Banii, băncile centrale, politica monetară şi reglementarea sistemului bancar modern

Paun, Cristian (2010): Banii, băncile centrale, politica monetară şi reglementarea sistemului bancar modern. Published in: Revista OEconomica , Vol. 1, No. 2 (June 2010)

Abstract

The “new” economy seems to be vulnerable to cyclical shocks that increased in magnitude and induced higher volatilities on the markets. The role assumed by state in this equation of markets’ equilibrium significantly increased. The causes of current crisis of modern economies are strongly related to the nature of money, the role of “fiat-money” as exchange support for real transactions and the impact of central banks and their monetary policy on the economic stability. Even we are tempted to consider that current crisis are the effect of free market failure, one of the source of crisis is the public intervention on the free market. This article offers a different perspective than the mainstream vision on these particular aspects, providing a better understanding of crisis and the role played by state through monetary institution in this sensitive matter.

• Item Type: MPRA Paper
• English Title: Money, central banks, monetary policy and regulation of modern banking system
• Language: Romanian
• Keywords: fiat money, central banking, monetary policy, gold standard
• Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems; F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B53 - Austrian

References

Davies, Glyn. 2002. A history of money from ancient times to the present day. 3rd ed. Cardiff: University of Wales Press.

Fisher, I. 1896a. Appreciation and Interest. Publications of the American Economic Association 11(4).

Fisher, I. 1896b. What is capital? The Economic Journal 6(24): 509-534.

Fisher, I. 1897. The role of capital in economic theory. The Economic Journal 7(28): 511-537.

Fisher, I. [1912] 2007. Purchasing Power of Money: Its Determination and Relation to Credit Interest and Crisis. Cosimo Classsics.

Friedman, M. 1968. The Role of Monetary Policy. The American Economic Review 58(1): 1-17.

Friedman, M. 1982. Monetary Policy, Theory and Practice. Journal of Money, Credit and Banking 14(1): 98-118.

Friedman, M. şi A. Schwartz. 1963. Money and Business Cycles. The Review of Economics and Statistics 45(1): 32-64. Part 2, Supplement (Feb.).

Friedman, M. şi A. Schwartz. 1969. The Definition of Money: Net Wealth and Neutrality as Criteria. Journal of Money, Credit and Banking 1(1): 1-14.

Khanna, P. 2005. Advanced Study in Money and Banking. Atlantic Publishing House.

Mises, L. von. 1953. The Theory of Money and Credit. 3rd ed. New Haven: Yale University Press.

Pesek, B. T. şi T. R. Saving. 1967. Money, Wealth, and Economic Theory. New York: Mactnillan.

Rothbard, M. 1994. The Case Against the FED. Ludwig von Mises Institute.

Rothbard, M. 1978. The Austrian Definition of the Money Supply. New Directions in Austrian Economics. Kansas City: Sheed Andrews and McMeel.