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Per una riconsiderazione della teoria monetaria di Smith - A Reconsideration of Smith's Monetary Theory

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The main purpose of this paper is to show that Smith’s monetary theory is still topical. In contrast with Hume, Smith denied that hanks, issuing money, could devalue the currency. Within a framework of competitive money production, the banking system supplies whatever quantity of money the public demands. In this context the principle of « convertibility » represents a form of control on the solvency of hanks and hence on the quantity of money. The acceptance of this principle in the « Wealth of Nations » leads us to think that Smith was aware of the existence of private information in the credit market.

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  • Pittaluga, Giovanni Battista, 1991. "Per una riconsiderazione della teoria monetaria di Smith - A Reconsideration of Smith's Monetary Theory," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 44(4), pages 343-358.
    • Handle: RePEc:ris:ecoint:0469
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