Selgin's Theorem -- that a free banking system operating on a fixed supply of commodity reserves acts to stabilize total nominal spending per year -- provides an analytical bridge between this alternative regime and conventional monetary theory. For a system of competing banks subject to...

Gary Becker's paper about free banking written in 1956 was originally intended as a reaction to the 100-percent reserve proposals that were then popular at the University of Chicago. Today the original paper clearly illustrates how considerably our views and theories about free banking have...

Economic historians remain divided over America’s experiment with free banking during the antebellum era. Some argue that the reforms, which liberalized the bank-chartering process, simply exchanged one set of entry barriers for another, while others hold that free banking improved competition...

In 1965 Sidney Pollard published The Genesis of Modern Management, an extended discussion of the problems, during Britain's initial period of industrialisation, of the 'internal management' of the firm. But, in his focus on industry, Pollard ignored one of the largest, most significant and most...

One of the largest financial markets in the world is the “global foreign exchange market” with average daily trades in trillions of dollars. The forex market is the backbone of international trade, global investing and is critical to support imports and exports. The exchange rate is one of...

The aim of this paper is to discuss excess comovements for the Euro/US dollar and British pound/US dollar exchange rates, i.e. we look for comovements of exchange rates which are stronger than implied by fundamentals. The results of the empirical analysis give evidence that excess comovements...