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Lessons from the money mania for money creation

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  • Guo, Yanling

Abstract

The first attempt in the human history to consciously create money ended in a collapse in 1720, well-known as the money mania. This unfortunate start raises doubt on money creation as a whole such that today there are still voices questioning created money even though it is now indispensible for the world economy. But this misfortune also has the bright side in that it delivers an extensive example of risks which created money has to consider. In this paper, I review the central facts from the money mania and highlight lessons we can still learn from it.

Suggested Citation

  • Guo, Yanling, 2018. "Lessons from the money mania for money creation," Working Papers in Economics 2018,3, Bundeswehr University Munich, Economic Research Group.
    • Handle: RePEc:zbw:ubwwpe:20183
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    More about this item

    Keywords

    money mania; money creation; convertible money; non-convertible money; John Law; risk;
    All these keywords.

    JEL classification:

    • B17 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - International Trade and Finance
    • B19 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Other
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

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