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DO WE REALLY NEED CENTRAL BANKS?
Author(s) -
Vaubel Roland
Publication year - 2009
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.2009.01911.x
Subject(s) - scrutiny , monopoly , competition (biology) , central bank , business , economics , demand deposit , monetary system , economic analysis , market economy , monetary economics , financial system , monetary policy , classical economics , law , political science , ecology , biology
An analysis of economic theory and economic history suggests that central banks, with a monopoly of money‐issuing services, are not necessary. The often‐levelled arguments against private banks issuing money in competition with each other and with central banks do not stand up to close scrutiny.