Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152679
Authors: 
Holthausen, Cornelia
Monnet, Cyril
Year of Publication: 
2003
Series/Report no.: 
ECB Working Paper 245
Abstract: 
The role of money in society has been a controversial topic in economic theory over many years. Particular attention has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left to a governmental agency. This paper reviews the theoretical literature on these issues. It also gives an overview over some episodes of free banking where banks could issue currency themselves. Finally, we highlight several aspects in which today we have competition between issuers of money, namely in the international context, with electronic money, and in large value payments systems.
Subjects: 
electronic money
free banking
Money
payment systems
private money
JEL: 
E40
E41
N10
Document Type: 
Working Paper

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