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The Theory of Monetary Institutions

ISBN: 978-1-55786-236-5
284 pages
May 1999
The Theory of Monetary Institutions (1557862362) cover image
The Theory of Monetary Institutions covers free banking monetary thought and a theoretical account of the evolution of monetary institutions.
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Part I: The Evolution of Market Monetary Institutions.

Part II: Commodity Money.

Part III: Money Issue by Unrestricted Banks.

Part IV: The Evolution and Rationales of Central Banking.

Part V: Should Government Play a Role in Money?.

Part VI: Should Government Play a Role in Banking?.

Part VII: Seigniorage.

Part VIII: Central Bank as Bureaucracy.

Part IX: Political Business Cycle Hypotheses.

Part X: Discretion and Dynamic Inconsistency.

Part XI: Monetary Rules.

Part XII: Competitive Supply of Fiat-Type Money.

Part XIII: Cashless Competitive Payments and Legal Restrictions.
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Lawrence H. White is Professor of Economics at the University of Missouri - St. Louis. He has published articles in several journals, including the Journal of Money, Credit, and Banking; the Journal of Economic Literature; Business History Review; and American Economic Review. He is the author of Free Banking in Britain (Second Edition), and Competition and Currency. Dr. White holds an AB in Economics from Harvard University and a PhD in Economics from University of California, Los Angeles. His principal fields of study and lecture are monetary theory, banking history, the history of economic thought, and the future of money.
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  • Covers "free banking" monetary thought in a clear, accessible manner
  • Offers an effective balance between theory and practical applications
  • Combines plain text with formal explanations
  • Discusses models such as Diamond-Dybvig and seigniorage.
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"The Theory of Monetary Institutions is a thorough and insightful treatment of the emergence and evolution of money and banking regimes. Professor White's brilliant exposition of alternative regimes is innovative and sheds a great deal of light upon the crucial features of contemporary money and banking institutions. This tour-de-force is a 'must-read'." Steve H. Hanke, The John Hopkins University

"Larry White's The Theory of Monetary Institutions provides a very clear, extremely readable and up-to-date overview of monetary theory. White provides a uniquely insightful perspective into a difficult and controversial area, and his arguments and analysis are unbeatable. All monetary economists should read it." Kevin Dowd, University of Sheffield

"White has written an academically rigorous text covering the theory of money, banking, and monetary policy. The text stands out from others in the way it describes the evolution of economists' thinking about monetary institutions. White excels in combining the historic with the contemporary, the abstract with the tangible, and the theoretical with the practical. The chapters on alternative monetary regimes will no doubt challenge many widely-held views about the proper role of government within an economy's monetary system." James A. Overdahl

"Lawrence H. White has emerged as one of the most thoughtful monetary economists of his generation, and The Theory of Monetary Institutions fills an important lacuna in the literature. The book is mature and balanced; its encyclopedic knowledge of the literature covers a far broader range of material than conventional texts. I am aware of no other book that does such a superb job of placing institutional arrangements in theoretical and historical perspective." Hugh Rockoff, Rutgers University

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