Cato Journal最新文献_第7页

A CONSTITUTIONAL APPROACH TO TAXES AND TRANSFERS 对税收和转移支付采取宪政方式

Cato Journal Pub Date : 1986-01-01 DOI: 10.4337/9781781950876.00013

W. Niskanen

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引用次数: 3

Inherent instability in banking: the free banking experience 银行业固有的不稳定性:自由银行业的经验

Cato Journal Pub Date : 1985-01-01 DOI: 10.21034/wp.275

Arthur J. Rolnick, Warren E. Weber

{"title":"Inherent instability in banking: the free banking experience","authors":"Arthur J. Rolnick, Warren E. Weber","doi":"10.21034/wp.275","DOIUrl":"https://doi.org/10.21034/wp.275","url":null,"abstract":"Historically, even some of the staunchest proponents of laissezfaire have viewed banking as inherently unstable and so requiring government intervention. According to this view, left to unfettered market forces, banks are prone to periodic runs and failures simply because of unpredictable private decisions about the form in which individuals hold their money. This view arose not from any explicit theory that points to an inherent problem with a laissez-faire banking system, but from experience with U.S. banking that goes back at least 150 years. In particular, the Free Banking Era (1837—63) is often cited as an example of what would happen if banking were unregulated. It was a period when banks were subject to few restrictions, fewer than any other period in U.S. banking history. And it has often been characterized as chaotic, with many differentkinds ofpaper money, with numerous bank runs and failures, and withsubstantial losses andinconvenience to holders of bank notes. Some even claim that the U.S. economy would not have grown as robustly as it did late in the 19th century if the free banking system had been left in place (Cagan 1963). In this paper we reexamine the view that banking is inherently unstable by taking a closer look at the free banking experience. Based on rather extensive empirical evidence recently accumulated on this experience, we find that the problems with free banking were not caused by anything inherent in banking. Rather, we find that the","PeriodicalId":38832,"journal":{"name":"Cato Journal","volume":"38 1","pages":"877-890"},"PeriodicalIF":0.0,"publicationDate":"1985-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81244552","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 36

The Zoning of Enterprise 企业区划

Cato Journal Pub Date : 1985-01-01 DOI: 10.1007/978-1-4613-2481-2_14

E. Banfield

引用次数: 2

Economic Planning and the knowledge Problem 经济计划与知识问题

Cato Journal Pub Date : 1984-01-01 DOI: 10.4324/9780203004456.ch9

Israel M. Kirzner

引用次数: 71

HAS MONETARISM FAILED 货币主义失败了吗

Cato Journal Pub Date : 1983-01-01 DOI: 10.5040/9781472553836.ch-005

K. Brunner