The Experience of Free Banking / edited by Kevin Dowd.

Format:

Book

Contributor:

Dowd, Kevin, editor.

Language:

English

Subjects (All):

Economic history.

Physical Description:

1 online resource (0 pages)

Place of Publication:

London, England : The Institute of Economic Affairs, [2023]

Summary:

The Experience of Free Banking is a collection of historical case studies of free banking, which is an historic term to describe a system in which banks issue their own notes, without the presence of a central bank.

Contents:

Intro

About the authors

Foreword to the first edition (1992)

Foreword to the second edition

Acknowledgements

1 Introduction: the experience of free banking

Taxonomy

Currency board systems

'Free issue' systems

Relevance of historical free banking to the current day

2 The world history of free banking: an overview

Central banking and free banking

The origins of free banking

Where and when free banking existed

Competition and cooperation under free banking

Aspects of free banking's performance

Liquidity and the lender of last resort

Panics

Causes of free banking's demise: seigniorage

Causes of free banking's demise: theoretical rationales

Causes of free banking's demise: crises

Conclusions

Addendum (2023)

3 Free banking in Australia

The early history of money and banking in Australia

The development of Australian banking

Australian banking from the 1850s to the 1880s

The Depression of the 1890s and the bank crash

Epilogue: The development of central banking in Australia

4 Free banking in Belgium, 1835-50

Structure of the banking system

Bank activities

Competition and regulation

The crisis of 1838

The crisis of 1848 and the end of free banking

5 Free banking in Canada

The beginnings of free banking, 1817-67

The heyday of free banking, 1867-1914

Central banking comes to Canada, 1914-35

6 Free banking in Chile

Introduction

The 1860 banking law

Free banking in nineteenth-century Chile

The 1878 crisis

In closing

7 Free banking in Colombia

The free banking era, 1871-86

Towards central banking, 1887-1922

8 Free banking in Foochow

General monetary arrangements

Kinds of bank

Growth of the industry.

Organisation and operation of local banks

Note exchange and clearing

Failures and panics

Counterfeiting

The end of the free banking era

9 Free banking in France, 1796-1803

Competitive banking: spontaneous expansion and monetary stability

Napoleon's destruction of free banking

10 Free banking in Ireland

Free banking gone awry? The Irish experience 1797-1820

The second free banking period, 1824-45

11 Competitive note issue in Italy, 1860-93

Before unification

Note-issuing banks

Free banking on a commodity standard, 1860-66

Arguments over free banking and the corso forzoso

The corso forzoso and its unintended consequences

The end of competition

Economic crisis and scandal

12 Free banking in early twentieth-century northeast China

International competition for control of Northeast China

Banks and currencies

Parallels with other free banking experiences

13 Free banking in Peru

The pure free banking period: the first years

Deterioration of balance of payments and the end of pure free banking

Government intervention and the regulated banking system

Suspension of payments

Appendix

14 Free banking in Scotland before 1844

Evolution of Scottish banking, 1695-1845

The contrast between Scottish and English banking

Cyclical stability of Scottish banks, 1793-1837

15 Free banking in Sweden

The legal framework of private note issue

The market for notes

The economics of private banknotes

Why did no private note bank fail?

The record of free banking in Sweden

Summary

16 Free banking in Switzerland after the liberal revolutions in the nineteenth century.

The liberal regime: 1830-81

The federal regime: 1881-1906

The purchasing power of banknotes

The circulation of banknotes

Bank difficulties

17 US banking in the 'free banking' period

'Free banking' in New York

'Free banking' laws elsewhere

Other 'free banking' experiences

'Wildcat banking'

The causes of the 'free bank' failures

Banking stability during the ante-bellum period

De facto free banking

General assessment

Appendix: US banking experience, 1837-63

18 Guide to the literature on the historical experiences of free banking

Useful websites and blogs

Useful and additional literature on the experiences of free banking

References

About the IEA.

Notes:

Description based on print version record.

Includes bibliographical references.

Other Format:

Print version: Dowd, Kevin The Experience of Free Banking

ISBN:

9780255368322

0255368321

OCLC:

1409032028