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9780415140560

Bank Deregulation & Monetary Order

by ;
  • ISBN13:

    9780415140560

  • ISBN10:

    0415140560

  • Format: Hardcover
  • Copyright: 1996-12-05
  • Publisher: Routledge

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Summary

Can the "invisible hand" handle money? In this collection of essays George Selgin challenges the view that government regulation creates monetary order and stability, and instead shows it to be the main source of monetary crisis. The volume is divided into three sections. Part I refutes conventional wisdom holding that any monetary system lacking government regulation is "inherently unstable" and looks at the workings of market forces in an otherwise unregulated banking system. Part II draws on both theory and historical experience to show how various kinds of government interference undermine the inherent efficiency, safety and stability of a free monetary system. Part III completes the argument by addressing the popular misconception that a monetary system is unsound unless it delivers a stable output price-level.

Author Biography

George Selgin is Associate Professor of Economics at the University of Georgia.

Table of Contents

Acknowledgementsp. x
Introductionp. 1
The Nature of Free Bankingp. 13
How Would the Invisible Hand Handle Money?p. 15
The Evolution of a Free Banking Systemp. 57
The Rationalization of Central Banksp. 77
Notes and Referencesp. 92
Macroeconomic Consequences of Deregulationp. 95
The Stability and Efficiency of Money Supply Under Free Bankingp. 97
Commercial Banks as Pure Intermediariesp. 119
Referencesp. 127
Free Banking and Monetary Controlp. 129
Monetary Equilibrium and the Productivity Norm of Price-Level Policyp. 142
Notesp. 159
The "productivity Norm" Versus Zero Inflation in the History of Economic Thoughtp. 163
The Regulatory Sources of Monetary Disorderp. 191
Are Banking Crises Free-Market Phenomena?p. 193
Legal Restrictions, Financial Weakening, and the Lender of Last Resortp. 207
In Defense of Bank Suspensionp. 236
Bank-Lending "manias" in Theory and Historyp. 256
Name Indexp. 278
Subject Indexp. 283
Table of Contents provided by Publisher. All Rights Reserved.

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