Economics

Paul Terres

Die Logik einer wettbewerblichen Geldordnung

[The Logic of a Competitive Monetary System. By Paul Terres.]

74,00 €
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sewn paper
ISBN 978-3-16-147127-8
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Published in German.
To what extent might competition become a basis for the money supply process? Is private competition in the money supply viable and useful or do we need a government monopoly on money? Dealing with these questions and others, Paul Terres outlines a competitive framework within which monetary institutions and systems can evolve. The logic of a competitive monetary system lies in its capacity to promote the discovery and the implementation of better monetary systems. The repeated abuse of the state monopoly on banknotes by governments would be prevented in a competitive monetary system, which would also create better conditions for stable money than monopolistic government policies or 'independent' central banks have done. However, a competitive money system would revolutionize the theoretical analysis of money, would necessitate a completely new interpretation of the causal relationship between money and prices and would make current monetary theory obsolete to a large extent.
To what extent might competition become a basis for the money supply process? Is private competition in the money supply viable and useful or do we need a government monopoly on money? Dealing with these questions and others, Paul Terres outlines a competitive framework within which monetary institutions and systems can evolve. The logic of a competitive monetary system lies in its capacity to promote the discovery and the implementation of better monetary systems. The repeated abuse of the state monopoly on banknotes by governments would be prevented in a competitive monetary system, which would also create better conditions for stable money than monopolistic government policies or 'independent' central banks have done. However, a competitive money system would revolutionize the theoretical analysis of money, would necessitate a completely new interpretation of the causal relationship between money and prices and would make current monetary theory obsolete to a large extent.
Survey of contents
Geldordnung und Wettbewerb
Die Argumente in der Auseinandersetzung um eine wettbewerbliche Geldordnung
Argumente für eine wettbewerbliche Geldordnung. Die Institution des Geldes als spontane Ordnung – Argumente gegen eine wettbewerbliche Geldordnung.
Staatliche Eingriffe als Mittel zur Effizienzsteigerung
Entwurf einer monetären Wettbewerbsordnung
Die konstitutierenden Prinzipien einer wettbewerblichen Geldordnung
Unterschiedliche Geldsysteme im Rahmen einer wettbewerblichen Geldordnung: Free Banking und Hayek'scher Geldwettbewerb
Das Modell des Free Banking – Reputation als Instrument der Qualitätssicherung in einer wettbewerblichen Geldordnung – Hayek'scher Geldwettbewerb. Die Funktionsweise eines reputationsbasierten wettbewerblichen Geldsystems
Konsequenzen für die Geldtheorie
Die Auffassung der New Monetary Economics von einer deregulierten Geldordnung – Die Quantitätstheorie und die klassische Theorie des Geldes Die Logik des Wettbewerbs in der Geldordnung
Authors/Editors

Paul Terres Geboren 1965; 1985–93 Studium der Betriebs- und Volkswirtschaftslehre und juristische Studien in Mannheim, Edinburgh, Köln und Paris; seit 1993 wiss. Mitarbeiter an der Universität zu Köln; 1998 Promotion.

Reviews

The following reviews are known:

In: BankInformat.u.Genossenschaftsforum — (2000), Nr. 4, S. 80
In: Handelsblatt — (26./27.3.1999), Nr. 60, S. G9 (Werner Mussler)