Bank lending ‘manias’ in theory and history

Journal of Financial Services Research - Tập 6 - Trang 169-186 - 1992
George Selgin1
1Department of Economics, University of Georgia, Athens, USA

Tóm tắt

A popular view of banking crises sees them as consequences of prior bank lending “manias.” Such manias are supposed to be especially likely in legally unrestricted banking systems, where banks can issue notes and are not subject to statutory reserve requirements. Here it is argued that the bank lending mania hypothesis (1) exaggerates the role of subjective factors, including bankers' “confidence” or “optimism,” as a stimulus to bank lending, and (2) is not supported by evidence from past, legally unrestricted banking systems.

Tài liệu tham khảo

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