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Accounting for Non-interest-Bearing Currency: A Critique of the Legal Restrictions Theory of Money

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Author Info
White, Lawrence H

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Abstract

The legal restrictions theory of money, developed by Neil Wallace and others, implies that all noncommodity currency would be interest bear ing under laissez faire (if the interest rate on bonds is positive). This note cites historical evidence to the contrary. It then analyzes the source of the legal restrictions theory's inapplicability, and o ffers an alternative computation-cost-based explanation for nonintere st-bearing currency. Copyright 1987 by Ohio State University Press.

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 19 (1987)
Issue (Month): 4 (November)
Pages: 448-56
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Handle: RePEc:mcb:jmoncb:v:19:y:1987:i:4:p:448-56

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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  1. David Vanhoose, 1997. "Macroeconomic stability in a free banking system," Atlantic Economic Journal, International Atlantic Economic Society, vol. 25(4), pages 331-343, December. [Downloadable!] (restricted)
  2. Juan Carlos Pérez-Velasco, 2002. "Influencia de la Tarjetas de Débito sobre la Demanda de Efectivo," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 39(116), pages 51-93. [Downloadable!]
  3. David Andolfatto, 2005. "On the Coexistence of Money and Bonds," Macroeconomics 0502020, EconWPA. [Downloadable!]
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  4. Richard C.K. Burdekin & Marc D. Weidenmier, . "Interest-Bearing Currency and Legal Restrictions Theory: Lessons from the Southern Confederacy," Claremont Colleges Working Papers 1999-14, Claremont Colleges. [Downloadable!]
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