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A response to critiques of ‘full reserve banking’

Author

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  • Ben Dyson
  • Graham Hodgson
  • Frank van Lerven

Abstract

In this response to critiques of ‘full reserve banking’ or ‘sovereign money’ proposals, we challenge four of the main criticisms made by Fontana and Sawyer (this issue): (i) the impact of the proposal on government finances and fiscal policy; (ii) the impact of the proposal on the supply of credit to the real economy; (iii) the danger of private money creation re-emerging in the shadow banking sector; and (iv) the argument that shadow banking, not commercial banking, is the real source of financial instability.

Suggested Citation

  • Ben Dyson & Graham Hodgson & Frank van Lerven, 2016. "A response to critiques of ‘full reserve banking’," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(5), pages 1351-1361.
  • Handle: RePEc:oup:cambje:v:40:y:2016:i:5:p:1351-1361.
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    File URL: http://hdl.handle.net/10.1093/cje/bew036
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    Cited by:

    1. Sheila Dow, 2019. "Monetary Reform, Central Banks, and Digital Currencies," International Journal of Political Economy, Taylor & Francis Journals, vol. 48(2), pages 153-173, April.
    2. Musgrave, Ralph S., 2018. "A new justification for full reserve banking?," MPRA Paper 90041, University Library of Munich, Germany.

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