Год выпуска: 2006
ISBN: 978-0-945466-39-0
Формат: PDF
Издательство: Ludwig von Mises Institute
Качество: eBook (изначально компьютерное)
Количество страниц: 906
Язык: Английский
Оригинальное название: Dinero, Crédito Bancario y Ciclos Económicos
Вашему вниманию представляется первое издание на английском языке (второе на испанском языке) одного из лучших учебников по банковскому делу признаного испанского автора - Jesús Huerta de Soto.  

Contents

Preface to the English-Language Edition...............xvii

Preface to the Second Spanish Edition...................xix

Introduction ..........................................xxi

Chapter 1: The Legal Nature of the Monetary

Irregular-Deposit Contract.......................1

1 A Preliminary Clarification of Terms:

Loan Contracts (Mutuum and Commodatum)

and Deposit Contracts..............................1

The Commodatum Contract.....................2

The Mutuum Contract..........................2

The Deposit Contract ...........................4

The Deposit of Fungible Goods or "Irregular" Deposit Contract..............................4

2 The Economic and social Function of irregular

Deposits ..........................................6

The Fundamental Element in the Monetary Irregular Deposit .............................7

Resulting Effects of the Failure to Comply with the Essential Obligation in the Irregular Deposit .............................9

Court Decisions Acknowledging the Fundamental Legal Principles which Govern the Monetary Irregular-Deposit Contract (100-Percent Reserve Requirement).............11

3 The Essential Differences Between the Irregular

Deposit Contract and the Monetary Loan Contract . . . .13

The Extent to Which Property Rights are Transferred in Each Contract..................13

Fundamental Economic Differences Between the Two Contracts ...........................14

Fundamental Legal Differences Between the Two Contracts...............................17

4 The Discovery by Roman Legal Experts of the

General Legal Principles Governing the Monetary Irregular-Deposit Contract .........................20

The Emergence of Traditional Legal Principles According to Menger, Hayek and Leoni ........20

Roman Jurisprudence..........................24

The Irregular Deposit Contract Under Roman Law ........................................27

Chapter 2: Historical Violations of the Legal Principles Legal Principles Governing the Monetary Irregular-Deposit Contract .......................37

1 introduction .......................................37

2 Banking in Greece and Rome .........................41

Trapezitei, or Greek Bankers....................41

Banking in the Hellenistic World ................51

Banking in Rome..............................53

The Failure of the Christian Callistus's Bank......54

The societates Argentariae ......................56

3 Bankers in the Late Middle Ages .....................59

The Revival of Deposit Banking in Mediterranean Europe........................61

The Canonical Ban on Usury and the "Depositum Confessatum"....................64

Banking in Florence in the Fourteenth Century . . . .70

The Medici Bank..............................72

Banking in Catalonia in the Fourteenth and Fifteenth Centuries: The Taula de Canvi .........75

4 Banking During the Reign of Charles V and the

Doctrine of the School of Salamanca.................78

The Development of Banking in seville ..........79

The school of salamanca and the Banking Business ....................................83

5 A New Attempt at Legitimate Banking: The Bank of

Amsterdam. Banking in the seventeenth and Eighteenth Centuries..............................98

The Bank of Amsterdam ........................98

David Hume and the Bank of Amsterdam .......102

sir James steuart, Adam smith and the Bank of Amsterdam .........................103

The Banks of sweden and England .............106

John Law and Eighteenth-Century Banking in France .....................................109

Richard Cantillon and the Fraudulent Violation of the Irregular-Deposit Contract..............111

Chapter 3: Attempts to Legally Justify

Fractional-Reserve Banking ........................115

1 introduction ......................................115

2 Why it is impossible to Equate the irregular Deposit

with the Loan or Mutuum Contract ................119

The Roots of the Confusion....................119

The Mistaken Doctrine of Common Law ........124

The Doctrine of Spanish Civil and Commercial Codes .....................................127

Criticism of the Attempt to Equate the Monetary Irregular-Deposit Contract with the Loan or Mutuum Contract...........................133

The Distinct Cause or Purpose of Each Contract . .134

The Notion of the unspoken or implicit Agreement .................................139

3 An inadequate solution: The Redefinition of the

Concept of Availability ...........................147

4 The Monetary Irregular Deposit, Transactions

with a Repurchase Agreement and Life Insurance Contracts .......................................155

Transactions with a Repurchase Agreement ......157

The Case of Life Insurance Contracts............161

Chapter 4: The Credit Expansion Process................167

1 introduction ......................................167

2 The Bank's Role as a True Intermediary in the Loan

Contract ........................................172

3 The Bank's Role in the Monetary Bank-Deposit

Contract ........................................178

4 The Effects Produced by Bankers' Use of Demand

Deposits: The Case of an Individual Bank...........182

The Continental Accounting System ............184

Accounting Practices in the English-speaking

World .....................................194

An Isolated Bank's Capacity for Credit Expansion and Deposit Creation..............200

The Case of a Very Small Bank.................208

Credit Expansion and Ex Nihilo Deposit Creation by a Sole, Monopolistic Bank.........211

5 Credit Expansion and New Deposit Creation by

the Entire Banking system ........................217

Creation of Loans in a System of Small

Banks .....................................223

6 A Few Additional Difficulties .......................231

When Expansion is initiated simultaneously by

All Banks ..................................231

Filtering Out the Money Supply From the Banking system ............................239

The Maintenance of Reserves Exceeding the Minimum Requirement......................242

Different Reserve Requirements for Different Types of Deposits...........................243

7 The Parallels Between the Creation of Deposits

and the issuance of unbacked Banknotes ...........244

8 The Credit Tightening Process.......................254

Chapter 5: Bank Credit Expansion and Its

Effects on the Economic System.....................265

1 The Foundations of Capital Theory ..................266

Human Action as a Series of Subjective stages .....................................266

Capital and Capital Goods.....................272

The Interest Rate .............................284

The Structure of Production ...................291

Some Additional Considerations ...............297

Criticism of the Measures used in National income Accounting .........................305

2 The Effect on the Productive Structure of an Increase

in Credit Financed under a Prior Increase in

Voluntary Saving ................................313

The Three Different Manifestations of the Process of Voluntary Saving..................313

Account Records of Savings Channeled into Loans .....................................315

The Issue of Consumer Loans..................316

The Effects of Voluntary Saving on the Productive Structure ........................317

First: The Effect Produced by the New Disparity in Profits Between the Different Productive Stages .....................................319

Second: The Effect of the Decrease in the Interest Rate on the Market Price of Capital Goods.....325

Third: The Ricardo Effect......................329

Conclusion: The Emergence of a New, More Capital-intensive Productive Structure ........333

The Theoretical Solution to the "Paradox of Thrift".....................................342

The Case of an Economy in Regression..........344

3 The Effects of Bank Credit Expansion Unbacked

by an Increase in Saving: The Austrian Theory or Circulation Credit Theory of the Business Cycle .....347

The Effects of Credit Expansion on the Productive Structure ........................348

The Market's Spontaneous Reaction to Credit Expansion .................................361

4 Banking, Fractional-Reserve Ratios and the Law of

Large Numbers..................................385

Chapter 6: Additional Considerations on the Theory

of the Business Cycle ...............................397

1 Why no Crisis Erupts when New Investment is Financed by Real Saving (And Not by Credit Expansion) ......................................397

2 The Possibility of Postponing the Eruption of the

Crisis: The Theoretical Explanation of the Process

of Stagflation....................................399

3 Consumer Credit and the Theory of the Cycle.........406

4 The Self-Destructive Nature of the Artificial Booms

Caused by Credit Expansion: The Theory of

"Forced Saving" .................................409

5 The Squandering of Capital, Idle Capacity and

Malinvestment of Productive Resources ............413

6 Credit Expansion as the Cause of Massive

unemployment ..................................417

7 National Income Accounting is Inadequate to Reflect

the Different Stages in the Business Cycle...........418

8 Entrepreneurship and the Theory of the Cycle.........421

9 The Policy of General-Price-Level Stabilization and

its Destabilizing Effects on the Economy ............424

10 How to Avoid Business Cycles: Prevention of and

Recovery from the Economic Crisis.................432

11 The Theory of the Cycle and Idle Resources:

Their Role in the Initial Stages of the Boom..........440

12 The Necessary Tightening of Credit in the Recession

Stage: Criticism of the Theory of "Secondary Depression" .....................................444

13 The "Manic-Depressive" Economy: The Dampening

of the Entrepreneurial Spirit and Other Negative

Effects Recurring Business Cycles Exert on the

Market Economy.................................456

14 The Influence Exerted on the Stock Market by

Economic Fluctuations ............................459

15 Effects the Business Cycle Exerts on the Banking

Sector ..........................................467

16 Marx, Hayek and the View that Economic Crises

are Intrinsic to Market Economies..................468

17 Two Additional Considerations......................474

18   Empirical Evidence for the Theory of the Cycle........476

Business Cycles Prior to the Industrial Revolution.................................479

Business Cycles From the Industrial Revolution Onward.........................482

The Roaring Twenties and the Great

Depression of 1929 ..........................487

The Economic Recessions of the Late 1970s and Early 1990s.............................494

Some Empirical Testing of the Austrian Theory of the Business Cycle.................500

Conclusion..................................503

Chapter 7: A Critique of Monetarist and

Keynesian Theories .................................509

1 Introduction ......................................509

2 A Critique of Monetarism...........................512

The Mythical Concept of Capital ...............512

Austrian Criticism of Clark and Knight .........518

A Critique of the Mechanistic Monetarist Version of the Quantity Theory of Money......522

A Brief Note on the Theory of Rational Expectations ...............................535

3 Criticism of Keynesian Economics ...................542

Say's Law of Markets .........................544

Keynes's Three Arguments On Credit Expansion .................................546

Keynesian Analysis as a Particular Theory.......553

The So-Called Marginal Efficiency of Capital.....555

Keynes's Criticism of Mises and Hayek .........557

Criticism of the Keynesian Multiplier...........558

Criticism of the "Accelerator" Principle .........565

4 The Marxist Tradition and the Austrian Theory of

Economic Cycles: The Neo-Ricardian Revolution

and the Reswitching Controversy..................571

5 Conclusion .......................................576

6 Appendix on Life Insurance Companies and Other

Non-Bank Financial Intermediaries.................584

Life Insurance Companies as True Financial Intermediaries..............................586

Surrender Values and the Money Supply........591

The Corruption of Traditional Life-insurance Principles..................................594

Other True Financial Intermediaries: Mutual Funds and Holding and Investment Companies.................................597

Specific Comments on Credit Insurance.........598

Chapter 8: Central and Free Banking Theory ...........601

1 A Critical Analysis of the Banking School.............602

The Banking and Currency Views and the School of Salamanca ........................603

The Response of the English-Speaking World to these Ideas on Bank Money................613

The Controversy Between the Currency School and the Banking School......................622

2 The Debate Between Defenders of the Central Bank

and Advocates of Free Banking ....................631

Parnell's Pro-Free-Banking Argument and the Responses of McCulloch and Longfield........632

A False Start for the Controversy Between Central Banking and Free Banking............633

The Case for a Central Bank ...................635

The Position of the Currency-School Theorists who Defended a Free-Banking System.........639

3 The "Theorem of the Impossibility of Socialism"

and its Application to the Central Bank.............647

The Theory of the Impossibility of Coordinating Society Based on Institutional Coercion or the Violation of Traditional Legal Principles ............................650

The Application of the Theorem of the Impossibility of Socialism to the Central Bank and the Fractional-Reserve Banking System ....................................651

(a) A System Based on a Central Bank Which Controls and Oversees a Network of Private Banks that

Operate with a Fractional Reserve.........654

(b) A Banking System which Operates with a 100-Percent Reserve Ratio and is Controlled by a Central Bank.............661

(c) A Fractional-Reserve Free-Banking

System .................................664

Conclusion: The Failure of Banking Legislation .................................671

4 A Critical Look at the Modern Fractional-Reserve

Free-Banking School..............................675

The Erroneous Basis of the Analysis: The Demand for Fiduciary Media, Regarded as an Exogenous Variable ......................679

The Possibility that a Fractional-Reserve Free-Banking System May Unilaterally Initiate Credit Expansion ....................685

The Theory of "Monetary Equilibrium" in Free Banking Rests on an Exclusively Macroeconomic Analysis ....................688

The Confusion Between the Concept of Saving and that of the Demand for Money............694

The Problem with Historical Illustrations of Free-Banking Systems.......................701

Ignorance of Legal Arguments .................706

5  Conclusion: The False Debate between Supporters of Central Banking and Defenders of Fractional-Reserve Free Banking.............................713

Chapter 9: A Proposal for Banking Reform:

The Theory of a 100-Percent Reserve Requirement____715

1 A History of Modern Theories in Support of a

100-Percent Reserve Requirement..................716

The Proposal of Ludwig von Mises.............716

F.A. Hayek and the Proposal of a 100-Percent Reserve Requirement........................723

Murray N. Rothbard and the Proposal of a Pure Gold Standard with a 100-Percent Reserve Requirement........................726

Maurice Allais and the European Defense of a 100-Percent Reserve Requirement ...........728

The Old Chicago-School Tradition of Support for a 100-Percent Reserve Requirement ........731

2 Our Proposal for Banking Reform ...................736

Total Freedom of Choice in Currency ...........736

A System of Complete Banking Freedom........740

The Obligation of All Agents in a Free-Banking System to Observe Traditional Legal Rules and Principles, Particularly a 100-Percent Reserve Requirement on Demand Deposits . . . .742

What Would the Financial and Banking System of a Totally Free Society be Like?..............743

3 An Analysis of the Advantages of the Proposed

System .........................................745

4 Replies to Possible Objections to our Proposal for

Monetary Reform................................760

5 An Economic Analysis of the Process of Reform

and Transition toward the Proposed Monetary

and Banking System ..............................788

A Few Basic Strategic Principles................788

Stages in the Reform of the Financial and Banking System ............................789

The Importance of the Third and Subsequent Stages in the Reform: The Possibility They Offer of Paying Off the National Debt or Social Security Pension Liabilities.............791

The Application of the Theory of Banking and Financial Reform to the European Monetary Union and the Building of the Financial Sector in Economies of the Former Eastern Bloc .........................803

6 Conclusion: The Banking System of a Free Society.....806

Bibliography....................................813

Index of Subjects................................859

Index of Names.................................871