About: Rent-Seeking Origins of Central Banks: The Case of the Federal Reserve System

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	What were the purposes for establishment of central banks? Central banks are historically relatively young organizations. Their main purposes are to regulate money supply through interest rates, regulate the banking sector and act as a lender of last resort to banking sector during the time of financial crises. Historical evidence suggests that in the second half of 19th century in the USA private clearing houses were able to provide the banking sector with similar services. In this paper, we follow such evidence and provide Public Choice explanation for establishment of central banks. On the historical example of establishment of the Federal Reserve System we show that the motivation for establishment of the Federal Reserve System might be rather political instead of economic. More precisely, we argue that the Federal Reserve System was established to allow the American Federal Government to control rent-distribution through money supply control and banking sector regulation. What were the purposes for establishment of central banks? Central banks are historically relatively young organizations. Their main purposes are to regulate money supply through interest rates, regulate the banking sector and act as a lender of last resort to banking sector during the time of financial crises. Historical evidence suggests that in the second half of 19th century in the USA private clearing houses were able to provide the banking sector with similar services. In this paper, we follow such evidence and provide Public Choice explanation for establishment of central banks. On the historical example of establishment of the Federal Reserve System we show that the motivation for establishment of the Federal Reserve System might be rather political instead of economic. More precisely, we argue that the Federal Reserve System was established to allow the American Federal Government to control rent-distribution through money supply control and banking sector regulation. (en)
Title	Rent-Seeking Origins of Central Banks: The Case of the Federal Reserve System Rent-Seeking Origins of Central Banks: The Case of the Federal Reserve System (en)
skos:prefLabel	Rent-Seeking Origins of Central Banks: The Case of the Federal Reserve System Rent-Seeking Origins of Central Banks: The Case of the Federal Reserve System (en)
skos:notation	RIV/62156489:43110/11:00170744!RIV12-MSM-43110___
http://linked.open...avai/riv/aktivita	Z
http://linked.open...avai/riv/aktivity	Z(MSM6215648904)
http://linked.open...vai/riv/dodaniDat	2012
http://linked.open...aciTvurceVysledku	Otáhal, Tomáš
http://linked.open.../riv/druhVysledku	O - Ostatní výsledky nezařaditelné do žádného z výše uvedených druhů výsledku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Mendelova univerzita v Brně / Provozně ekonomická fakulta
http://linked.open...dnocenehoVysledku	226565
http://linked.open...ai/riv/idVysledku	RIV/62156489:43110/11:00170744
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	Federal Reserve System, financial markets institutions, historical example, rent-seeking (en)
http://linked.open.../riv/klicoveSlovo	financial markets institutions historical example rent-seeking Federal Reserve System
http://linked.open...ontrolniKodProRIV	[055CAF19E453]
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	1 (xsd:int)
http://linked.open...UplatneniVysledku	2011
http://linked.open...iv/tvurceVysledku	Otáhal, Tomáš
http://linked.open...n/vavai/riv/zamer	The Czech Economy in the Process of Integration and Globalisation, and the Development of Agricultural Sector and the Sector of Services under the New Conditions of the Integrated European Market
http://localhost/t...ganizacniJednotka	43110

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