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Private Money Creation and the Suffolk Banking System Author info | Abstract | Publisher info | Download info | Related research | Statistics Smith, Bruce D
Weber, Warren E
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Many have argued that private provision of close currency substitutes may lead to large scale indeterminacies and excessive economic fluctuations. Others argue that money creation can be "left to the market." Adherents of this viewpoint often point to the Suffolk Banking System as an example of a well-functioning system of private money creation. We provide a framework for analyzing these notions, and for modeling the monetary consequences of the Suffolk System. This system resolves some, but not all indeterminacies. It also can raise steady state welfare, but may substantially enhance volatility. The model's predictions are consistent with historical evidence.
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Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking .
Volume (Year): 31 (1999)
Issue (Month): 3 (August)
Pages: 624-59
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Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:3:p:624-59Contact details of provider: Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Sargent, Thomas J. & Wallace, Meil, 1983.
"A model of commodity money ,"
Journal of Monetary Economics ,
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[Downloadable!] (restricted)
Other versions: Rolnick, Arthur J. & Weber, Warren E., 1988.
"Explaining the demand for free bank notes ,"
Journal of Monetary Economics ,
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Azariadis, Costas & Smith, Bruce, 1998.
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Neil Wallace, 1988.
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Quarterly Review ,
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Charles W. Calomiris & Charles M. Kahn, 1996.
"The Efficiency of Self-Regulated Payments Systems: Learning From the Suffolk System ,"
NBER Working Papers
5442, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Charles W. Calomiris & Charles M. Kahn, 1996.
"The efficiency of self-regulated payments systems: learning from the Suffolk System ,"
Proceedings ,
Board of Governors of the Federal Reserve System (U.S.), pages 766-803.
Calomiris, Charles W & Kahn, Charles M, 1996.
"The Efficiency of Self-Regulated Payments Systems: Learning from the Suffolk System ,"
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[Downloadable!] (restricted) Schreft, Stacey L & Smith, Bruce D, 1998.
"The Effects of Open Market Operations in a Model of Intermediation and Growth ,"
Review of Economic Studies ,
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Other versions: Schreft, Stacey L. & Smith, Bruce D., 1997.
"Money, Banking, and Capital Formation ,"
Journal of Economic Theory ,
Elsevier, vol. 73(1), pages 157-182, March.
[Downloadable!] (restricted)
Other versions: Bruce Champ & Bruce D. Smith & Stephen D. Williamson, 1996.
"Currency Elasticity and Banking Panics: Theory and Evidence ,"
Canadian Journal of Economics ,
Canadian Economics Association, vol. 29(4), pages 828-64, November.
[Downloadable!] (restricted)
Other versions:
Champ, B. & Smith, B.D., 1991.
"Currency Elasticity and Banking Panics: theory and Evidence ,"
University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers
9109, University of Western Ontario, The Centre for the Study of International Economic Relations.
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Diamond, Douglas W & Dybvig, Philip H, 1983.
"Bank Runs, Deposit Insurance, and Liquidity ,"
Journal of Political Economy ,
University of Chicago Press, vol. 91(3), pages 401-19, June.
[Downloadable!] (restricted)
Other versions: Arthur J. Rolnick & Warren E. Weber, 1988.
"Explaining the demand for free bank notes ,"
Quarterly Review ,
Federal Reserve Bank of Minneapolis, issue Spr, pages 21-35.
[Downloadable!]
Rolnick, Arthur J. & Weber, Warren E., 1984.
"The causes of free bank failures : A detailed examination ,"
Journal of Monetary Economics ,
Elsevier, vol. 14(3), pages 267-291, November.
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Rockoff, Hugh, 1974.
"The Free Banking Era: A Reexamination ,"
Journal of Money, Credit and Banking ,
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[Downloadable!] (restricted)
Arthur J. Rolnick & Bruce D. Smith & Warren E. Weber, 1998.
"Lessons from a laissez-faire payments system: the Suffolk Banking System (1825-58) ,"
Quarterly Review ,
Federal Reserve Bank of Minneapolis, issue Sum, pages 11-21.
[Downloadable!]
Other versions: Rolnick, Arthur J & Weber, Warren E, 1983.
"New Evidence on the Free Banking Era ,"
American Economic Review ,
American Economic Association, vol. 73(5), pages 1080-91, December.
[Downloadable!] (restricted)
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
James Bullard & Bruce D. Smith, 2001.
"The value of inside and outside money: expanded version ,"
Working Papers
2001-011, Federal Reserve Bank of St. Louis.
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Christian Hellwig, 2002.
"Money, Intermediaries, and Cash-in-Advance Constraints (February 2003) ,"
UCLA Economics Online Papers
207, UCLA Department of Economics.
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James Bullard & Bruce D. Smith, 2001.
"The value of inside and outside money ,"
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Other versions: Costas Azariadis & James Bullard & Bruce Smith, 2000.
"Private and public circulating liabilities ,"
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Other versions: Arthur J. Rolnick & Bruce D. Smith & Warren E. Weber, 2000.
"The Suffolk Bank and the Panic of 1837 ,"
Quarterly Review ,
Federal Reserve Bank of Minneapolis, issue Spr, pages 3-13.
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Stephen D. Williamson, 2002.
"Private money and counterfeiting ,"
Economic Quarterly ,
Federal Reserve Bank of Richmond, issue Sum, pages 37-57.
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Gaetano Antinolfi & Todd Keister, 2000.
"Liquidity Crises and Discount Window Lending: Theory and Implications for the Dollarization Debate ,"
Working Papers
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Bossone, Biagio, 2000.
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2408, The World Bank.
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Gaetano Antinolfi & Elisabeth Huybens & Todd Keister, 2000.
"Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort ,"
Working Papers
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Gaetano Antinolfi & Elisabeth Huybens, 2000.
"Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort ,"
Econometric Society World Congress 2000 Contributed Papers
1156, Econometric Society.
[Downloadable!] Antinolfi, Gaetano & Huybens, Elisabeth & Keister, Todd, 2001.
"Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort ,"
Journal of Economic Theory ,
Elsevier, vol. 99(1-2), pages 187-219, July.
[Downloadable!] (restricted) Stephen Williamson, 2000.
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EconomicDynamics Newsletter ,
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