The case against currency boards
| العنوان: | The case against currency boards |
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| المؤلفون: | Nikolay Gertchev |
| المصدر: | The Quarterly Journal of Austrian Economics. 5:57-75 |
| بيانات النشر: | Mises Institute, 2002. |
| سنة النشر: | 2002 |
| مصطلحات موضوعية: | Endogenous money, Currency, Demand deposit, Fiat money, Financial transaction, Hard money, Economics, Commodity money, Monetary economics, General Economics, Econometrics and Finance, Virtual currency |
| الوصف: | We have argued that a CB is a creation of the state, aiming at granting particular political favors, and purposefully designed to secure the reappearance of an independent domestic money producer. A CB establishes a foreign fiat money standard enforced by legal tender laws for its bank notes, which are mere money substitutes in the context of fractional-reserve commercial banking. This insight helps us to understand why CBs have always degenerated into national central banks of the modern type: they were intentionally created to do so. This surely will also be the fate of present-day CBs. Although technically the transition from a CB to a commodity money (gold or other commodity standard) is facilitated by the warehouse aspect of the currency board, this institution does not present any incentive for the policy-makers to subject the production of money to the regulation of the free market. |
| تدمد: | 1936-4806 1098-3708 |
| الوصول الحر: | https://explore.openaire.eu/search/publication?articleId=doi_________::d909abcf6deca82477fb97c6c694f776Test https://doi.org/10.1007/s12113-002-1006-7Test |
| حقوق: | CLOSED |
| رقم الانضمام: | edsair.doi...........d909abcf6deca82477fb97c6c694f776 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 19364806 10983708 |
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