The Significance of Some of the Historically Freer Banking Periods

Brian P. Simpson

Chapter 6 in Money, Banking, and the Business Cycle, 2014, pp 187-217 from Palgrave Macmillan

Abstract: Abstract The history of banking is one of the most researched subjects in economics. Many so-called free banking periods have been identified. One source reports that about 60 free banking periods have existed.1 However, none of them have been completely free banking periods.2 Significant government interference has existed in all the “free banking” episodes, most notably restrictions on note issue and entry into the industry, government banks and central banks that influenced the banking industry and were typically used to finance government spending, the government not collecting taxes in specie or bank money backed 100 percent by specie, and a lack of legal recognition of the right of depositors to require bankers to pay specie on demand when bankers were contractually obligated to do so.

Keywords: Central Bank; Banking System; Free Market; Limited Liability; Private Bank (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-33656-9_7

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DOI: 10.1057/9781137336569_7

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