Regulated free banking in Switzerland (1881–1907)

Abstract The free-banking history of Switzerland is subdivided into periods with unfettered competition (1826–1881), and strict banknote regulation (1881–1907). This paper suggests that the Federal Banknote Act of 1881 was introduced to remedy the fragmentation of the unfettered-competition period,...

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Autor principal:	Nils Herger
Formato:	article
Lenguaje:	EN
Publicado:	SpringerOpen 2021
Materias:	Central bank Free banking Note-issuing bank Switzerland Statistics HA1-4737 Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/208ad7cab1274028ba9c4ba1ce22bfc3
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spelling	oai:doaj.org-article:208ad7cab1274028ba9c4ba1ce22bfc32021-11-14T12:08:45ZRegulated free banking in Switzerland (1881–1907)10.1186/s41937-021-00078-w2235-6282https://doaj.org/article/208ad7cab1274028ba9c4ba1ce22bfc32021-11-01T00:00:00Zhttps://doi.org/10.1186/s41937-021-00078-whttps://doaj.org/toc/2235-6282Abstract The free-banking history of Switzerland is subdivided into periods with unfettered competition (1826–1881), and strict banknote regulation (1881–1907). This paper suggests that the Federal Banknote Act of 1881 was introduced to remedy the fragmentation of the unfettered-competition period, during which private note-issuing banks were unable to issue standardised paper money. Although the corresponding minimum-reserve and mutual-acceptance rules led to a standardisation, they created new problems. For example, these regulatory interventions reduced the flexibility (or “elasticity”) of the paper-money supply. It turned out that a central note-issuing bank is needed to supply adequate amounts of standardised banknotes.Nils HergerSpringerOpenarticleCentral bankFree bankingNote-issuing bankSwitzerlandStatisticsHA1-4737Economics as a scienceHB71-74ENSwiss Journal of Economics and Statistics, Vol 157, Iss 1, Pp 1-12 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Central bank Free banking Note-issuing bank Switzerland Statistics HA1-4737 Economics as a science HB71-74
spellingShingle	Central bank Free banking Note-issuing bank Switzerland Statistics HA1-4737 Economics as a science HB71-74 Nils Herger Regulated free banking in Switzerland (1881–1907)
description	Abstract The free-banking history of Switzerland is subdivided into periods with unfettered competition (1826–1881), and strict banknote regulation (1881–1907). This paper suggests that the Federal Banknote Act of 1881 was introduced to remedy the fragmentation of the unfettered-competition period, during which private note-issuing banks were unable to issue standardised paper money. Although the corresponding minimum-reserve and mutual-acceptance rules led to a standardisation, they created new problems. For example, these regulatory interventions reduced the flexibility (or “elasticity”) of the paper-money supply. It turned out that a central note-issuing bank is needed to supply adequate amounts of standardised banknotes.
format	article
author	Nils Herger
author_facet	Nils Herger
author_sort	Nils Herger
title	Regulated free banking in Switzerland (1881–1907)
title_short	Regulated free banking in Switzerland (1881–1907)
title_full	Regulated free banking in Switzerland (1881–1907)
title_fullStr	Regulated free banking in Switzerland (1881–1907)
title_full_unstemmed	Regulated free banking in Switzerland (1881–1907)
title_sort	regulated free banking in switzerland (1881–1907)
publisher	SpringerOpen
publishDate	2021
url	https://doaj.org/article/208ad7cab1274028ba9c4ba1ce22bfc3
work_keys_str_mv	AT nilsherger regulatedfreebankinginswitzerland18811907
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Regulated free banking in Switzerland (1881–1907)

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