ADAM SMITH AND THE BANKERS: RETROSPECT AND PROSPECT

IF 1.2 Q3 ECONOMICS

National Institute Economic Review Pub Date : 2024-01-03 DOI:10.1017/nie.2023.24

Alfred Duncan, Charles Nolan

引用次数: 0

Abstract

Adam Smith promoted free banking—private, competitive, convertible banknotes. He also supported restrictions on banks. We study Smith’s views and the era in which they developed, suggesting his ‘regulations’ were a backstop against banks’ risks to depositors but primarily monetary stability. In modern parlance, Smith supported macroprudential regulations to underpin monetary stability, as did Friedman and Schwartz the US FDIC. We discuss why Smith’s vision for banking went unrealised. Bank regulation became microprudential and ran aground in 2008/2009. The prominence of macroprudential regulation now provides a chance to reorientate regulation to support monetary stability. Early signs are not promising.

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亚当-史密斯与银行家回顾与展望

亚当-斯密提倡自由银行--私有的、竞争性的、可兑换的纸币。他也支持限制银行。我们研究了斯密的观点及其发展的时代，认为他的 "监管 "是对银行对储户风险的一种支持，但主要是货币稳定。用现代术语来说，斯密与弗里德曼和美国联邦存款保险公司的施瓦茨一样，支持通过宏观审慎监管来巩固货币稳定。我们讨论了斯密对银行业的愿景未能实现的原因。银行监管变成了微观审慎监管，并在 2008/2009 年搁浅。现在，宏观审慎监管的重要性为调整监管方向以支持货币稳定提供了机会。早期迹象并不乐观。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

National Institute Economic Review ECONOMICS-

CiteScore

3.70

自引率

9.50%

发文量

期刊介绍： The National Institute Economic Review is the quarterly publication of the National Institute of Economic and Social Research, one of Britain"s oldest and most prestigious independent research organisations. The Institutes objective is to promote, through quantitative research, a deeper understanding of the interaction of economic and social forces that affect peoples" lives so that they may be improved. It has no political affiliation, and receives no core funding from government. Its research programme is organised under the headings of Economic Modelling and Analysis; Productivity; Education and Training and the International Economy.