All listings for this product
Best-selling in Non-Fiction Books
Save on Non-Fiction Books
- AU $47.33Trending at AU $49.44
- AU $77.99Trending at AU $116.29
- AU $70.24Trending at AU $77.15
- AU $73.79Trending at AU $76.54
- AU $35.45Trending at AU $39.03
- AU $26.74Trending at AU $37.56
- AU $17.65Trending at AU $23.05
About this product
- DescriptionFrom 1716 to 1845 Scotland's banks were among the most dynamic and resilient in Europe, effectively absorbing a series of ecomic shocks that rocked financial markets in London and on the continent. Legislating Instability explains the seeming paradox that the Scottish banking system achieved this success without the government controls usually considered necessary for ecomic stability. Scottish banks operated in a regulatory vacuum: lender of last resort, mopoly on currency, capital reserve requirements, and limits on bank size. These conditions produced a robust, competitive banking system. Despite large speculative capital flows, a fixed exchange rate, and substantial external debt, Scotland navigated two financial crises during the Seven Years' War. The exception was a severe crisis in 1772, seven years after the imposition of the first regulations on banking-the result of lobbying by large banks to weed out competition. While these restrictions did t cause the crisis, Tyler Beck Goodspeed argues, they undermined the flexibility and resilience of Scottish finance, thereby elevating the risk that ather ecomic shock might threaten financial stability more broadly. The crisis of 1772, far from revealing the shortcomings of unregulated banking, as Adam Smith claimed, exposed the risks of ill-conceived regulation.
- Author BiographyTyler Beck Goodspeed is a Junior Fellow in Economics at the University of Oxford.
- PublisherHarvard University Press
- Date of Publication04/04/2016
- SubjectEconomics: Professional & General
- Place of PublicationCambridge, Mass
- Country of PublicationUnited States
- ImprintHarvard University Press
- Content Noteillustrations
- Weight454 g
- Width156 mm
- Height235 mm
- Spine20 mm
- Translated byTyler Beck Goodspeed
This item doesn't belong on this page.
Thanks, we'll look into this.