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THE EVOLUTION OF A FREE BANKING SYSTEM [PDF]
Economic Inquiry, 1987 The institutional features of models of unregulated monetary systems have often been arbitrarily and implausibly assumed. This paper instead provides realistic grounding for important features by constructing a logical evolutionary account of free banking.
Selgin, George A., White, Lawrence H.
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2008
Imagine the US economy without Federal Reserve notes, that is, without a uniform currency. Instead, imagine that the currency consists of notes issued by privately owned banks and that are redeemable in specie on demand. And imagine that to enter the banking business is relatively easy, so that the notes of hundreds of banks exist.
Arthur J. Rolnick, Warren E. Weber
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Imagine the US economy without Federal Reserve notes, that is, without a uniform currency. Instead, imagine that the currency consists of notes issued by privately owned banks and that are redeemable in specie on demand. And imagine that to enter the banking business is relatively easy, so that the notes of hundreds of banks exist.
Arthur J. Rolnick, Warren E. Weber
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The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions, including technical economics, methodology of the social ...
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International Economic Journal, 1994
Hong Kong has no central bank and its paper currency is issued by two private commercial banks. Cointegration tests and an error-correction model are used to examine the stability of the money supply process under pegged and floating exchange rates. Empirical evidence suggests feedback between the price level and money supply during the floating rate ...
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Hong Kong has no central bank and its paper currency is issued by two private commercial banks. Cointegration tests and an error-correction model are used to examine the stability of the money supply process under pegged and floating exchange rates. Empirical evidence suggests feedback between the price level and money supply during the floating rate ...
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Free Banking and the Bank of Canada [PDF]
Bank of Canada Review, 2005 It is argued that today's Canadian monetary system has certain important characteristics in common with a free banking regime such as might have evolved had matters been left to market forces, and that the Bank of Canada's recent success probably has more than a little to do with this fact.
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Free Banking and Monetary Control
The Economic Journal, 1994Despite growing interest in competitive payments systems and the continuing progress of bank deregulation, relatively little is known about the macroeconomic implications of completely unregulated or 'free' banking. Its advocates view free banking, where competing banks freely issue monetary liabilities redeemable in base money,1 as a means for ...
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Illinois Free Banking Experience
Journal of Money, Credit and Banking, 1988Recent studies by A. J. Rolnick and W. E. Weber (1983, 1984) suggest that the conventional view of wildcat banking during the free banking era misrepresents the actual experience, and that the problems of th e period were linked to a restriction imposed on the free bank rather than the lack of regulation.
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The free banking challenge to central banks
Critical Review, 1994The numerous historical episodes of free banking have invariably ended in the establishment of central banking. Was the failure of free banking due to “theory,” “seignorage”—the attempt by governments to use central banks for revenue purposes—or to “crises”? Would a free banking system be stable, free of crises?
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Free Banks and Corporations: The New York Free Banking Act of 1838
Journal of Political Economy, 1936S O FAR, the most important event in American banking history was the adoption of the free banking act in New York ninety-eight years ago. With that act, after a half-century of imitation of European models, a distinctively American system of banking was established.
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