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Kevin Dowd
Kevin Dowd is a British economist, having research interests in private money and free banking, monetary systems and macroeconomics, financial risk measurement and management, political economy and policy analysis, and pensions and mortality modelling. Since 2012, he has been a Professor of Finance and Economics at Durham University Business School. Early life and education Dowd was born in Middlesbrough in 1958, attended St Mary's College, Middlesbrough and went to the University of Sheffield in 1977 to study economics. He holds a BA in economics from the University of Sheffield, an MA in economics from the University of Western Ontario, and a PhD in macroeconomics from the University of Sheffield. Positions held Dowd is affiliated with the Cato Institute; The Cobden Centre, the Adam Smith Institute, the Institute of Economic Affairs; the Independent Institute; and the Pensions Institute at Bayes Business School, City University. He has held previous positions with the O ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Banking
Free banking is a monetary arrangement where banks are free to issue their own paper currency ( banknotes) while also being subject to no special regulations beyond those applicable to most enterprises. In a free banking system, market forces control the total quantity of banknotes and deposits that can be supported by any given stock of cash reserves, where such reserves consist either of a scarce commodity (such as gold) or of an artificially limited stock of fiat money issued by a central bank. In the strictest versions of free banking, however, there is either no role at all for a central bank, or the supply of central bank money is supposed to be permanently "frozen". There is, therefore, no government agency acting as a monopoly "lender of last resort", leaving that to the private sector as happened in the US in the panic of 1907. Nor is there any government insurance for banknotes or bank deposit accounts. Notable supporters include Milton Friedman, Fred Foldvary, Davi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2008 Financial Crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners and financial institutions that led to the 2000s United States housing bubble, exacerbated by predatory lending for subprime mortgages and deficiencies in regulation. Cash out refinancings had fueled an increase in consumption that could no longer be sustained when home prices declined. The first phase of the crisis was the subprime mortgage crisis, which began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate, and a vast web of Derivative (finance), derivatives linked to those MBS, collapsed in value. A liquidity crisis spread to global institutions by mid-2007 and climaxed with the bankruptcy of Lehman Brothers in September 2008, which triggered a stock market crash and bank runs in several countries. The crisis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laissez-faire
''Laissez-faire'' ( , from , ) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations). As a system of thought, ''laissez-faire'' rests on the following axioms: "the individual is the basic unit in society, i.e., the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." The original phrase was ''laissez faire, laissez passer'', with the second part meaning "let (things) pass". It is generally attributed to Vincent de Gournay. Another basic principle of ''laissez-faire'' holds that markets should naturally be competitive, a rule that the early advocates of ''laissez-faire'' always emphasized. The Physiocrats were early advocates of ''laissez-faire'' and advocated for an ''impôt unique'', a tax on land rent to replace the "monstrous and crippling net ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Laidler
David Ernest William Laidler (born 12 August 1938, North Shields, England) is an English/Canadian economist who has been one of the foremost scholars of monetarism. He published major economics journal articles on the topic in the late 1960s and early 1970s. His book, ''The Demand for Money'', was published in four editions from 1969 through 1993 (with slightly altered subtitles), initially setting forth the stability of the relationship between income and the demand for money and later taking into consideration the effects of legal, technological, and institutional changes on the demand for money. The book has been translated into French, Spanish, Italian, Japanese, and Chinese. His continued work on the demand for money through the 1990s and into the 21st century (with William B. P. Robson) led to his receiving the Donner Prize in 2004 for ''Two Percent Target: Canadian Monetary Policy Since 1991'', published by the C.D. Howe Institute, with which Laidler maintains a clos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism before shifting their focus to new classical macroeconomics in the mid-1970s. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian theory" began with his interpretation of consumption, which tracks how consumers spend. He introduced a theory w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetarists
Monetarism is a school of thought in monetary economics that emphasizes the role of policy-makers in controlling the amount of money in circulation. It gained prominence in the 1970s, but was mostly abandoned as a direct guidance to monetary policy during the following decade because of the rise of inflation targeting through movements of the official interest rate. The monetarist theory states that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy. Phillip Cagan, 1987. "Monetarism", '' The New Palgrave: A Dictionary of Economics'', v. 3, Reprinted in John Eatwell et al. (1989), ''Money: The New Palgrave'', pp. 195–205, 492–97. Monetarism is commonly associated with neoliberalism. Monetarism is mainly associated ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quantity Theory Of Money
The quantity theory of money (often abbreviated QTM) is a hypothesis within monetary economics which states that the general price level of goods and services is directly proportional to the amount of money in circulation (i.e., the money supply), and that the causality runs from money to prices. This implies that the theory potentially explains inflation. It originated in the 16th century and has been proclaimed the oldest surviving theory in economics. According to some, the theory was originally formulated by Renaissance mathematician Nicolaus Copernicus in 1517, whereas others mention Martín de Azpilcueta and Jean Bodin as independent originators of the theory. It has later been discussed and developed by several prominent thinkers and economists including John Locke, David Hume, Irving Fisher and Alfred Marshall. Milton Friedman made a restatement of the theory in 1956 and made it into a cornerstone of monetarist thinking. The theory is often stated in terms of the equat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold Standard
A gold standard is a backed currency, monetary system in which the standard economics, economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves. Historically, the silver standard and bimetallism have been more common than the gold standard. The shift to an international monetary system based on a gold standard reflected accident, network externalities, and path dependence. Great Britain accidentally adopted a ''de facto'' gold standard in 1717 when Isaac Newton, then-master of the Royal Mint, set the exchange rate of silver to gold too low, thus causing silver coins to go out of circulation. As Great Britain became the w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
E-gold
E-gold or eGold was a digital gold currency operated by Gold & Silver Reserve Inc. (G&SR) that allowed users to make payments, which it called "spends", in grams of gold, silver, and other precious metals. E-gold was launched in 1996 and grew to five million accounts by 2009, when transfers were suspended due to legal issues. At its peak in 2006, e-gold processed more than US$2 billion worth of spends per year, backed by over 85 million worth of gold, about . e-gold Ltd. was incorporated in Nevis, Saint Kitts and Nevis, and its operations were based in Florida. Beginnings E-gold was founded by Douglas Jackson, a radiation oncologist, and Barry Downey, an attorney, in 1996. The pair originally backed e-gold accounts with gold coins stored in a safe deposit box in Melbourne, Florida. When e-gold was at its peak, the company stored its gold and platinum in bank vaults in London and Dubai. By 1998, G&SR was an affiliate member of NACHA and a full member of NACHA's Internet council ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liberty Dollar (private Currency)
The American Liberty Dollar (ALD) was a private currency produced in the United States. The currency was issued in minted metal rounds (similar to coins), gold and silver certificates, and electronic currency (eLD). ALD certificates are "warehouse receipts" for real gold and silver owned by the bearer. According to court documents, there were about 250,000 holders of Liberty Dollar certificates. The metal was warehoused at Sunshine Minting in Coeur d'Alene, Idaho prior to a November 2007 raid by the Federal Bureau of Investigation (FBI) and the U.S. Secret Service (USSS). Until July 2009, the Liberty Dollar was distributed by Liberty Services (formerly known as "National Organization for the Repeal of the Federal Reserve and the Internal Revenue Code" or NORFED), based in Evansville, Indiana. It was created by Bernard von NotHaus, the founder of the Cannabis Spiritual Center in Malibu, California, and the co-founder of the Royal Hawaiian Mint Company. In May 2009, von NotHa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lender Of Last Resort
In public finance, a lender of last resort (LOLR) is a financial entity, generally a central bank, that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facilities or such sources have been exhausted. It is, in effect, a government guarantee to provide liquidity to financial institutions. Since the beginning of the 20th century, most central banks have been providers of lender of last resort facilities, and their functions usually also include ensuring liquidity in the international markets in general. The objective is to prevent economic disruption as a result of financial panics and bank runs spreading from one bank to the others due to a lack of liquidity in the first one. There are varying definitions of a lender of last resort, but a comprehensive one is that it is "the discretionary provision of liquidity to a financial institution (or the market as a wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
