Weitere Artikel dieser Ausgabe durch Wischen aufrufen
Based on Goodhart’s (1988) The Evolution of Central Banks, I examine both the theoretical arguments and the historical evidence that could sustain the case for the natural emergence of central banks. I criticize Goodhart’s theoretical claim that central banks evolve naturally, by showing that they are far from being uniquely capable of supplying essential banking services. I review historical evidence showing that Goodhart’s historical generalizations are inconsistent with the developments of the vast majority of central banks. History also shows that crucial banking services have tended to be successfully provided by other means, except when governments prevented their development. Finally, I consider whether central banks, if not essential, are at least preferable to alternative arrangements.
Bagehot, W. (1873). Lombard street: A description of the money market. London: Henry S. King.
Barth, J. R., Caprio, G., & Levine, R. (2006). Rethinking bank regulation: Till Angels Govern. New York: Cambridge University Press.
Becker, G. (1983). A theory of competition among pressure groups for political influence. Quarterly Journal of Economics,98, 371–400. CrossRef
Bernstein, J. (2014). Inside the New York Fed: Secret recordings and a culture clash. ProPublica.org. http://www.propublica.org/article/carmen-segarras-secret-recordings-from-inside-new-york-fed.
Boettke, P. J., Coyne, C. J., & Leeson, P. T. (2007). Saving government failure theory from itself: Recasting political economy from an Austrian perspective. Constitutional Political Economy,18, 127–143. CrossRef
Boettke, P. J., & Smith, D. J. (2014). Federal reserve independence: A centennial review. Journal of Prices and Markets,1(1), 31–48.
Boot, A. W., & Thakor, A. V. (1993). Self-interested bank regulator. The American Economic Review,83(2), 206–212.
Brennan, G., & Buchanan, J. (2000/1985) . The reason of rules: Constitutional political economy (Collected Works of James Buchanan, Vol. 10). Indianapolis: Liberty Fund.
Broz, J. L. (1998). The origins of central banking: Solutions to the free-rider problem. International Organization,52, 231–268. CrossRef
Buchanan, J. (1964). What should economists do? Southern Economic Journal,30(3), 213–222. CrossRef
Buchanan, J. (1965). An economic theory of clubs. Economica,32(125), 1–14. CrossRef
Buchanan, J. (2008). Same players, different game: How better rules make better politics. Constitutional Political Economy,19, 171–179. CrossRef
Calomiris, C. W., & Haber, S. H. (2014). Fragile by design: The political origins of banking crises and scarce credit. Princeton, NJ: Princeton University Press.
Calomiris, C. W., & Kahn, C. M. (1996). The efficiency of self-regulated payments systems: Learning from the Suffolk System. Journal of Money, Credit, and Banking,28, 766–797. CrossRef
Clay, H. (1957). Lord norman. London: Macmillan & Co., Ltd.
Cukierman, A. (1994). Central bank independence and monetary control. Economic Journal,104, 437–448. CrossRef
Demsetz, H. (1969). Information and efficiency: Another viewpoint. Journal of Law and Economics,12(1), 1–22. CrossRef
Dowd, K. (1992). The experience of free banking. London: Routledge. CrossRef
Dowd, K. (1993). Laissez-faire banking. London: Routledge. CrossRef
Dowd, K. (1994). Competitive banking, banker’s clubs, and bank regulation. Journal of Money, Credit and Banking,26(2), 289–308. CrossRef
Einzig, P. (1932). Montagu norman: A study in financial statesmanship. London: Kegan Paul, Trench, Trubner & Co., Ltd.
Fox, J. (2014). Why the fed is so wimpy Harvard business review article. https://hbr.org/2014/09/why-the-fed-is-so-wimpy/.
Glasner, D. (1989). Free banking and monetary reform. Cambridge, MA: Cambridge University Press. CrossRef
Goodhart, C. (1988). The evolution of central banks. Cambridge, MA: MIT University Press.
Goodhart, C. (2010). The changing role of central banks, BIS working papers no 326, November 2010.
Hardy, D. C. (2006). Regulatory capture in banking, IMF working paper, WP/06/34.
Hetzel, R. L. (2012). The great recession: Market failure or policy failure?. Cambridge: Cambridge University Press. CrossRef
Jácome, L. (2015). Central banking in Latin America: From the gold standard to the golden years. IMF working paper no. 15/60.
Kroszner, R. S., & Strahan P. E. (2000). Obstacles to optimal policy: The interplay of political and economics in shaping bank supervision and regulation reforms, NBER working paper no. 7582.
Laffont, J., & Tirole, J. (1991). The politics of government decision-making: A theory of regulatory capture. Quarterly Journal of Economics,106(4), 1089–1127. CrossRef
Lake, W. S. (1947). The end of the Suffolk System. Journal of Economic History,7, 182–207. CrossRef
Marcussen, M. (2005). Central banks on the move. Journal of European Public Policy,12(5), 903–923. CrossRef
Meltzer, A. H. (2009). A history of the federal reserve (Vol. 2). Chicago: University of Chicago Press.
Ostrom, E. (2000). Collective action and the evolution of social norms. Journal of Economic Perspectives,14(3), 137–158. CrossRef
Ostrom, E. (2010). Beyond markets and states: Polycentric governance of complex economic systems. American Economic Review,39(1), 7–27.
Posner, R. A. (1974). Theories of economic regulation. Bell Journal of Economics and Management Science,5, 335–358. CrossRef
Rosen, R. J. (2003). Is three a crowd? Competition among regulators in banking. Journal of Money, Credit, and Banking, 35(6), 967–998. CrossRef
Sayers, R. S. (1976). The bank of England 1891–1944. (Official history of the bank of England). Cambridge: Cambridge University Press.
Schuler, K. (1992). The world history of free banking: An overview. In K. Dowd (Ed.), The experience of free banking (pp. 7–47). London: Routledge.
Selgin, G. (1988). The theory of free banking: Money supply under competitive note issue. Totowa, NJ: Rowman and Littlefield.
Selgin, G. (1993). The rationalization of central banks. Critical Review,7(2–3), 335–354. CrossRef
Selgin, G., & White, L. H. (1999). A Fiscal theory of government’s role in money. Economic Inquiry,3(1), 154–165. CrossRef
Singleton, J. (2011). Central banking in the twentieth century. Cambridge: Cambridge University Press.
Smith, V. (1990/1936). The rationale of central Banking and the free banking alternative. Indianapolis: Liberty Fund.
Stigler, G. (1971). The economic theory of regulation. Bell Journal of Economics,2, 3–21. CrossRef
Thornton, H. (1978/1802). In F. A. Hayek (Ed.), An enquiry into the nature and effects of the paper credit of Great Britain. Fairfield, NJ: A. M. Kelley.
Tiebout, C. M. (1956). A pure theory of local expenditures. Journal of Political Economy,64(5), 416–424. CrossRef
Timberlake, R. H., Jr. (1984). The central banking role of clearinghouse associations. Journal of Money, Credit, and Banking,16(1), 1–16. CrossRef
Trivoli, G. (1979). The Suffolk bank: A study of a free-enterprise clearing system. London: The Adam Smith Institute.
White, L. H. (1984). Free banking in Britain; Theory, experience, and debate, 1800–1845. Cambridge: Cambridge University Press.
Yue, L., & Ingram, P. (2012). Industry self-regulation as a solution to the reputation commons problem: The case of the New York clearing house association. In T. G. Pollock & M. L. Barnett (Eds.), The Oxford handbook of corporate reputation. Oxford: Oxford University Press.
Yue, L., Luo, J., & Ingram, P. (2009). The strength of a weak Institution: Clearing house, federal reserve, and Manhattan banks. In Best paper proceedings of the academy of management meeting. Chicago.
- The institutional rationale of central banking reconsidered
- Springer US
Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Best Practices zu agiler Qualität