Free banking, the real-balance effect, and Walras’ Law
نویسندگان
چکیده
The author of this article draws special attention to two particular claims the free bankers concerning supposed working characteristics a fractional-reserve banking system which may strike reader as questionable. first these relates alleged absence real-balance effect under banking. second bankers’ reference Walras’ Law providing rationale for system’s «offsetting» actions when confronted with changes in public’s demand hold bank liabilities. This is defective since it based on an erroneous interpretation Law. author’s conclusion does not imply that at all possible, from rational viewpoint, make plausible case variant banking, only argument should be freed certain questionable tenets.
 Key words: Free monetary systems, effects, Law.
 JEL Classification: E0; E32; E42; E5; E51; E52.
 Resumen: El autor de esta nota llama la atención sobre dos alegaciones particulares relativas las supuestas características operativas una banca libre con reserva fraccionaria que podrían resultar cuestionables al lector. La primera se refiere supuesta ausencia efectos saldo real en libre. segundo guarda relación referencia los teóricos Ley Walras constituiría base lógica acciones «de compensación» enfrentarse cambios demanda medios fiduciarios por parte del público. Esta es defectuosa puesto interpretación errónea Walras. conclusión no implica sea posible absoluto, desde un punto vista racional, elaborar argumentación para variante libre, sino debe estar determinados argumentos cuestionables.
 Palabras clave: Banca sistemas monetarios, real, Walras.
 Clasificación JEL: E52.
منابع مشابه
Walras’ Law in Overlapping Generations Economies
Aiyagari (1992) shows that equilibria are nonoptimal for an overlapping generations economy if and only if Walras’ Law fails. We demonstrate that this failure represents an earnings opportunity exploitable by unsecured debt issue. When unsecured debt is issued, Walras’ Law holds. JEL Classification: D5, D6, D9
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ژورنال
عنوان ژورنال: Procesos de mercado
سال: 2021
ISSN: ['1697-6797']
DOI: https://doi.org/10.52195/pm.v7i1.286