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Author: Ronnie J. Phillips
Publisher: M.E. Sharpe
ISBN: 9781563244698
Category : Business & Economics
Languages : en
Pages : 254
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Book Description
This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.
Author: Ronnie J. Phillips
Publisher: M.E. Sharpe
ISBN: 9781563244698
Category : Business & Economics
Languages : en
Pages : 254
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Book Description
This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.
Author: Ronnie J. Phillips
Publisher: Routledge
ISBN: 1315286637
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.
Author: Mr.Jaromir Benes
Publisher: International Monetary Fund
ISBN: 1475505523
Category : Business & Economics
Languages : en
Pages : 71
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Book Description
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Author: Ronnie J. Phillips
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
During the 1930s, there were numerous proposals put forth to modify the financial system. The "Chicago Plan," submitted in 1933 by economists at the University of Chicago, recommended abolition of the fractional reserve system and imposition of 100% reserves on demand deposits. Despite the radical nature of this proposal, Phillips argues that it played an important, and hitherto neglected, role in the banking legislation passed during the New Deal. The paper addresses the question of whether our present financial problems might have been avoided had the - "Chicago Plan" been fully implemented during the New Deal. Phillips provides a historical analysis of banking reform during that era, and explores the reasons why the Chicago Plan was not adopted. On the surface, it appears to have been defeated as a matter of pure political expediency. The Banking Act of 1935, by institutionalizing Federal deposit insurance and the separation of commercial and investment banking, successfully restored the public's confidence in the banking system. Moreover, Roosevelt was satisfied since the act permitted enhanced control over monetary policy by a reconstituted Federal Reserve. The Chicago Plan ultimately succumbed to alternative (and less stringent) measures embodied in the Banking Act of 1935, but its principles (e.g. restricting bank assets and limiting taxpayers' liability from Federal deposit insurance) have reemerged in the contemporary debate over banking reform in this country: after all, there has been a rejuvenation of the 100% reserve plan via "narrow banking" or "core banking" proposals. Though the early New Deal legislation must be considered a success since it remained relatively unchanged for almost fifty years, a formidable challenge is posed in devising a financial system that will last well into the twenty-first century.
Author: Christopher W. Shaw
Publisher: University of Chicago Press
ISBN: 022663647X
Category : Business & Economics
Languages : en
Pages : 417
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Book Description
An “engaging and well-researched study [of] ordinary people who joined together to challenge financial institutions” (Choice). Banks and bankers are hardly the most beloved institutions and people in this country. With its corruptive influence on politics and stranglehold on the American economy, Wall Street is held in high regard by few outside the financial sector. But the pitchforks raised against this behemoth are largely rhetorical: We rarely see riots in the streets or public demands for an equitable and democratic banking system that result in serious national changes. Yet the situation was vastly different a century ago, as Christopher W. Shaw shows. This book upends the conventional thinking that financial policy in the early twentieth century was set primarily by the needs and demands of bankers. Shaw shows that banking and politics were directly shaped by the literal and symbolic investments of the grassroots. This engagement remade financial institutions and the national economy, through populist pressure and the establishment of federal regulatory programs and agencies like the Farm Credit System and the Federal Deposit Insurance Corporation. Shaw reveals the surprising groundswell behind seemingly arcane legislation, as well as the power of the people to demand serious political repercussions for the banks that caused the Great Depression. One result of this sustained interest and pressure was legislation and regulation that brought on a long period of relative financial stability, with a reduced frequency of economic booms and busts. Ironically, this stability led to the decline of the very banking politics that brought it about. Giving voice to a broad swath of American figures, including workers, farmers, politicians, and bankers alike, Money, Power, and the People recasts our understanding of what might be possible in balancing the needs of the people with those of their financial institutions.
Author: Jim Powell
Publisher: Crown
ISBN: 030742071X
Category : History
Languages : en
Pages : 354
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Book Description
The Great Depression and the New Deal. For generations, the collective American consciousness has believed that the former ruined the country and the latter saved it. Endless praise has been heaped upon President Franklin Delano Roosevelt for masterfully reining in the Depression’s destructive effects and propping up the country on his New Deal platform. In fact, FDR has achieved mythical status in American history and is considered to be, along with Washington, Jefferson, and Lincoln, one of the greatest presidents of all time. But would the Great Depression have been so catastrophic had the New Deal never been implemented? In FDR’s Folly, historian Jim Powell argues that it was in fact the New Deal itself, with its shortsighted programs, that deepened the Great Depression, swelled the federal government, and prevented the country from turning around quickly. You’ll discover in alarming detail how FDR’s federal programs hurt America more than helped it, with effects we still feel today, including: • How Social Security actually increased unemployment • How higher taxes undermined good businesses • How new labor laws threw people out of work • And much more This groundbreaking book pulls back the shroud of awe and the cloak of time enveloping FDR to prove convincingly how flawed his economic policies actually were, despite his good intentions and the astounding intellect of his circle of advisers. In today’s turbulent domestic and global environment, eerily similar to that of the 1930s, it’s more important than ever before to uncover and understand the truth of our history, lest we be doomed to repeat it.
Author: William J. Barber
Publisher: Cambridge University Press
ISBN: 9780521367370
Category : Biography & Autobiography
Languages : en
Pages : 256
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Book Description
This book examines Hoover's record as secretary of commerce (1921-9) and economic policy during his Presidency (1929-33).
Author: Michael Grunwald
Publisher: Simon and Schuster
ISBN: 1451642326
Category : Biography & Autobiography
Languages : en
Pages : 511
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Book Description
A riveting story about change in the Obama era--and an essential handbook forvoters who want the truth about the president, his record, and his enemies by"TIME" senior correspondent Grunwald.
Author: Frederick Soddy
Publisher: London : G. Allen & Unwin
ISBN:
Category : Currency question
Languages : en
Pages : 328
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Book Description
Author: José Antonio González
Publisher: University of Chicago Press
ISBN: 0226302687
Category : Business & Economics
Languages : en
Pages : 458
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Book Description
Hidden behind a number of economic crises in the mid- to late 1990s-including Argentina's headline-grabbing monetary and political upheaval-is that fact that Latin American economies have, generally speaking, improved dramatically in recent years. Their success has been due, in large part, to macroeconomic reforms, and this book brings together prominent economists and policymakers to assess a decade of such policy shifts, highlighting both the many success stories and the areas in which further work is needed. Contributors offer both case studies of individual countries and regional overviews, covering monetary, financial, and fiscal policy. Contributors also work to identify future concerns and erect clear signposts for future reforms. For instance, now that inflation rates have been stabilized, one suggested "second stage" monetary reform would be to focus on reducing rates from high to low single digits. Financial sector reforms, it is suggested, should center on improving regulation and supervision. And, contributors argue, since fiscal stability has already been achieved in most countries, new fiscal reforms need to concentrate on institutionalizing fiscal discipline, improving the efficiency and equity of tax collection, and modifying institutional arrangements to deal with increasingly decentralized federal systems. The analysis and commentary in this volume-authored not only by academic observers but by key Latin American policymakers with decades of firsthand experience-will prove important to anyone with an interest in the future of Latin American's continuing economic development and reform. Contributors to this volume: José Antonio González, Stanford University Anne O. Krueger, International Monetary Fund Vittorio Corbo, Pontifical Catholic University, Chile Klaus Schmidt-Hebbel, Central Bank of Chile Alejandro Werner, Bank of Mexico Márcio G. P. Garcia, Pontifical Catholic University, Rio Tatiana Didier, World Bank Gustavo H. B. Franco, former president, Central Bank of Brazil Francisco Gil Díaz, Minister of the Treasury, Mexico Roberto Zahler, former governor, Central Bank of Chile Ricardo J. Caballero, Massachusetts Institute of Technology Philip L. Brock, University of Washington Stephen Haber, Stanford University Pablo E. Guidotti, Universidad Torcuato Di Tella, Buenos Aires Vito Tanzi, International Monetary Fund Enrique Dávila, Ministry of Finance, Mexico Santiago Levy, Mexican Social Security Institute Ricardo Fenochietto, private consultant, Buenos Aires Rogério L. F. Werneck, Pontifical Catholic University, Rio Carola Pessino, Universidad Torcuato di Tella, Buenos Aires Michael Michaely, Hebrew University of Jerusalem
