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theory. For a system of competing banks subject to stochastic spending decisions on the part of an interacting pool of … discuss implications of this work for economic scenario generation in the context of portfolio theory and for the design of a …
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fitting opportunity to review some developments in the theory of free banking and related issues and to add a few …
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In the second half of the 19th century, the Chilean free banking system worked similarly to how Adam Smith describes the 18th century free banking system in Scotland. The characteristics of free banking that Smith identifies as conductive of successful outcomes—free entry, unlimited liability,...
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