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Scottish Banking before 1845: A Model for Laissez-Faire?

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  • Cowen, Tyler
  • Kroszner, Randall

Abstract

During the "free banking" era in eighteenth- and early nineteenth-century Scotland, there were a number of legal restrictions affecting the evolution of the system. Scottish banking was characterized by restrictions on small-denomination and interest-bearing notes. There were also restrictions inhibiting the development of capital markets and entry into banking. Furthermore, the Bank of England operated as a "shadow" central bank for the Scottish system. These considerations call into question the use of the Scottish banking experience as the appropriate model for laissez-faire and as evidence against the "legal restrictions theory of money" and the "new monetary economics." Copyright 1989 by Ohio State University Press.

Suggested Citation

  • Cowen, Tyler & Kroszner, Randall, 1989. "Scottish Banking before 1845: A Model for Laissez-Faire?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(2), pages 221-231, May.
    • Handle: RePEc:mcb:jmoncb:v:21:y:1989:i:2:p:221-31
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