Ir para o menu de navegação principal Ir para o conteúdo principal Ir para o rodapé
##common.pageHeaderLogo.altText##

Ensaios & Insights

v. 9 (2021): Publicação Contínua

Em defesa do free banking fracionário: De volta aos fundamentos

DOI
https://doi.org/10.30800/mises.2021.v9.1361
Enviado
agosto 17, 2020
Publicado
2021-02-21

Resumo

O artigo retoma a discussão austríaca entre os chamados fracionários e reservistas (1994 - 2005) e a discussão relacionada sobre o problema de correspondência incorreta de maturidade (2009 - 2019). A diferença do artigo está no enfoque nos argumentos fundamentais: visão ontológica sobre moedas como produtos bancários (IOUs) e dinheiro, a questão do poder de compra do dinheiro e o problema do descasamento de prazos. O artigo mostra a atividade bancária como uma superestrutura evolutiva vital que os humanos usam para descobrir a utilização marginal dos recursos de capital existentes. Afirma-se que a superestrutura bancária efetivamente descobre a coincidência dos juros monetários com os níveis naturais de juros e as preferências temporais da sociedade. A tese defende a superioridade do free banking fracionário sobre o reservista. Será mostrado que o free banking fracionário, em sua forma teórica, não é baseado em violações de direitos de propriedade e não causa ciclos econômicos de expansão e contração sistemáticos além daqueles relacionados a erros naturais de negócios.

Referências

  1. BAGUS, P.; HOWDEN, D., The Term Structure of Savings, the Yield Curve, and Maturity Mismatching. The Quarterly Journal of Austrian Economics, p. 64–85, 2010.
  2. BAGUS, P.; HOWDEN, D.; HUERTA DE SOTO, J. Ballester, J. Entrepreneurial Error Does Not Equal Market Failure. J. Bus. Ethics, v. 149, p. 433–441, 2018.
  3. BAGUS, Philipp; HOWDEN, David. The Legitimacy of Loan Maturity Mismatching: A Risky, but Not Fraudulent, Undertaking. Journal of Business Ethics, v. 90, n. 3, p. 399–406, 2009.
  4. BAGUS, Philipp. Austrian Business Cycle Theory: Are 100 Percent Reserves Sufficient to Prevent a Business Cycle?. Libertarian Papers, v. 2, n. 2, 2010.
  5. BARNETT, W.; BLOCK, W. E. Time Deposits, Dimensions and Fraud. Journal of Business Ethics, 2009a.
  6. BARNETT, W.; BLOCK, W. E. Crash and Carry: Financial Intermediaries, the Intertemporal-Carry Trade and Austrian Business Cycles. Ethics & Politics, p. 455–469, 2009b.
  7. BARNETT, W.; BLOCK, W. E Maturity Mismatching and Market Failure. J Bus Ethics, v. 142, p. 313–323, 2017.
  8. BARNETT, W.; BLOCK, W. E. Maturity mismatching, ethics and economics: Rejoinder to Bagus, Howden and
  9. Huerta de Soto. Procesos de Mercado: Revista Europea de Economía Política, v. 14, n. 2, 2017, p. 51-81, 2017.
  10. BRIAN, Jeon. Sixteenth Century Spanish Fiscal Mismanagement and Debtor Emperors. An Economic History Review of Spain under Charles V in 1528 and under Philip II in 1575. Available: https://kilthub.cmu.edu/articles/Sixteenth_Century_Spanish_Fiscal_Mismanagement_and_Debtor_Emperors_An_Economic_History_Review_of_Spain_under_Charles_V_in_1528_and_under_Philip_II_in_1575/6686372. Acessed: Jan 27 2020.
  11. CACHANOSKY, N. Mises on fractional reserves a review on Huerta de Soto’s argument. New Perspectives on Political Economy, v.7, n. 2, 2011. Available: http://www.cevroinstitut.cz/upload/ck/files/Casopisy_clanky/12_05_NPPE_Vol7_06.pdf. Acessed: Jan 27 2020.
  12. DAVIDSON. L. The Economic Consequences of Loan Maturity Mismatching in the Unhampered Economy. Quarterly Journal of Austrian Economics. v. 17, n. 1, 2014.
  13. EINZIG, P. Primitive Money: In its Ethnological, Historical and Economic Aspects. London: Pergamon, 2014.
  14. HAYEK, F. A. The Use of Knowledge in Society. American Economic Review, v. 35, n. 4, 1945.
  15. HÜLLSMANN, J. G. Has Fractional-Reserve Banking Really Passed the Market Test? The Independent Review, v. 7, n. 3, 2003. Available: http://www.independent.org/publications/tir/article.asp?id=90. Acessed: Jan 27 2014.
  16. HÜLLSMANN, J. G. Legal Tender Laws and Fractional-Reserve Banking. The Journal of Libertarian Studies, v. 18, n. 3, 2004. Available: https://mises.org/library/legal-tender-laws-and-fractional-reserve-banking-0. Acessed: Jan 27 2014.
  17. HÜLLLSMANN, J. G. Banks cannot create money. The Independent Review, v. 10, n. 1, 2000.
  18. HÜLLSMANN, J. G. On the Stabilizing Effects of Fractional - Reserve Banking. Posted: Jan. 31, 2014. Available: https://oll.libertyfund.org/pages/misestmc#conversation. Acessed: Jan 27 2020.
  19. HÜLLSMANN, J. G. What Mises Said. Posted, Jan. 16, 2014. Available: https://oll.libertyfund.org/pages/misestmc#conversation. Acessed: Jan 27 2020.
  20. HUMMEL, Jeffrey Rogers. Reply to George Selgin on Austrian Business Cycle Theory. Posted: Feb. 6, 2014. Available: https://oll.libertyfund.org/pages/misestmc#conversation. Acessed: Jan 27 2020.
  21. HUMMEL, Jeffrey Rogers. Fractional Reserve Banking and Austrian Business Cycle Theory. Posted: Jan, 27, 2014. Available: https://oll.libertyfund.org/pages/misestmc#conversation. Acessed: Jan 27 2020.
  22. KINSELA, S. The Great Fractional Reserve/Freebanking Debate. Debate, 2016. Available: http://www.stephankinsella.com/2016/01/the-great-fractional-reservefreebanking-debate/. Acessed: Jan 27 2020.
  23. KINSELA, S. Mises, Rothbard, and Hoppe on the Original Sin. Distribution of Property Rights, 2014. Available: http://www.stephankinsella.com/2014/10/mises-rothbard-and-hoppe-on-the-original-sin-in-the-distributionof-property-rights/. Acessed: Jan 27 2014.
  24. LATHAM, K. Dr. Hülsmann and the Pure Time Preference Theory of Interest, 2015. Available: http://csinvesting.org/wp-content/uploads/2015/04/latham_interesttheory.pdf. Acessed: Jan 27 2014.
  25. LAWSON, Tony. Ontology and the Study of Social Reality: emergence, organisation, community, power, social relations, corporations, artefacts and money. New York: Routledge, 2019.
  26. MCLEAY, M. Radia, A. THOMA, R. Money creation in the modern economy. Quarterly Bulletin, 2014. Available: https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy. Acessed: Jan 27 2020.
  27. MENGER, K. Principles of Economics. Auburn: Ludwig von Mises Institute, 2007.
  28. MISES, L. Economic Calculation in the Socialist Commonwealth. Auburn: Ludwig von Mises Institute, 1990.
  29. MISES, L. Human Action. Scholar edition. Auburn: Ludwig Von Mises Institute, 1998 [1949].
  30. MISES, L. The Theory of Money and Credit. New Haven: Yale University Press, 1953. Available: https://mises.org/library/theory-money-and-credit. Acessed: Jan 27 2020.
  31. MURPHY, R. Unanticipated Intertemporal Change in Theories of Interest. Disertation work. New York University, 2003. Available: http://consultingbyrpm.com/uploads/Dissertation.pdf. Acessed: Jan 27 2020.
  32. NĚMEC, P., POTUŽÁK, P. Loan Maturity Mismatching and the Natural Yield Curve. Working Paper. Unpublished, 2019.
  33. NORTH, G. The Regression Theory as Conjectural History. Auburn: Ludwig von Mises Institute, 2012.
  34. PAVLÍK, Ján. Austrian Economics and the Problems of Apriorism. E-Logos: Electronic Journal for Philosophy, v. 13, p. 1–73, 2006.
  35. GRAEBER, D. Debt. The First 5000 Years. New York: Melville House, 2011.
  36. GUNNING, J. Patrick. Interest: In Defense of Mises. The Quarterly Journal of Austrian Economics, v. 8, n.3, 2005.
  37. HANSEN, Kristoffer. The Menger-Mises Theory of the Origin of Money - Conjecture or Economic Law. Quarterly Journal of Austrian Economics, v. 22, 2019.
  38. HAYEK, F. A. Economics and Knowledge. Auburn: Mises Institute, 1937.
  39. HERBERNER, J. M. Time Preference Theory of Interest and Its Enemies Lecture. Auburn: Video channel: Mises media, 2011. Available: https://www.youtube.com/watch?v=0fo2QcvE2Rw. Acessed: Jan 27 2020.
  40. HOPPE, H. How is Fiat Money Possible? or, The Devolution of Money and Credit. The Review of Austrian Economics, v. 7, n. 2, 1994. Available: https://mises.org/library/how-fiat-money-possible-or-devolution-moneyand-credit. Acessed: Jan 27 2020.
  41. HOPPE, H. H. The Misesian Case against Keynes. In: SKOUSEN, M. Dissent on Keynes: A Critical Appraisal of Keynesian Economics. Praeger Publishers. Ludwig von Mises Institute, 1992. Available: https://mises.org/library/misesian-case-against-keynes#i3. Acessed: Jan 27 2020.
  42. HOPPE, H-H; HÜLLSMANN, J; BLOCK, W. Against Fiduciary Media. Quarterly Journal of Austrian Economics, v. 1, n. 1, 1998.
  43. HOROWITZ, S. The Sensory Order and Organizational Learning. The Social Science of Hayek’s ‘The Sensory Order’ (Advances in Austrian Economics). Bingley: Emerald Publishing, 2010.
  44. HUERTA DE SOTO, J. A Critical Analysis of Central Banks and Fractional-Reserve Free Banking from the Austrian School Perspective. The Review of Austrian Economics, v. 8, n. 2, 1995. Available: https://mises.org/system/tdf/rae8_2_2_2.pdf?file=1&type=document. Acessed: Jan 27 2020.
  45. HÜLLSMANN, J. G. A Theory of Interest. The quarterly journal of Austrian Economics, v. 5, n. 4, 2002. Available: https://mises-media.s3.amazonaws.com/qjae5_4_7.pdf?file=1&type=document. Acessed: Jan 27 2014.
  46. HÜLLSMANN, J. G. Free Banking and the Free Bankers. Review of Austrian Economics, v. 9, n. 1, p. 3-54, 1996. Available: https://mises.org/library/free-banking-and-free-bankers. Acessed: Jan 27 2014.
  47. POŠVANC, M. Prečo sa stalo peniazmi zlato a nie voda. Aký druh evolúcie nás čaká kvôli krypto-technológiám? [Why gold became money, and water did not. What kind of evolution can we expect to emerge from cryptotechnologies?]. Working article. Available: https://www.hayek.sk/why-gold-became-money-and-water-did-notwhat-kind-of-evolution-can-we-expect-to-emerge-from-crypto-technologies/. Acessed: Jan 1 2018.
  48. POŠVANC, M. Evolutionary possibilities of the emergence of economic calculation. Working paper, 2019a. Available: https://www.researchgate.net/publication/340183556_Evolutionary_possibilities_of_the_emergence_of_economic_calculation. Acessed: Jan 27 2020.
  49. POŠVANC, M. The Theory of Interest. Revision of the Austrian Approach. Monograph version. Working manuscript, 2020a. Available: https://www.researchgate.net/publication/338595641_The_Theory_of_Interest_Revision_of_Austrian_Approach_monograph_version. Acessed: Jan 27 2020.
  50. POŠVANC, M. Regression Theorem -The Objectivist Part of the Austrian (Subjectivist) Theory. Working Paper, 2020b. Available: https://www.researchgate.net/publication/340234197_Regression_Theorem_-The_Objectivist_
  51. Part_of_the_Austrian_Subjectivist_Theory. Acessed: Jan 27 2020.
  52. POŠVANC, M. A Brief Explanation of the Price of Money. Papers ssrn, 2020c. Working paper. Available: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3562493. Acessed: Mar 27 2020.
  53. POŠVANC, M. Problem of Indifference and Choice. Paper ssrn, 2019b. Available: https://ssrn.com/abstract=3499677. Acessed: Nov 21 2020.
  54. POTUŽÁK, P. Capital and the monetary business cycle theory: Essays on the Austrian theory of capital,interest, and business cycle. Doctoral Thesis, 2016. Available: https://vskp.vse.cz/49157_capital_and_the_monetary_business_cycle_theory_essays_on_the_austrian_theory_of_capital_interest_and_business_cycle; Acessed: Jan 27 2014.
  55. ROTHBARD, M. Man, Economy, and State. Auburn: Mises Institute, 2004.
  56. SALERNO. J. T. White contra Mises on Fiduciary Media. Mises Daily Articles, 2010. Available: https://mises.org/library/white-contra-mises-fiduciary-media. Acessed: Jan 27 2014.
  57. SARGENT, T. J. The Ends of Four Big Inflations. Working paper 158. PASC File 2700. Minnesota: Federal Reserve Bank of Minneapolis and University of Minnesota, 1981. Available: https://www.minneapolisfed.org/research/wp/wp158.pdf. Acessed: Jan 27 2014.
  58. SELGIN, G. Should We Let Banks Create Money? The Independent Review, v. 5, n. 1, Summer, 2000. Available: http://www.independent.org/pdf/tir/tir_05_1_selgin.pdf. Acessed: Jan 27 2014.
  59. SELGIN, G; WHITE, L. In defence of Fiduciary media – or, We are Not Devo(lutionists): We are Misesians. The Review of Austrian Economics, v. 9, n. 2, 1996. Available: https://mises.org/library/defense-fiduciarymedia%E2%80%94or-we-are-not-devolutionists-we-are-misesians. Acessed: Jan 27 2014.
  60. SELGIN, George. Reading off the Page. Posted: Jan. 16, 2014. Available: https://oll.libertyfund.org/pages/misestmc#conversation. Acessed: Jan 27 2014.
  61. SELGIN, George. The Demand for Money Also Matters. Posted: Jan. 28, 2014. Available: https://oll.libertyfund.org/pages/misestmc#conversation. Acessed: Jan 27 2014.
  62. SELGIN, George. Unhelpful Labels: Reply to Hummel. Posted: Feb. 7, 2014. Available: https://oll.libertyfund.org/pages/misestmc#conversation. Acessed: Jan 27 2014.
  63. SELGIN, G. Theory of Free Banking. 1998. Available: https://oll.libertyfund.org/titles/selgin-the-theory-of-freebanking-money-supply-under-competitive-note-issue. Acessed: Jan 27 2014.
  64. WHITE, L. Accounting for Fractional-Reserve Banknotes and Deposits—or, What’s Twenty Quid to the Bloody Midland Bank? The Independent Review, v. 7, n. 3, Winter, 2003. Available: http://www.independent.org/pdf/tir/tir_07_3_white.pdf. Acessed: Jan 27 2014.
  65. WHITE, Lawrence H. A Response to Hülsmann, Hummel, and Selgin. Posted: Jan. 15, 2014]. Available: https://oll.libertyfund.org/pages/misestmc#conversation. Acessed: Jan 27 2014.
  66. WHITE, Lawrence H. Ludwig von Mises’s The Theory of Money and Credit at 101. Available: https://oll.libertyfund.org/pages/misestmc. Acessed: Jan 27 2014.
  67. WHITE, Lawrence H. Further Remarks on Hülsmann and Hummel. Available: https://oll.libertyfund.org/pages/misestmc#conversation. Posted: Jan 27 2014.
  68. WICKSELL, K. Interest and Prices. Originally published in 1898. Translation published by the Royal Economic Society, London. Available: https://mises.org/library/interest-and-prices. Acessed: Jan 27 2014.
  69. WYSOCKI; BLOCK. Homogeneity, Heterogeneity, the Supply Curve, and Consumer Theory. Quarterly Journal of Austrian Economics, v. 21, n. 4, p. 398–416, 2019.

Downloads

Não há dados estatísticos.