不受管制和受管制的自由银行:来自瑞士案例的证据(1826-1907)

IF 2.6 1区历史学 Q1 ECONOMICS

Explorations in Economic History Pub Date : 2022-01-01 DOI:10.1016/j.eeh.2021.101423

Nils Herger

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引用次数: 2

摘要

本文对瑞士的自由银行历史进行了重新评估，其中包括一段不受约束的竞争时期(1826-1881)和一段强有力的钞票管制时期(1881-1907)。发钞银行之间不受约束的竞争导致了一个分散的纸币系统，流动性有限的纸币。为了增加人们对这些纸币的信心，联邦政府在1881年引入了最低准备金要求和相互转换规则。基于一个理论模型和新的经验证据，本文表明，这种加强监管是有代价的，因为它导致了纸币的过度发行和纸币供应的缺乏弹性。

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Unregulated and regulated free banking: Evidence from the case of Switzerland (1826–1907)

This paper provides a reassessment of the free-banking history of Switzerland, which included both a period of unfettered competition (1826–1881) and one of strong banknote regulation (1881–1907). Unfettered competition between note-issuing banks gave rise to a fragmented paper-money system, with limited liquidity banknotes. To increase confidence in these notes, the federal government introduced a minimum-reserve requirement and a mutual-conversion rule in 1881. Based on a theoretical model and new empirical evidence, this paper shows that this enhanced regulation came at a cost, as it led to the overissuing of banknotes and an inelastic paper-money supply.

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来源期刊

Explorations in Economic History Multiple-

CiteScore

2.50

自引率

8.70%

发文量

期刊介绍： Explorations in Economic History provides broad coverage of the application of economic analysis to historical episodes. The journal has a tradition of innovative applications of theory and quantitative techniques, and it explores all aspects of economic change, all historical periods, all geographical locations, and all political and social systems. The journal includes papers by economists, economic historians, demographers, geographers, and sociologists. Explorations in Economic History is the only journal where you will find "Essays in Exploration." This unique department alerts economic historians to the potential in a new area of research, surveying the recent literature and then identifying the most promising issues to pursue.