By Kevin Dowd
Competition and Finance deals a brand new, unified remedy of the fields of monetary and financial economics. the 1st half integrates fresh advancements in corporation conception and data economics right into a unified monetary idea of the company. A overview of modern advancements within the economics of banking after which financial economics results in a end assessing present-day structures of imperative banking and offering monetary and financial reform.
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Additional info for Competition and Finance: A Reinterpretation of Financial and Monetary Economics
To the extent they impose regulations at all, their regulations would be 'voluntary' in the sense that individual banks would always be free to leave the club and ignore them. Furthermore, club officials would be accountable to the clearing banks, and not to some 'external' central bank, and would have to be viable under competitive conditions. These clubs would therefore be quite different from contemporary systems of central banking, so there can be little question of justifying central banking on the grounds that it mimics the 'regulations' that would emerge spontaneously from the membership rules of free banking clubs.
They will run), and Diamond and Dybvig suggest that some form of government intervention is required to protect the banking system to reassure them and prevent the run occurring. However, this literature fails to justify the intervention it purports to. A key problem is that the intermediaries that arise in this framework do not resemble realworld banks - and therefore cannot be used to justify government intervention into real-world banking regulation. In the Diamond-Dybvig world, individuals make investments in a financial intermediary that issues identical claims to all investors.
Since control of the state apparatus implies the power to change the law, those who control the state can wield very considerable power and influence over everyone else. , by changing property laws). We must also presume that they will exercise this power to further their own ends, whatever those ends might be. For what purposes is state power then used? As far as the financial system is concerned, one of the main reasons for state interference is to raise revenue. , when the government raises revenue by debasing the currency).