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        <dc:title>The Uneasy Case for Fractional-Reserve Free Banking</dc:title>
        <dc:creator>van den Hauwe, Ludwig</dc:creator>
        <dc:subject>E50 - General</dc:subject>
        <dc:subject>E32 - Business Fluctuations ; Cycles</dc:subject>
        <dc:subject>E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems</dc:subject>
        <dc:subject>B53 - Austrian</dc:subject>
        <dc:subject>K39 - Other</dc:subject>
        <dc:subject>G18 - Government Policy and Regulation</dc:subject>
        <dc:subject>P34 - Financial Economics</dc:subject>
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        <dc:description>Since a few decades several sub-disciplines within economics have witnessed a reorientation towards institutional analysis. This development has in particular also affected the fields of macroeconomics and monetary theory where it has led to several proposals for far-reaching financial and monetary reform. One of the more successful of these proposals advocates a fractional-reserve free banking system, that is, a system with no central bank, but with permission for the banks to operate with a fractional reserve. This article exposes several conceptual flaws in this proposal. In particular several claims of the fractional-reserve free bankers with respect to the purported working characteristics of this system are criticized from the perspective of economic theory. In particular, the claim that a fractional-reserve free banking system would lead to the disappearance of the business cycle is recognized as false. Furthermore an invisible-hand analysis is performed, reinforcing the conclusion that fractional-reserve free banking is incompatible with the ethical and juridical principles underlying a free society.</dc:description>
        <dc:date>2006-10-05</dc:date>
        <dc:type>MPRA Paper</dc:type>
        <dc:type>NonPeerReviewed</dc:type>
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        <dc:language>en</dc:language>
        <dc:identifier>https://mpra.ub.uni-muenchen.de/120/1/MPRA_paper_120.pdf</dc:identifier>
        <dc:identifier>  van den Hauwe, Ludwig  (2006): The Uneasy Case for Fractional-Reserve Free Banking.  Forthcoming in: Procesos de Mercado Revista Europea de Economía Política , Vol. III,  No. 2  (December 2006)  </dc:identifier>
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