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Currency Competition and Endogenous Money: Experiences from the Suffolk System, 1819–1858

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Foundations of European Central Bank Policy

Part of the book series: Studies in Contemporary Economics ((CONTEMPORARY))

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Abstract

This article studies competing currencies in Massachusetts under the so-called Suffolk Clearing System, 1819–1858. It provides information on the operation of a monetary system in which banks competitively issued bank notes, serving as the media of exchange and convertible into a monetary commodity (gold or silver). The article contributes to the general reconsideration of the need for outside bodies to intervene and regulate market forces in the financial system by exploring the consequences of laissez-faire in the supply of bank money.

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Author information

Authors and Affiliations

  1. European University Institute, Firenze, Italy

    Stephan L. Kalb

Authors
  1. Stephan L. Kalb
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Editor information

Editors and Affiliations

  1. Johann Wolfgang Goethe-Universität, Zeppelinallee 29, D-60325, Frankfurt/Main, Germany

    Wolfgang Gebauer (Professur für Geld und Währung) (Professur für Geld und Währung)

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© 1993 Springer-Verlag Berlin Heidelberg

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Kalb, S.L. (1993). Currency Competition and Endogenous Money: Experiences from the Suffolk System, 1819–1858. In: Gebauer, W. (eds) Foundations of European Central Bank Policy. Studies in Contemporary Economics. Physica, Heidelberg. https://doi.org/10.1007/978-3-642-50302-3_5

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  • DOI: https://doi.org/10.1007/978-3-642-50302-3_5

  • Publisher Name: Physica, Heidelberg

  • Print ISBN: 978-3-7908-0690-8

  • Online ISBN: 978-3-642-50302-3

  • eBook Packages: Springer Book Archive

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