Toward a Global Monetary' Order
In: International journal / Canadian International Council: Canada's journal of global policy analysis, Band 67, Heft 2, S. 439-449
ISSN: 0020-7020
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In: International journal / Canadian International Council: Canada's journal of global policy analysis, Band 67, Heft 2, S. 439-449
ISSN: 0020-7020
In: Contemporary economic policy: a journal of Western Economic Association International, Band 6, Heft 2, S. 1-12
ISSN: 1465-7287
It is generally accepted that banks must be regulated so as to avoid the moral hazard situation that deposit insurance generates. Accepting this argument implies that expanded bank powers must await deposit insurance reform. This article rejects the accepted view and argues instead that the existing regulatory system enhances rather than diminishes the riskiness of banks' portfolios. The article argues that the benefits from permitting banks to diversify probably would outweigh the costs. It concludes, however, that deposit insurance is a major culprit in the current wave of bank failures.
In: History of political economy, Band 18, Heft 4, S. 601-616
ISSN: 1527-1919
In: Journal of political economy, Band 89, Heft 2, S. 421-423
ISSN: 1537-534X
In: History of political economy, Band 12, Heft 4, S. 542-557
ISSN: 1527-1919
In: Journal of political economy, Band 85, Heft 1, S. 207-210
ISSN: 1537-534X
In: The journal of economic history, Band 35, Heft 3, S. 680-681
ISSN: 1471-6372
In: History of political economy, Band 7, Heft 2, S. 261-269
ISSN: 1527-1919
In: The journal of economic history, Band 35, Heft 2, S. 485-486
ISSN: 1471-6372
In: Routledge Foundations of the Market Economy
Austrian Economics Re-examined: The Economics of Time and Ignorance is an expanded version of the 1996 edition of The Economics of Time and Ignorance. This work is a classic statement of the role of subjectivism, radical uncertainty and change through real time in Austrian economics specifically, and in modern economics more generally.The new book contains the full text and Introductions of the earlier edition as well as the comprehensive previously-unpublished essay ""What is Austrian Economics?"" and a new Introduction. The essay is a comprehensive overview of the central themes of the book
In: Routledge Foundations of the Market Economy
Austrian Economics Re-examined: The Economics of Time and Ignorance is an expanded version of the 1996 edition of The Economics of Time and Ignorance. This work is a classic statement of the role of subjectivism, radical uncertainty and change through real time in Austrian economics specifically, and in modern economics more generally. The new book contains the full text and Introductions of the earlier edition as well as the comprehensive previously-unpublished essay "What is Austrian Economics?" and a new Introduction. The essay is a comprehensive overview of the central themes of the book from a somewhat different perspective than in the book itself. It supplements the analysis in the book. The new Introduction explains that the 2007-8 financial crisis and recent developments in behavioural economics have made the book more relevant than ever before. Austrian Economic Re-examined develops and systematizes the fundamental principles of the Austrian tradition to the analysis of rational expectations, business cycles, monetary theory competition and monopoly, and capital theory.
In: https://doi.org/10.7916/D8MS51CS
Many commentators on Federal Reserve policy over the past decade devote little attention to the experience of other central banks and especially the experience of Japan and the Bank of Japan. In fact, there is very little that is new in the U.S. situation that had not already been experienced by Japan and the Bank of Japan over a decade earlier. Many commentators view Federal Reserve policy as unique and special with regard to other central banks; however, the differences between the financial and economic stress experienced by Japan and the United States pale in comparison to the similarities. In many respects, the Federal Reserve is in the shadow of Bank of Japan and a better understanding of the comparative records of the two central banks offers important insight into central bank policy. The paper explores three aspects of the relationship between the Bank of Japan and the Federal Reserve . First, the asset bubbles and bursting of those bubbles in Japan (1985 to 1991) and the United States (2001 to 2006) were both the result of central bank policy errors combined with a flawed financial structure. Second, the political economy of the operating environment of the Bank of Japan and the Federal Reserve ensures continued suboptimal monetary policy regardless of institutional redesigns of the central bank. Third, the Bank of Japan and the Federal Reserve together present a serious contradiction to the conventional wisdom that legal independence is the foundation for optimal central bank policy outcomes. A concluding section brings together the main points of the discussion. These suggest that a better understanding of Federal Reserve policy since the start of the new century might start with a review of Japan and the Bank of Japan.
BASE
In: Economic affairs: journal of the Institute of Economic Affairs, Band 25, Heft 2, S. 37-43
ISSN: 1468-0270
Trade liberalisation has played a critical role in advancing peace and prosperity. Differences on agriculture have been the major impediment to a future multilateral trade round. The recent agreement on agriculture at the WTO meetings in Geneva may signal a breakthrough in that sector. This article analyses the benefits of recent trade agreements and examines the prospects for future ones. It also presents an alternative framework for advancing trade, the Global Free Trade Association.