By F. A. Hayek
During this groundbreaking paintings, first released in 1976, Friedrich von Hayek argues that the govt monopoly of cash has to be abolished to prevent routine bouts of inflation and deflation. Abolition is usually the therapy for the extra deep-seated illness of the ordinary waves of melancholy and unemployment attributed to 'capitalism'.
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Additional resources for Denationalisation of Money: The Argument Refined
For further empirical evidence on these issues, see Bossone and Lee (2002). Developing regional banking systems is likely to be easier within an RCA. For example, the two RCAs in Africa have established supranational banking supervisory agencies. However in practice such gains do not appear to have been fully realized, perhaps because the development of an integrated banking system depends on many factors other than the use of a common currency. For instance van Beek et al. (2000) find that domestic financial institutions in the Eastern Caribbean Currency Union often restrict their activities to their home country.
De Cecco, M. (1992), ‘European monetary and financial cooperation before the First World War’, Rivista di Storia Economica, 9 (1), 55–76. De Vanessy, X. (2003), ‘Monetary unions, a historical perspective’, in P. ), Before and Beyond EMU, London: Routledge. Eichengreen, B. ’, NBER working paper, 6821, December. Eichengreen, B. and R. Hausmann (1999), ‘Exchange rates and financial fragility’, NBER Working Paper, 7418, November. Einaudi, L. (2002), ‘The generous Utopia of yesterday can become the practical achievement of tomorrow, 1000 years of monetary union in Europe’, National Institute Economic Review, 172, April, 90–104.
See Cohen (1998, pp. 69–70). , S. Erbas and B. Guerami (2003), ‘The GCC monetary union, some considerations for the exchange rate regime’, IMF working paper, 03/66, April. , R. Barro and S. Tenreyro (2002), ‘Optimal currency areas’, mimeo. Al-Jasser, M. and A. Al-Hamidy (2003), ‘A common currency area for the Gulf region’, BIS Papers, 17, September, 116–20. Banny, C. (2002), ‘The future of the Central Bank of West African states’, Central Banking, 13 (2), November, 55–63. , E. Remolona and P. Wooldridge (2002), ‘Changes in market functioning and central bank policy, an overview of the issues’, BIS Papers, 12, 1–24.
Denationalisation of Money: The Argument Refined by F. A. Hayek