Free Banking
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Recent papers in Free Banking
Durante el siglo XIX funcionó en Chile un sistema de "banca libre", que permitía que fueran las propios bancos los responsables de emitir los billetes que necesitaba la pequeña economía local, en su etapa de modernización capitalista .... more
A central pillar of contemporary conspiracy theories is the notion that all modern wars were secretely plotted and instigated by the Federal Reserve Bank. In these circles, the founding of the so called "Creature from Jekyll Island" in... more
One implication of the concept of monetary equilibrium is that the money supply should vary with money demand. In a recent paper, Bagus and Howden (Rev Austrian Econ 24:383–402, 2011) argue that this conclusion is predicated on the... more
In today’s world the possibility of competition in the money market is unthinkable, the central bank regime is thought as if it were the only viable. Historically this has not been the case: Most monetary economists of the past have... more
Abstract: Since a few decades several sub-disciplines within economics have witnessed a reorientation towards institutional analysis. This development has in particular also affected the fields of macroeconomics and monetary theory where... more
"THE DISCUSSION OF WHAT IS and what is not inflation has become important among the Austrian economists in their debate regarding free banking with fractional reserves versus banking with 100-percent reserve. That such an old and... more
This paper proposes a methodology to calculate the systemic risk in historical research, understanding that the characteristics of non modern financial systems and the availability of information do not enable the use of recent techniques... more
The hypothesis of a free circulation of money and of bank accountancy would make them as more reliable and government-centric currencies raised by the Austrian economist Friedrich August von Hayek about the privatization of money in the... more
Para, tarihi süreç içerisinde mal para sisteminden itibari para sistemine dönüşmüş ve günümüzde dijital paralar hayatımıza girmiştir. Dijital paralar, paranın evriminde en son aşamadır ve bu teknoloji ile mümkün olmuştur. Dijital paralar,... more
Some have argued that nominal income targeting is desirable because it would replicate characteristics of a free banking regime. However, the degree to which this is true and desirable depends on the properties of commodity-based monetary... more
This article studies the main aspects of free banking to put forward the argument that such a system is endogenously stable and that financial crisis is an exogenous phenomenon. In support of this conclusion, it analyzes the cases of bank... more
Macroeconomics is grounded in microeconomics and uses mathematical models to simplify and illustrate complex processes, learning it can be difficult. And because of this, macroeconomic-principles textbooks fail to connect topics and... more
Abstract In this paper, we use a dual currency Lagos-Wright model to explore the nature of optimal monetary policy under currency competition using different timing protocols. The central banks are utility maximizing players. To... more
Currently, the theoretical literature on unregulated banking (free banking) is extensive. However, the empirical evidence of unregulated banking is thin, relative to the empirical evidence underlying regulated banking. The purpose of this... more
A model of free banking money. Inflationary or not?
In this paper, we use a dual currency Lagos-Wright model to explore the nature of optimal monetary policy under currency competition using different timing protocols. The central banks are utility maximizing players. To characterize... more
Macroeconomics is grounded in microeconomics and uses mathematical models to simplify and illustrate complex processes, learning it can be difficult. And because of this, macroeconomic principles textbooks fail to connect topics and... more