This work, designed for students and specialists in monetary economics, provides a systematic examination of monetary economics from a new viewpoint - one in which markets provide financial services without recourse to traditional concepts of money. In this analysis, Cowen and Kroszner: examine the potential consequences of a complete deregulation of money and banking; show how a deregulated financial system would evolve and whether the results would be desirable; and analyze both the micro and the macroeconomic consequences of these changes. The authors synthesize Carl Menger's evolutionary theory of money with the modern writings of Black, Fama, Wallace and others. In such a system, currency use would dwindle or disappear, all media of exchange would pay interest, different media of exchange and account would compete with each other, privately-issued exchange media would be evaluated and priced through electronic systems, and checkable mutual funds would replace banks, bringing about a fundamental transformation of monetary institutions.
- ISBN10 1557860718
- ISBN13 9781557860712
- Publish Date 13 December 1993
- Publish Status Out of Print
- Out of Print 14 January 2000
- Publish Country GB
- Publisher John Wiley and Sons Ltd
- Imprint Blackwell Publishers
- Format Hardcover
- Pages 352
- Language English