The Evolution of a Free Banking System
Abstract
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.(This abstract was borrowed from another version of this item.)
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Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number 85-38.Length: 33 pages
Date of creation: 1985
Date of revision:
Handle: RePEc:cvs:starer:85-38
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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
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Web page: http://econ.as.nyu.edu/object/econ.cvstarr.html
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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
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Related research
Keywords:Other versions of this item:
- Selgin, George A & White, Lawrence H, 1987. "The Evaluation of a Free Banking System," Economic Inquiry, Western Economic Association International, vol. 25(3), pages 439-57, July.
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As found by EconAcademics.org, the blog aggregator for Economics research:- La Regla de Hayek y la Norma de Productividad
by Nicolas Cachanosky in Punto de Vista Economico on 2012-05-02 03:10:26 - Es Posible el Dinero Privado?
by Nicolas Cachanosky in Punto de Vista Economico on 2012-06-11 03:10:27
Cited by:
- Gentil Corazza, 2001. "Os Bancos Centrais e sua Ambivalência Público-Privada," Anais do XXIX Encontro Nacional de Economia [Proceedings of the 29th Brazilian Economics Meeting] 011, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
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