Private Money: The Path to Monetary Stability (Hobart - download pdf or read online

By Kevin Dowd

ISBN-10: 0255362161

ISBN-13: 9780255362160

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Extra info for Private Money: The Path to Monetary Stability (Hobart Papers)

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Firesale' Losses It is possible that if there was some doubt about the soundness of the bank experiencing a run it would find it difficult to borrow. It might find that funds could be raised only by selling its assets. If deposit withdrawals were sufficiently large, it might be forced to sell its assets at a substantial discount on their normal market value. It would then suffer 'firesale' losses. A soundly run bank would normally anticipate this danger, and maintain a sufficiently strong capital base.

For the sake of argument, assume that this is gold. Since the price of bank notes in terms of gold would normally be fixed, the higher relative demand for gold would spill over into the 'overnight' gold market-the market for gold to be delivered in the [35] immediate future. Those who wanted gold would still be able to obtain it-provided they were prepared to pay the higher market-clearing price-while the rise would constitute a considerable inducement for those who had gold to lend it out. In effect, the price of 'gold bills'l in the futures market would fall to discourage sales and encourage demands to buy.

To give just one example: when Franklin D. , the Bank of England was allowed to issue additional notes only if it had the equivalent value of gold in its vaults. [39] had made about the desirability of a devaluation of the dollar against gold. Many people therefore rushed to convert notes and deposits into gold to avoid the capital losses that devaluation would bring. The very threat of intervention thus set off a run even before the intervention took place. Leruier-ofLast-Resort Policy If it arises in a free market, a crisis is most effectively handled by the clearinghouse functioning as a kind of private lender of last resort.

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Private Money: The Path to Monetary Stability (Hobart Papers) by Kevin Dowd


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