IDEAS home Printed from https://ideas.repec.org/a/mcb/jmoncb/v21y1989i2p221-31.html
   My bibliography  Save this article

Scottish Banking before 1845: A Model for Laissez-Faire?

Author

Listed:
  • Cowen, Tyler
  • Kroszner, Randall

Abstract

During the "free banking" era in eighteenth- and early nineteenth-century Scotland, there were a number of legal restrictions affecting the evolution of the system. Scottish banking was characterized by restrictions on small-denomination and interest-bearing notes. There were also restrictions inhibiting the development of capital markets and entry into banking. Furthermore, the Bank of England operated as a "shadow" central bank for the Scottish system. These considerations call into question the use of the Scottish banking experience as the appropriate model for laissez-faire and as evidence against the "legal restrictions theory of money" and the "new monetary economics." Copyright 1989 by Ohio State University Press.

Suggested Citation

  • Cowen, Tyler & Kroszner, Randall, 1989. "Scottish Banking before 1845: A Model for Laissez-Faire?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(2), pages 221-231, May.
  • Handle: RePEc:mcb:jmoncb:v:21:y:1989:i:2:p:221-31
    as

    Download full text from publisher

    File URL: http://links.jstor.org/sici?sici=0022-2879%28198905%2921%3A2%3C221%3ASBB1AM%3E2.0.CO%3B2-Q&origin=bc
    File Function: full text
    Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mcb:jmoncb:v:21:y:1989:i:2:p:221-31. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley-Blackwell Digital Licensing or Christopher F. Baum (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.