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The Evolution of a Free Banking System

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  • Selgin, George A.
  • White, Lawrence H.

Abstract

The institutional features of models of unregulated monetary systems have often been arbitrarily and implausibly assumed. This pap er instead provides realistic grounding for important features by con structing a logical evolutionary account of free banking. Sophisticat ed and orderly arrangements are shown to emerge from competition and the pursuit of less costly methods of payment. The emergence of stand ardized commodity money is followed by the development, in turn, of b asic money-transfer banking, easily transferable bank liabilities, an d clearinghouses. The features of an evolved free banking system diff er from those assumed in recent models of competitive payments system s. Copyright 1987 by Oxford University Press.
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Suggested Citation

  • Selgin, George A. & White, Lawrence H., 1985. "The Evolution of a Free Banking System," Working Papers 85-38, C.V. Starr Center for Applied Economics, New York University.
  • Handle: RePEc:cvs:starer:85-38
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    1. La Regla de Hayek y la Norma de Productividad
      by Nicolas Cachanosky in Punto de Vista Economico on 2012-05-02 08:10:26
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      by Nicolas Cachanosky in Punto de Vista Economico on 2012-06-11 08:10:27

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    Cited by:

    1. Volodymyr Vysochansky, 2014. "Normalization of Banking," Finance vysochansky_volodymyr.522, Socionet.
    2. repec:esx:essedp:755 is not listed on IDEAS
    3. Marimon, Ramon & Nicolini, Juan Pablo & Teles, Pedro, 2012. "Money is an experience good: Competition and trust in the private provision of money," Journal of Monetary Economics, Elsevier, vol. 59(8), pages 815-825.
    4. Sanches, Daniel, 2013. "On the welfare properties of fractional reserve banking," Working Papers 13-32, Federal Reserve Bank of Philadelphia, revised 04 Feb 2013.
    5. Tyler Cowen & Randall Kroszner, 1990. "Mutual Fund Banking: A Market Approach," Cato Journal, Cato Journal, Cato Institute, vol. 10(1), pages 223-237, Spring/Su.
    6. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    7. Alexander Lipton, 2016. "Modern Monetary Circuit Theory, Stability Of Interconnected Banking Network, And Balance Sheet Optimization For Individual Banks," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 19(06), pages 1-57, September.
    8. Sylvie Diatkine, 1994. "A propos de la position de Ricardo concernant la liberté d'émission de la monnaie," Cahiers d'Économie Politique, Programme National Persée, vol. 23(1), pages 79-99.
    9. Kevin Dowd, 1988. "Automatic Stabilizing Mechanisms under Free Banking," Cato Journal, Cato Journal, Cato Institute, vol. 7(3), pages 643-659, Winter.
    10. Mathieu Bédard, 2016. "In Which Context is the Option Clause Desirable?," Journal of Business Ethics, Springer, vol. 139(2), pages 287-297, December.
    11. Visser, H., 1989. "The monetary order," Serie Research Memoranda 0003, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    12. Daniel Sanches, 2016. "On The Welfare Properties Of Fractional Reserve Banking," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57, pages 935-954, August.
    13. van Ees, Hans & Garretsen, Harry, 1995. "Existence and stability of conventions and institutions in a monetary economy," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 275-288, October.
    14. repec:jpe:journl:1460 is not listed on IDEAS
    15. William Keech & Michael Munger, 2015. "The anatomy of government failure," Public Choice, Springer, vol. 164(1), pages 1-42, July.
    16. James A. Dorn, 2010. "Editor's Note," Cato Journal, Cato Journal, Cato Institute, vol. 30(3), Fall.
    17. Alexander Fink, 2014. "Free banking as an evolving system: The case of Switzerland reconsidered," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(1), pages 57-69, March.
    18. Bryan Fitz-Gibbon & Marianne Gizycki, 2001. "A History of Last-resort Lending and Other Support for Troubled Financial Institutions in Australia," RBA Research Discussion Papers rdp2001-07, Reserve Bank of Australia.
    19. Lawrence H. White, 1989. "What Kinds of Monetary Institutions Would a Free Market Deliver?," Cato Journal, Cato Journal, Cato Institute, vol. 9(2), pages 367-403, Fall.
    20. Lawrence H. White, 2013. "Antifragile Banking and Monetary Systems," Cato Journal, Cato Journal, Cato Institute, vol. 33(3), pages 474-484, Fall.
    21. Cesarano, Filippo, 1995. "The New Monetary Economics and the theory of money," Journal of Economic Behavior & Organization, Elsevier, vol. 26(3), pages 445-455, May.
    22. APATACHIOAE, Adina, 2014. "Free Banking – Possible Solution To The Recent Crisis?," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 1(1), pages 66-72.
    23. Gentil Corazza, 2001. "Os Bancos Centrais e sua Ambivalência Público-Privada," Anais do XXIX Encontro Nacional de Economia [Proceedings of the 29th Brazilian Economics Meeting] 011, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    24. Sanches, Daniel R., 2016. "The Free-Banking Era: A Lesson for Today?," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 1(3), pages 9-14, Q3.
    25. Norman, Ben & Shaw, Rachel & Speight, George, 2011. "The history of interbank settlement arrangements: exploring central banks’ role in the payment system," Bank of England working papers 412, Bank of England.

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