Please note: In order to keep Hive up to date and provide users with the best features, we are no longer able to fully support Internet Explorer. The site is still available to you, however some sections of the site may appear broken. We would encourage you to move to a more modern browser like Firefox, Edge or Chrome in order to experience the site fully.

Supporting your high street Find out how »
Financial Stability Without Central Banks, Paperback / softback Book

Financial Stability Without Central Banks Paperback / softback

Paperback / softback

Only a few left - usually despatched within 24 hours

Description

George Selgin is one of the world's foremost monetary historians.

In this book, based on the 2016 Hayek Memorial Lecture, he shows how a system of private banks without a central bank can bring about financial stability through self-regulation.

If one bank stretches credit too far, it will be reined in by the others before the system as a whole gets out of control.

The banks have a strong incentive to ensure an orderly resolution if a particular bank is facing insolvency or illiquidity. Selgin draws on evidence from the era of 'free banking' in Scotland and Canada.

These arrangements enjoyed greater financial stability, with fewer banking crises, than the English system with its central bank and the US model with its faulty government regulation.

The creation of the Federal Reserve appears to have increased the frequency of financial crises. The book also includes commentaries by Kevin Dowd and Mathieu Bedard.

Dowd asks whether free-banking systems should be underpinned by a gold standard,which he regards as a tried-and-tested institution at the heart of their success.

Bedard challenges the assumption that the banking sector is inherently unstable and therefore requires state intervention.

He argues that increases in government control have made the banking system more prone to crisis.

Information

Other Formats

£10.00

Only a few left - usually despatched within 24 hours
Add to Basket
Sign in to add to wishlist
 
Free Home Delivery

on all orders

 
Pick up orders

from local bookshops

Information