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The Rationale of Central Banking: And the Free Banking Alternative
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The rationale of central banks was first published in England in 1936 as discussed by the authors and was translated into English by Wilhelm Ropke, Oskar Morgenstern, and Fritz Machlup.Abstract:
THE RATIONALE OF CENTRAL BANKING was first published in England in 1936. Vera Smith spent her professional career in a variety of research positions. She wrote articles and books on money, banking, economic development, and the labor market and translated into English books by Wilhelm Ropke, Oskar Morgenstern, and Fritz Machlup. This book provides a scholarly review and judicious assessments of the experience and theory that bear on the issues of free banking and central banking. Its wide-ranging discussion identifies both the fallacies in the arguments for central banks and the influential fallacies in the arguments against free banking. Vera Smith's work should play a prominent role in any reappraisal of our monetary institutions.read more
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BookDOI
The Rule of Law in Monetary Affairs: World Trade Forum
TL;DR: Cottier et al. as discussed by the authors presented an overview of the legal foundations and evolution of the International Monetary System and the role of central banks in monetary and financial governance. But they did not consider the impact of sovereign debt on EU monetary policy.
ReportDOI
Digital Cash: Principles & Practical Steps
TL;DR: In this article, the authors consider how digital cash could bolster the effectiveness of monetary policy, and characterize some potential steps for implementing digital cash via public-private partnerships between the central bank and supervised financial institutions.
Dissertation
Hedge de crédito através de equity: uma análise empírica com uso de ativos corporativos brasileiros
Abstract: In this work we focus on tests for the parameter of an endogenous variable in a weakly identified instrumental variable regression model. We propose a new unbiasedness restriction for weighted average power (WAP) tests introduced by Moreira and Moreira (16, 2013). This new boundary condition is motivated by the score efficiency under strong identification. It allows reducing computational costs of WAP tests by replacing the strongly unbiased condition. This latter restriction imposes, under the null hypothesis, the test to be uncorrelated to a given statistic with dimension given by the number of instruments. The new proposed boundary condition only imposes the test to be uncorrelated to a linear combination of the statistic. WAP tests under both restrictions to perform similarly numerically. We apply the different tests discussed to an empirical example. Using data from Yogo (22, 2004), we assess the effect of weak instruments on the estimation of the elasticity of inter-temporal substitution of a CCAPM model.
Journal ArticleDOI
Robust Political Economy and the Lender of Last Resort
TL;DR: In this paper, the three most prominent versions of lender of last resort policy are: the Classical system of central bank lending on good collateral at a penalty rate, the Richmond Federal Reserve system of open market operations to prevent liquidity drains, and the New York Federal Reserve System of commitment to taking any and all action necessary to prevent the spread of financial contagion.
Journal ArticleDOI
Free Banking in Sweden 1830–1903: Experience and Debate
TL;DR: Selgin and Henrekson as discussed by the authors discuss free banking in Sweden and discuss the influence of Rothbard's What Has Government Done to Our Money? on the development of free banking.