Publication:
The Ethics of Fractional-Reserve Banking System: A Private Property Rights Approach

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dc.contributor.authorEspinosa, Víctor I.
dc.contributor.authorAlonso-Neira, Miguel A.
dc.contributor.authorHuerta de Soto, Jesús
dc.date.accessioned2023-09-04T15:44:26Z
dc.date.available2023-09-04T15:44:26Z
dc.date.issued2023
dc.description.abstractIt is generally stated that the fractional-reserve banking system (FRBS) is consistent with sustainable economic growth and development. While it assumes that depositors will not be a joint demand who will claim all their money simultaneously, it supposes that a monetary aggregate greater than the monetary base will not harm economic performance. However, the FRBS’s call to central banks casts doubt on the sustainability argument and its ethical support. This article explores the FRBS from the ethics of private property, proving a radically different course to promote sustainable economic growth and development. After reviewing and discussing the ethics of private property for the FRBS and its call for central banks, the case of fiat inflation and business cycles clarifies the narrow relationship between ethics and sustainability. These findings are applied to some modern ethical dilemmas around the FRBS, proving novel avenues for policy reform and research opportunities.
dc.description.versionVersión publicada
dc.identifier.citationEspinosa VI, Alonso-Neira MA, Huerta de Soto J. The Ethics of Fractional-Reserve Banking System: A Private Property Rights Approach. Economies. 2023; 11(9):221. https://doi.org/10.3390/economies11090221
dc.identifier.doihttps://doi.org/10.3390/economies11090221
dc.identifier.urihttps://repositorio.udd.cl/handle/11447/7934
dc.language.isoen
dc.subjectPrivate property
dc.subjectFractional-reserve banking
dc.subject100 percent reserve requirements
dc.subjectBusiness cycle
dc.subjectBanking ethics
dc.titleThe Ethics of Fractional-Reserve Banking System: A Private Property Rights Approach
dc.typeArticle
dcterms.accessRightsAcceso abierto
dcterms.sourceEconomies
dspace.entity.typePublication

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