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Competition and Monopoly in the Federal Reserve System, 1914–1951: A Microeconomic Approach to Monetary History - Couverture rigide

Livre 8 sur 49: Studies in Macroeconomic History

Toma, Mark

 
9780521562584: Competition and Monopoly in the Federal Reserve System, 1914–1951: A Microeconomic Approach to Monetary History
Couverture rigide
ISBN 10 : 0521562589 ISBN 13 : 9780521562584
Editeur : Cambridge University Press, 1997

Synopsis

Competition among central banks in a monetary union is thought to result in an over issue problem, which has its roots in the view that moneys produced by competitive central banks are perfect substitutes for each other. In the conventional set-up over issue can be overcome by granting a central bank exclusive rights to conduct monetary policy. In this book Mark Toma explores the workings of the early Federal Reserve System as a basis for challenging the conventional wisdom. He is able to show that competition among reserve banks in the 1920s did not result in an issue of Fed money. Rather the main effect of competitive structure was to cause reserve banks to make substantial interest payments to the private banking system in place of transfers to the US government. The book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure.

Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.

Présentation de l'éditeur

Competition among central banks in a monetary union is thought to result in an over issue problem, which has its roots in the view that moneys produced by competitive central banks are perfect substitutes for each other. In the conventional set-up over issue can be overcome by granting a central bank exclusive rights to conduct monetary policy. In this book Mark Toma explores the workings of the early Federal Reserve System as a basis for challenging the conventional wisdom. He is able to show that competition among reserve banks in the 1920s did not result in an issue of Fed money. Rather the main effect of competitive structure was to cause reserve banks to make substantial interest payments to the private banking system in place of transfers to the US government. The book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure.

Revue de presse

"...Toma has written a thought-provoking book that contributes to our understanding of Fedaral Reserve policy..." David C. Wheelock, Jrnl of Eco. Hist.

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

Éditeur
Cambridge University Press
Date d'édition
1997
Langue
anglais
ISBN 10 
0521562589
ISBN 13 
9780521562584
Reliure
Relié
Nombre de pages
148
Coordonnées du fabricant
non disponible
Personne responsable
Avery
https://www.avery.fr/

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