Author: Larry J. Sechrest
Publisher: Ludwig von Mises Institute
ISBN: 1610164873
Category : Free banking
Languages : en
Pages : 234

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Book Description

Author: Larry J. Sechrest
Publisher: Praeger
ISBN: 0899308155
Category : Business & Economics
Languages : en
Pages : 0

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Book Description
Free banking is a term that refers to the total deregulation of the banking industry. It signifies an absence of such constraints as reserve requirements, capital requirements, government deposit insurance, and limitations on branching. Above all, it means that private banks would be allowed to issue their own currency. This book takes a fresh approach to that controversial topic. Sechrest proposes that free banking constitutes the final vindication of Say's Law, that the optimal monetary goal, monetary equilibrium, can only be achieved under free banking, that the monetarist and Austrian business cycle theories are complementary, and that the most likely form of free banking will be that in which banks issue specie-convertible notes and hold fractional reserves. After defining free banking the author explains why he adopts the well known White-Selgin model. He then discusses the key characteristics of laissez-faire banks, which form the basis for a formal model, complete with graphs, which may be used in the classroom. The unique relationship between the market for money and the market for time that exists under free banking suggests that business cycles will be minimized under such a regime. That relationship also leads to the insight that the Austrian and monetarist cycle theories are really two sides of the same coin. New evidence is presented that leads the author to the conclusion that both Lawrence White's portrayal of Scottish free banking and the traditional image of American free banking are exaggerated. Three different basic models of free banking are then reviewed in detail and critiqued. Finally, the author suggests both some possible topics for future research and that free banking is desirable socially and politically as well as economically.

Author: Kevin Dowd
Publisher: Routledge
ISBN: 1134775644
Category : Business & Economics
Languages : en
Pages : 384

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Book Description
The idea of free (or laissez-faire) banking has enjoyed a remarkable renaissance in recent years. It is a novel idea that challenges much of what many banking scholars still take for granted - that banking is inherently unstable, that the banking system needs a lender of last resort or deposit insurance to defend it in a crisis, and that the Government has to protect the value of the currency. Against this free banking sets an argument which is in essence very simple: if markets are generally better at allocating resources than governments, then what is different about money and the industry that provides it and why? "Laissez-Faire Banking" is divided into three inter-related sections, dealing with the theory of free banking, historical experiences of it and present-day monetary and banking reforms based on free banking principles.

Author: George A. Selgin
Publisher: Rowman & Littlefield Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 240

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Book Description
To find more information about Rowman and Littlefield titles, please visit www.rowmanlittlefield.com.

Author: Lawrence H. White
Publisher: NYU Press
ISBN: 0814792472
Category : Business & Economics
Languages : en
Pages : 272

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Book Description
"Lawrence H. White deals with a major issue of the 1990s—reprivatization of money. He makes a cogent argument and presents evidence that private, competing currencies would provide more monetary stability than do central banks. Surprisingly enough, modern private money may emerge first in Eastern Europe, where the gap between the economy's need and the government's money is greates." —Richard Rahn, Vice President and Chief Economists, U.S. Chamber of Commerce. "Boldly, White makes a persuasive case for free banking....In time, we may well look back and regard Competition and Currency as crucial in the development of the economy and economic thought of the future." — The New York City Tribune "White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. Avery worthwhile collection of essays for all students of monetary theory." —Philip Cagan, Columbia University "White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. A very worthwhile collection of essays for all students of monetary theory." —Phillip Cagan, Columbia University "Newcomers to the literature...would be recommended to start with White's volume, where each paper is self-contained in its handling of particular aspects of free banking...Highly recommended as clear, well-argued expositions of the case for free banking, challenging assumptions common to much of monetary economics. It is particularly apposite that these assumptions be questioned at a time when institutional reform is so much on the agenda." —Sheila C. Dow, The Economic Journal

Author: Vera Constance Smith
Publisher: Liberty Fund
ISBN: 9780865970878
Category : Business & Economics
Languages : en
Pages : 0

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Book Description
The Rationale of Central Banking was first published in England in 1936. Vera Smith spent her professional career in a variety of research positions. She wrote articles and books on money, banking, economic development, and the labor market and translated into English books by Wilhelm Röpke, Oskar Morgenstern, and Fritz Machlup. This book provides a scholarly review and judicious assessments of the experience and theory that bear on the issues of free banking and central banking. Its wide-ranging discussion identifies both the fallacies in the arguments for central banks and the influential fallacies in the arguments against free banking. Vera Smith's work should play a prominent role in any reappraisal of our monetary institutions.

Author: Adam Smith
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 522

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Author: Lawrence H. White
Publisher: Cambridge University Press
ISBN: 1107012422
Category : Business & Economics
Languages : en
Pages : 439

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Book Description
This book places economic debates in their historical context and outlines how economic ideas have influenced swings in policy.

Author: Kevin Dowd
Publisher: Routledge
ISBN: 1134945604
Category : Business & Economics
Languages : en
Pages : 288

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Book Description
First Published in 1992. Routledge is an imprint of Taylor & Francis, an informa company.

Author: Hugh Rockoff
Publisher:
ISBN:
Category : Banking law
Languages : en
Pages : 176

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Book Description
The author argues that free-banking laws enacted before the Civil War generated substantial benefits in the form of a more efficient allocation of capital.