Thursday, 18 December 2014

Policy Papers

A global currency for a global economy: a real SDR currency board

November 18, 2014

By Dr. Warren Coats   Introduction Since the collapse of the gold standard and the Bretton Woods system in the early 1970s, the resulting international monetary system (IMS) has supported a dramatic growth in world trade and finance remarkably well. Yet the system of market determined or managed exchange rates, which suited well a world […]

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Realizing Bitcoin’s potential

July 22, 2014

Governments around the world are grappling with what to do with Bitcoin — the cryptocurrency that has attracted enthusiasts worldwide, endured the bankruptcy of one major exchange (Tokyo-based Mt. Gox), and puzzled fans and detractors alike with regard to its legal status. The Montreal Economic Institute recently published a study that discusses Bitcoin’s potential. In […]

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More Credit, More Money: Poland and the Euro-zone

Posted by Gonzalo Schwarz
November 11, 2013

By Steve H. Hanke Money matters — it’s a maxim of Prof. Milton Friedman that I repeat often in my columns, and to my students in class. Since the Northern Rock bank run of 2007 — the “opening shot” of the recent financial crisis — the money supply, broadly measured, in Poland and the rest […]

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Panic in Persia as Hyperinflation Hits Iran

Posted by Gonzalo Schwarz
November 8, 2012

by Steve H. Hanke For decades, the Iranian economy has been cobbled together by religious-bureaucratic regimes that have employed mandates, regulations, price controls, subsidies and a wide variety of other interventionist devices, in an attempt to achieve their goals. It’s all been kept afloat – barely afloat – by oil revenues. Shortly after Mahmoud Ahmadinejad […]

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Central Banks: Reform or Abolish?

Posted by Gonzalo Schwarz
October 16, 2012

by Gerald P. O’Driscoll Jr. Advocates of central bank reform must examine why central banks emerged and what forces sustain them. They did not arise in an institutional vacuum, and will not be reformed in an institutional vacuum. The historical origins of central banks explain how they came into existence. The forces sustaining and feeding […]

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