Hayek’s Suggestion for Currency Competition: A Central Banker’s View

Otmar Issing and Samuel Brittan

Chapter 8 in Hayek: Economist and Social Philosopher, 1997, pp 185-194 from Palgrave Macmillan

Abstract: Abstract Friedrich August von Hayek’s work Denationalisation of Money, written in 1976, which called for the abolition of the government’s monopoly of the issue of money and the introduction of comprehensive currency competition, triggered a far-reaching and controversial debate on the role of the government in the monetary system. In the course of this debate, even Milton Friedman — a vehement advocate of capitalism and unfaltering opponent of government intervention in general, and of discretionary, inflationary monetary policy in particular — was forced on to the defensive.

Keywords: Monetary Policy; Central Bank; Nominal Interest Rate; European Monetary Union; Private Bank (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-25991-5_8

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DOI: 10.1007/978-1-349-25991-5_8

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