The Theory of Monetary Institutions / Edition 1

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Overview

The Theory of Monetary Institutions covers free banking monetary thought and a theoretical account of the evolution of monetary institutions.

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Editorial Reviews

From the Publisher
"The Theory of Monetary Institutions is a thorough and insightful treatment of the emergence and evolution of money and banking regimes. Professor White's brilliant exposition of alternative regimes is innovative and sheds a great deal of light upon the crucial features of contemporary money and banking institutions. This tour-de-force is a 'must-read'." Steve H. Hanke, The John Hopkins University

"Larry White's The Theory of Monetary Institutions provides a very clear, extremely readable and up-to-date overview of monetary theory. White provides a uniquely insightful perspective into a difficult and controversial area, and his arguments and analysis are unbeatable. All monetary economists should read it." Kevin Dowd, University of Sheffield

"White has written an academically rigorous text covering the theory of money, banking, and monetary policy. The text stands out from others in the way it describes the evolution of economists' thinking about monetary institutions. White excels in combining the historic with the contemporary, the abstract with the tangible, and the theoretical with the practical. The chapters on alternative monetary regimes will no doubt challenge many widely-held views about the proper role of government within an economy's monetary system." James A. Overdahl

"Lawrence H. White has emerged as one of the most thoughtful monetary economists of his generation, and The Theory of Monetary Institutions fills an important lacuna in the literature. The book is mature and balanced; its encyclopedic knowledge of the literature covers a far broader range of material than conventional texts. I am aware of no other book that does such a superb job of placing institutional arrangements in theoretical and historical perspective." Hugh Rockoff, Rutgers University

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Product Details

  • ISBN-13: 9780631212140
  • Publisher: Wiley
  • Publication date: 6/28/1999
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 288
  • Product dimensions: 9.00 (w) x 6.00 (h) x 0.60 (d)

Meet the Author

Lawrence H. White is Professor of Economics at the University of Missouri - St. Louis. He has published articles in several journals, including the Journal of Money, Credit, and Banking; the Journal of Economic Literature; Business History Review; and American Economic Review. He is the author of Free Banking in Britain (Second Edition), and Competition and Currency. Dr. White holds an AB in Economics from Harvard University and a PhD in Economics from University of California, Los Angeles. His principal fields of study and lecture are monetary theory, banking history, the history of economic thought, and the future of money.

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Table of Contents

List of Figures and Tables
Preface
Acknowledgments
The Evolution of Market Monetary Institutions 1
Commodity Money 26
Money Issue by Unrestricted Banks 53
The Evolution and Rationales of Central Banking 70
Should Government Play a Role in Money? 88
Should Government Play a Role in Banking? 121
Seigniorage 138
Central Bank as Bureaucracy 173
Political Business Cycle Hypotheses 180
Discretion and Dynamic Inconsistency 193
Monetary Rules 215
Competitive Supply of Fiat-type Money 227
Cashless Competitive Payments and Legal Restrictions 240
References 249
Index 260
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