The Theory of Monetary Institutions / Edition 1

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Overview

The Theory of Monetary Institutions analyzes the often overlooked - but fundamental - questions about monetary policy regimes: How and why have monetary institutions - central banks, clearinghouses, commercial banks, and money itself - evolved into their present forms? What are the leading arguments for and against government involvement in money and banking? What models do we have for explaining how monetary authorities choose to behave in a discretionary fiat money regime, and how well do they fit? What alternatives to the current regime are available, and how would they work?
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Product Details

  • ISBN-13: 9780631212140
  • Publisher: Wiley, John & Sons, Incorporated
  • 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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