Neldner, Manfred - In: German Economic Review 4 (2003) 08, pp. 389-408
According to McCulloch, Longfield and Loyd, a free banking system is always prone to overissues of bank notes. Their view is supported by the free banking era in Switzerland (1826-1907), where, due to competitive pressures within the banking community and the absence of note-brand loyalty on the...