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Monopoly centrálních bank a emise peněz
[Central Bank Monopolies and Money Issuance]


  • Zbyněk Revenda


The article deals with the role of the central banks in advanced market economies and the theoretical possibility of abolishing these institutions. Central banks have monopolies in some areas, especially regarding monetary policy. In many countries, central banks also have monopolies in other areas, for example in the payment and clearing transactions for banks and the state. In the context of the financial crises, there have been calls for the abolition of central banks and the restoration of money fully-backed by gold and issued by different subjects. The main reasoning behind these requests is connected with the accusation that central banks have been the basic culprits in the current crisis, because of their monopoly of the issuing money. This argument fails to recognize that central banks do not have a monopoly in issuing money as the dominant share of the money creation is attached with the process of multiplication of demand deposits by commercial banks. Restoration of the money backed by gold is furthermore completely unrealistic. The article discusses the shortage of gold stock as one of many reasons why gold is not suitable for monetary purposes.

Suggested Citation

  • Zbyněk Revenda, 2009. "Monopoly centrálních bank a emise peněz
    [Central Bank Monopolies and Money Issuance]
    ," Politická ekonomie, University of Economics, Prague, vol. 2009(5), pages 579-600.
  • Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:5:id:699:p:579-600

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    References listed on IDEAS

    1. Ricardo de O. Cavalcanti & Neil Wallace, 1999. "Inside and outside money as alternative media of exchange," Proceedings, Federal Reserve Bank of Cleveland, pages 443-468.
    2. Edward J. Green, 2003. "Economic perspective on the political history of the Second Bank of the United States," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 59-67.
    3. Stephen G. Cecchetti & Stefan Krause, 2002. "Central bank structure, policy efficiency, and macroeconomic performance: exploring empirical relationships," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 47-60.
    4. Frederick H. Schultz, 2005. "The changing role of the Federal Reserve," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 343-348.
    5. Robert D. Laurent, 1994. "Is there a role for gold in monetary policy?," Economic Perspectives, Federal Reserve Bank of Chicago, issue Mar, pages 2-14.
    6. Anna J. Schwartz, 2005. "Aftermath of the monetarist clash with the federal reserve before and during the Volcker era," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 349-352.
    7. William T. Gavin, 2009. "More money: understanding recent changes in the monetary base," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 49-60.
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    More about this item


    monetary policy; central bank; monopoly; banking regulation and supervision; gold; multiplication; money issuance;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G2 - Financial Economics - - Financial Institutions and Services


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