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Free Banking and Monetary Reform

Author

Listed:
  • Glasner,David

Abstract

The power of the state to issue currency and control the monetary system is so entrenched, and the presumption among economists that money must be supplied monopolistically by a central authority is so widespread, that the notion that money could be supplied competitively has rarely been taken seriously. This book boldly challenges the conventional view that the state must play a dominant role in the monetary system. Part I explores the historical evidence and examines how a well-developed monetary system might have developed without any special role for the state. Part II offers a theory for a competitive supply of money and uses it to shed light on the development of monetary theory and the course of monetary history over the past two centuries. In Part III the author outlines new proposals for monetary reform that will protect the financial system against instability and will ensure macroeconomic stability.

Suggested Citation

  • Glasner,David, 1989. "Free Banking and Monetary Reform," Cambridge Books, Cambridge University Press, number 9780521361750, October.
  • Handle: RePEc:cup:cbooks:9780521361750
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    Citations

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    Cited by:

    1. Thomas M. Humphrey, 1991. "Nonneutrality of money in classical monetary thought," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 3-15.
    2. van den Hauwe, Ludwig, 2008. "Free Banking, the Real-Balance Effect, and Walras´ Law," MPRA Paper 8765, University Library of Munich, Germany.
    3. Guillaume Cheikbossian, 2001. "When a Monetary Union Fails: A Parable," Open Economies Review, Springer, vol. 12(2), pages 181-195, April.
    4. Ignacio Briones & Hugh Rockoff, 2005. "Do Economists Reach a Conclusion on Free-Banking Episodes?," Econ Journal Watch, Econ Journal Watch, vol. 2(2), pages 279-324, August.
    5. repec:eee:jmacro:v:54:y:2017:i:pa:p:90-99 is not listed on IDEAS
    6. Philipp Bagus & David Howden & Amadeus Gabriel, 2015. "Oil and Water Do Not Mix, or: Aliud Est Credere, Aliud Deponere," Journal of Business Ethics, Springer, vol. 128(1), pages 197-206, April.
    7. José Viñals & Charles Goodhart, 1994. "Strategy and Tactics of Monetary Policy: Examples from Europe and the Antipodes," FMG Special Papers sp61, Financial Markets Group.
    8. Young, Andrew T. & Dove, John A., 2013. "Policing the chain gang: Panel cointegration analysis of the stability of the Suffolk System, 1825–1858," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 182-196.
    9. Philipp Bagus & David Howden, 2016. "The economic and legal significance of “full” deposit availability," European Journal of Law and Economics, Springer, vol. 41(1), pages 243-254, February.
    10. W. William Woolsey, 1994. "Stabilizing The Expected Price Level In A Bfh Payments System," Contemporary Economic Policy, Western Economic Association International, vol. 12(2), pages 46-54, April.
    11. Sumner Scott, 2006. "Let a Thousand Models Bloom: The Advantages of Making the FOMC a Truly 'Open Market'," The B.E. Journal of Macroeconomics, De Gruyter, vol. 6(1), pages 1-27, October.
    12. repec:pai:apunup:es-31-02 is not listed on IDEAS
    13. repec:kap:copoec:v:28:y:2017:i:3:d:10.1007_s10602-016-9223-9 is not listed on IDEAS
    14. Scott Sumner, 2015. "What Would Milton Friedman Have Thought of the Great Recession?," American Journal of Economics and Sociology, Wiley Blackwell, vol. 74(2), pages 209-235, March.
    15. Giannini, Curzio, 1995. "Money, trust, and central banking," Journal of Economics and Business, Elsevier, vol. 47(2), pages 217-237, May.
    16. Goodhart, Charles A. E., 1998. "The two concepts of money: implications for the analysis of optimal currency areas," European Journal of Political Economy, Elsevier, vol. 14(3), pages 407-432, August.
    17. Horwitz Steven, 1993. "Spontaneity and Design in the Evolution of Institutions: The Similarities of Money and Law," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 4(4), pages 1-18, December.
    18. Ray Evans, 1994. "Inflation and Monetary Monopoly: Reflections on Australia’s Ten-Dollar Note," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 1(2), pages 159-166.
    19. Ivana Ryvolová, 2008. "Credit Creation Of Money As A Failure Of Commercial Banks´ Incentives," Romanian Economic Business Review, Romanian-American University, vol. 3(2), pages 78-85, June.
    20. Sumner, Scott, 2015. "Nominal GDP futures targeting," Journal of Financial Stability, Elsevier, vol. 17(C), pages 65-75.
    21. Dai, Meixing, 1998. "Les effets stabilisants de la zone-cible du taux d’inflation
      [The stabilising effects of inflation-targeting zone]
      ," MPRA Paper 13856, University Library of Munich, Germany, revised Nov 2001.
    22. Charles Goodhart & Ellen Meade, 2003. "Central Banks and Supreme Courts," FMG Special Papers sp153, Financial Markets Group.
    23. Bagus, Philipp & Howden, David, 2010. "Fractional Reserve Banking: Some Quibbles," MPRA Paper 79590, University Library of Munich, Germany.
    24. Goodhart, Charles, 1996. "European monetary integration," European Economic Review, Elsevier, vol. 40(3-5), pages 1083-1090, April.

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