The institutional features of models of unregulated monetary systems have often been arbitrarily and implausibly assumed. This pap er instead provides realistic grounding for important features by con structing a logical evolutionary account of free banking. Sophisticat ed and orderly arrangements are shown to emerge from competition and the pursuit of less costly methods of payment. The emergence of stand ardized commodity money is followed by the development, in turn, of b asic money-transfer banking, easily transferable bank liabilities, an d clearinghouses. The features of an evolved free banking system diff er from those assumed in recent models of competitive payments system s. Copyright 1987 by Oxford University Press.
Download Info
To our knowledge, this item is not available for
download. To find whether it is available, there are three
options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page
whether it is in fact available.
3. Perform a search for a similarly titled item that would be
available.
Publisher Info
Article provided by Oxford University Press in its journal Economic Inquiry.
Contact details of provider: Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK Fax: 01865 267 985 Email: Web page: http://ei.oupjournals.org/
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.)
Visser, H., 1989.
"The monetary order,"
Serie Research Memoranda
0003, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
[Downloadable!]