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The Evolution of a Free Banking System

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  • Selgin, George A.
  • White, Lawrence H.

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.

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Bibliographic Info

Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number 85-38.

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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
Phone: (212) 998-8936
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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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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. La Regla de Hayek y la Norma de Productividad
    by Nicolas Cachanosky in Punto de Vista Economico on 2012-05-02 03:10:26
  2. Es Posible el Dinero Privado?
    by Nicolas Cachanosky in Punto de Vista Economico on 2012-06-11 03:10:27
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Cited by:
  1. Alexander Fink, 2014. "Free banking as an evolving system: The case of Switzerland reconsidered," The Review of Austrian Economics, Springer, vol. 27(1), pages 57-69, March.
  2. Ramon Marimon & Juan Pablo Nicolini & Pedro Teles, 2011. "Money is an experience good: competition and trust in the private provision of money," Working Papers w201118, Banco de Portugal, Economics and Research Department.
  3. Bryan Fitz-Gibbon & Marianne Gizycki, 2001. "A History of Last-resort Lending and Other Support for Troubled Financial Institutions in Australia," RBA Research Discussion Papers rdp2001-07, Reserve Bank of Australia.
  4. Lawrence H. White, 1989. "What Kinds of Monetary Institutions Would a Free Market Deliver?," Cato Journal, Cato Journal, Cato Institute, vol. 9(2), pages 367-403, Fall.
  5. Tyler Cowen & Randall Kroszner, 1990. "Mutual Fund Banking: A Market Approach," Cato Journal, Cato Journal, Cato Institute, vol. 10(1), pages 223-237, Spring/Su.
  6. Norman, Ben & Shaw, Rachel & Speight, George, 2011. "The history of interbank settlement arrangements: exploring central banks’ role in the payment system," Bank of England working papers 412, Bank of England.
  7. 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].
  8. Kevin Dowd, 1988. "Automatic Stabilizing Mechanisms under Free Banking," Cato Journal, Cato Journal, Cato Institute, vol. 7(3), pages 643-659, Winter.
  9. James A. Dorn, 2010. "Editor's Note," Cato Journal, Cato Journal, Cato Institute, vol. 30(3), Fall.
  10. Sylvie Diatkine, 1994. "A propos de la position de Ricardo concernant la liberté d'émission de la monnaie," Cahiers d'Économie Politique, Programme National Persée, vol. 23(1), pages 79-99.

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