Economics, Econometrics and Finance
4 years ago

Central banks not to blame for financial crises, gold-backed money unrealistic.

Politická ekonomie
Monopoly centrálních bank a emise peněz [Central Bank Monopolies and Money Issuance]
Zbyněk Revenda

Paper Summary

Central banks have monopolies in areas like monetary policy and payment transactions. Calls to abolish central banks due to financial crises blame them for issuing money, but most money is created by commercial banks. Restoring gold-backed money is unrealistic due to a shortage of gold.

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