Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/185358
Authors: 
Guo, Yanling
Year of Publication: 
2018
Series/Report no.: 
Volkswirtschaftliche Diskussionsbeiträge 2018,3
Abstract: 
The first attempt in the human history to consciously create money ended in a collapse in 1720, well-known as the money mania. This unfortunate start raises doubt on money creation as a whole such that today there are still voices questioning created money even though it is now indispensible for the world economy. But this misfortune also has the bright side in that it delivers an extensive example of risks which created money has to consider. In this paper, I review the central facts from the money mania and highlight lessons we can still learn from it.
Subjects: 
money mania
money creation
convertible money
non-convertible money
John Law
risk
JEL: 
B17
B19
E40
E59
N23
Document Type: 
Working Paper

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