IDEAS home Printed from https://ideas.repec.org/a/bla/ecaffa/v29y2009i3p6-8.html
   My bibliography  Save this article

Do We Really Need Central Banks?

Author

Listed:
  • Roland Vaubel

Abstract

An analysis of economic theory and economic history suggests that central banks, with a monopoly of money‐issuing services, are not necessary. The often‐levelled arguments against private banks issuing money in competition with each other and with central banks do not stand up to close scrutiny.

Suggested Citation

  • Roland Vaubel, 2009. "Do We Really Need Central Banks?," Economic Affairs, Wiley Blackwell, vol. 29(3), pages 6-8, September.
  • Handle: RePEc:bla:ecaffa:v:29:y:2009:i:3:p:6-8
    DOI: 10.1111/j.1468-0270.2009.01911.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1468-0270.2009.01911.x
    Download Restriction: no

    File URL: https://libkey.io/10.1111/j.1468-0270.2009.01911.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Vaubel, Roland, 1990. "Currency Competition and European Monetary Integration," Economic Journal, Royal Economic Society, vol. 100(402), pages 936-946, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Henryk Bak & Sebastian Maciejewski, 2015. "Asymmetric shocks and international risk sharing in the European Monetary Union and the European Union," Bank i Kredyt, Narodowy Bank Polski, vol. 46(6), pages 523-564.
    2. Bąk Henryk & Maciejewski Sebastian, 2015. "Endogeneity and Specialization in the European Monetary Union," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 46(1), pages 7-40, June.
    3. Meyer Dirk, 2017. "Gemeinschaftswährung mit Kaufkraftgarantie auf Kapitalbasis – Das Konzept eines kapitalfundierten Hart-Euro," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 66(2), pages 179-207, August.
    4. Schnabl Gunther & Müller Sebastian, 2019. "The Brexit as a Forerunner: Monetary Policy, Economic Order and Divergence Forces in the European Union," The Economists' Voice, De Gruyter, vol. 16(1), pages 1-18, December.
    5. Vaubel, Roland, 1997. "The bureaucratic and partisan behavior of independent central banks: German and international evidence," European Journal of Political Economy, Elsevier, vol. 13(2), pages 201-224, May.
    6. H.P. Grãœner & C. Hefeker, 1995. "Domestic pressures and the exchange rate regime: why economically bad decisions are politically popular?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 48(194), pages 331-350.
    7. Von dem Berge, Lukas, 2014. "Parallel currencies in historical perspective," CAWM Discussion Papers 75, University of Münster, Münster Center for Economic Policy (MEP).
    8. Hefeker, Carsten, 1995. "The political choice and collapse of fixed exchange rates," Discussion Papers, Series II 277, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    9. John Phelan, 2015. "The Road Not Taken: A Comparison Between the Hard ECU and the Euro," Economic Affairs, Wiley Blackwell, vol. 35(3), pages 397-415, October.
    10. Hans Grüner & Carsten Hefeker, 1996. "Bank cooperation and banking policy in a monetary union: A political-economy perspective on EMU," Open Economies Review, Springer, vol. 7(3), pages 183-198, July.
    11. van Suntum, Ulrich, 2013. "A parallel currency proposal for the stronger Euro-states," CAWM Discussion Papers 64, University of Münster, Münster Center for Economic Policy (MEP).
    12. Hefeker, Carsten, 2023. "Policy competition, imitation and coordination under uncertainty," Economic Systems, Elsevier, vol. 47(1).
    13. Dirk Meyer, 2012. "The Concept of National Parallel Currencies for the Eurozone," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 65(16), pages 19-28, August.
    14. Heimonen, Kari, 2001. "Substituting a substitute currency: The case of Estonia," BOFIT Discussion Papers 11/2001, Bank of Finland Institute for Emerging Economies (BOFIT).
    15. Heimonen, Kari, 2008. "Substituting a substitute currency," International Review of Economics & Finance, Elsevier, vol. 17(1), pages 66-84.
    16. Dirk Meyer & Michael Vogelsang & Anton Beer & André ten Dam, 2011. "Euro crisis: Is a temporary introduction of a parallel currency a solution for the troubled states?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 64(23), pages 12-25, December.
    17. Ulrich van Suntum, "undated". "A Parallel Currency Proposal for the Stronger Euro-States," Working Papers 201288, Institute of Spatial and Housing Economics, Munster Universitary.
    18. repec:zbw:bofitp:2001_011 is not listed on IDEAS
    19. Heimonen, Kari, 2001. "Substituting a substitute currency : The case of Estonia," BOFIT Discussion Papers 11/2001, Bank of Finland, Institute for Economies in Transition.
    20. Thomas Mayer & Julian Grigo & Patrick Hansen & Lars Hornuf & Burkhard Balz & Jan Paulick & Markus Demary & Vera Demary & Stefan Eichler & Marcel Thum & Gilbert Fridgen & Benedict Drasch, 2019. "Parallelwährungen jenseits der Finanzaufsicht: Haben Bitcoin und Libra eine Zukunft?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(17), pages 03-28, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ecaffa:v:29:y:2009:i:3:p:6-8. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0265-0665 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.