From Commodity Standard to Deposit Standard : the Near Completion of a Secular Cycle in Monetary Globalization

• Autorzy: Tudor Gherasim Smirna
• Języki publikacji: EN

Abstrakty

EN

The advent and international proliferation of unconventional monetary policy is the logical consequence of interventionism in the monetary and banking field. It was made necessary by central bank policies of managing and constantly lowering the interest rates. Once the zero lower bound is reached, the next logical step for the monetary authorities is to look for ways to continue lowering rates through it. To abolish cash and institute the exclusive use of bank deposits is one enticing proposal to overcome this limitation. Thus, the potency of monetary policy can be preserved by the new capacity of charging negative nominal interest rates. However, the arguments against cash are not new. We are going to show in this paper that the same arguments that were previously used to impose banknotes are today used to forbid them. (original abstract)

Słowa kluczowe

EN

Central banks; Monetary policy; Interest rate

PL

Banki centralne; Polityka pieniężna; Stopa procentowa

• Czasopismo: Journal of International Studies
• Rocznik: 2015
• Tom: 8
• Numer: nr 1
• Strony: 107--113

Twórcy

autor

Tudor Gherasim Smirna

• Bucharest University of Economics Bucharest, Romania

Bibliografia

• Bernanke, B. S., & Reinhart, V. R (2004), Conducting Monetary Policy at Very Low Short-Term Interest Rates. The American Economic Review, 94(2), 85-90.
• Block, W., Hoppe, H. H., & Hulsmann, J. G. (1998), Against Fiduciary Media. Quarterly Journal of Austrian Economics, 1(1), 19.
• Borio, C., & Disyatat, P. (2010), Unconventional Monetary Policies: An Appraisal. The Manchester School, 78, 53-89.
• Buiter, W. H. (2007), Is Numérairology the Future of Monetary Economics? Open Economies Review, 18(2), 127-156.
• Buiter, W. H. (2009), Negative nominal interest rates: Three ways to overcome the zero lower bound. The North American Journal of Economics and Finance, 20(3), 213-238.
• Buiter, W. H., & Panigirtzoglou, N. (2003), Overcoming the zero bound on nominal interest rates with negative interest on currency: gesell's solution*. The Economic Journal, 113(490), 723-746. doi: 10.1111/1468-0297.t01-1-00162
• Eggertsson, G. B., & Woodford, M. (2003), Zero bound on interest rates and optimal monetary policy. Brookings Papers on Economic Activity, 2003(1), 139-233.
• Eisler, R. (1932), Stable money, the remedy for the economic world crisis: a programme of financial reconstruction for the International conference, 1933: The Search Pub. Co.
• Fisher, I., Cohrssen, H. R., & Fisher, H. W. (1933), Stamp scrip. New York: Adelphi Company.
• Gesell, S. (1958), The Natural Economic Order. London: Peter Owen Ltd.
• Hayek, F. A. v., Pierson, N. G., Mises, L. v., Halm, G. N., & Barone, E. (1935), Collectivist economic planning; critical studies on the possibilities of socialism. London,: G. Routledge.
• Higgs, R. (1997), Regime uncertainty. Independent Review, 1(4), 561-590.
• Huerta de Soto, J. (2012), Money, Bank Credit, and Economic Cycles: Ludwig von Mises Institute.
• Hulsmann, J. G. (2003), Optimal monetary policy. Quarterly Journal of Austrian Economics, 6(4), 37-60.
• Hulsmann, J. G. (2008), Ethics of Money Production. Auburn, ALA: Ludwig von Mises Institute.
• Keynes, J. M. (2006), General theory of employment, interest and money: Atlantic Publishers & Dist.
• Mankiw, N. G. (2009), It May Be Time for the Fed to Go Negative. Retrieved from http://www.nytimes.com/2009/04/19/ business/economy/19view.html
• Mises, L. v. (1980), The Theory of Money and Credit. Indianapolis: Liberty Classics.
• Mises, L. v. (1998), Human Action: A Treatise on Economics (Scholar's ed.). Auburn, Ala.: Ludwig Von Mises Institute.
• Rothbard, M. N. (1983), The mystery of banking (1st ed.). New York, N.Y.: Richardson & Snyder.
• Smirna, T. G. (2014), Financial Reform in (Eastern) Europe: Which Way? Paper presented at the Monetary, Banking and Financial Issues in Central and Eastern EU Member Countries: How Can Central and Eastern EU Members Overcome the Current Economic Crisis?, Iasi.

Identyfikatory

DOI

10.14254/2071-8330.2015/8-1/9