacy of an earlier monetary order. Treating sovereign money as equity would clarify central bank balance sheets, strengthen institutional transparency, and better prepare monetary systems for future digital-era design choices.