2009 Fiscal Year Final Research Report

Inquiry into the Currency Reforms and the Banking System Reforms in the Controversy between Central Banking and Free Banking

Research Project

Project/Area Number	18530144
Research Category	Grant-in-Aid for Scientific Research (C)
Allocation Type	Single-year Grants
Section	一般
Research Field	Economic doctrine/Economic thought
Research Institution	Rikkyo University (2008-2009) University of Yamanashi (2006-2007)
Principal Investigator	OTOMO Toshiaki Rikkyo University, 経済学部, 教授 (90194224)
Project Period (FY)	2006 – 2009
Keywords	フリーバンキング / セントラルバンキング / 通貨論争 / 中央銀行 / 信用恐慌
Research Abstract	First, I analyzed how J.W.Gilbart and T.Tooke criticized Palmer's rule, which was means for controlling the amount of currency by the Bank of England in the1830s. In particular, I compared their opinions about how its open market operation affected the money market. Second, Tooke said that the speculation by the possessors of monied capital caused the 1825 crisis. I considered the mechanism of his "Wave Transfer Theory of Monied Capital" that brought about the crisis. This was based on differential in the money market between the rates available on national debt and riskier assets.

(4 results)