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Three Essays on the History of Monetary Theory and Banking Practice: Adam Smith and the American Founders.

机译:关于货币理论和银行业实践的三篇论文:亚当·斯密和美国创始人。

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摘要

This dissertation explores Adam Smith's theory of money and banking and its influence on banking thought and practice in post-revolutionary America.;Chapter 1 resolves a long-running debate in the economics literature -- the debate over Smith's theory of money and banking -- and thereby revolutionizes current understanding about the history and evolution of monetary analysis. Smith did not present either the real-bills theory or a price-specie-flow theory of banknote regulation, as generally presumed, but rather a reflux theory based upon the premise that the demand for money is fixed at a particular nominal quantity. Smith's theory denies that an excess supply of money can ordinarily make it into the domestic nominal income stream or influence prices or employment.;Chapter 2 explains why Adam Smith's recommendation of free banking was rejected by the American founders, despite Smith's profound influence in other respects. The explanation lies in the fact that Smith's economic analysis of banking was incomplete. The primary economic benefit that Smith pointed to in favor of free banking was saving on the resource cost of precious metals. Jefferson thought Smith's proposal went too far, that it would take the economy off of the safe foundation of hard money. Hamilton thought it did not go far enough toward strengthening the national credit. The opinions of Jefferson and Hamilton both shaped and reflected the views of their contemporaries, with the result that Smith's moderate position of free banking was rejected by both sides of the political spectrum.;Chapter 3 presents a monetary explanation of the US recession of 1797. Credit expansion initiated by Bank of the United States in the early 1790s unleashed a bout of inflation and low real interest rates which spurred a speculative investment bubble in real estate and capital intensive manufacturing and infrastructure projects. A correction occurred as domestic inflation created a disparity in international prices that led to a reduction in net exports. Specie flowed out of the country, prices began to fall, and real interest rates spiked. In the ensuing credit crunch businesses reliant upon rolling over short term debt were rendered unsustainable. The general economic downturn which ensued throughout 1797 and 1798 involved declines in the price level and nominal GDP, the bursting of the real estate bubble, and a cluster of personal bankruptcies and business failures. The chapter details the scope of the credit expansion, price level movements, fluctuations in interest rates, and the investment errors that these conditions spawned in several sectors of the economy.
机译:本文探讨了亚当·斯密的货币与银行理论及其对革命后美国银行业思想和实践的影响。第1章解决了经济学文献中长期存在的辩论-关于史密斯的货币与银行理论的辩论-从而彻底改变了当前对货币分析的历史和演变的理解。史密斯没有提出通常所假定的纸币管制实账理论或价格品种流动理论,而是提出了以货币需求固定在特定名义数量为前提的回流理论。史密斯的理论否认货币供应过多通常会使其流入国内名义收入流或影响价格或就业。第二章解释了为什么亚当·斯密的自由银行建议被美国创始人拒绝,尽管史密斯在其他方面产生了深远的影响。 。原因在于史密斯对银行业的经济分析不完整。史密斯指出,支持自由银行业务的主要经济利益是节省了贵金属的资源成本。杰斐逊认为史密斯的提议太过分了,认为它将使经济摆脱硬钱的安全基础。汉密尔顿认为,在加强国家信用方面还远远不够。杰斐逊和汉密尔顿的观点塑造并反映了他们同时代的观点,结果史密斯在自由银行业中的地位被政治界的双方所拒绝。第三章从货币角度解释了1797年美国的经济衰退。美国银行在1790年代初期发起的信贷扩张引发了一系列通货膨胀和较低的实际利率,这刺激了房地产,资本密集型制造业和基础设施项目的投机性投资泡沫。由于国内通货膨胀造成国际价格差异导致净出口减少,因此出现了修正。硬币流出该国,价格开始下跌,实际利率飙升。在随后的信贷紧缩中,依赖于展期短期债务的业务变得不可持续。随后整个1797年和1798年的经济低迷涉及价格水平和名义GDP的下降,房地产泡沫的破裂以及一系列个人破产和企业倒闭。本章详细介绍了信贷扩张的范围,价格水平的变动,利率的波动以及这些条件在经济的多个部门中产生的投资错误。

著录项

  • 作者

    Curott, Nicholas A.;

  • 作者单位

    George Mason University.;

  • 授予单位 George Mason University.;
  • 学科 Economics General.;Economics History.;History United States.
  • 学位 Ph.D.
  • 年度 2012
  • 页码 109 p.
  • 总页数 109
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

  • 入库时间 2022-08-17 11:43:50

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