Politická ekonomie 2018, 66(5):633-651 | DOI: 10.18267/j.polek.1219

Krytí peněz v současnosti mýty, varianty a realita

Zbyněk Revenda
Zbyněk Revenda (zbynek.revenda@vse.cz), Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví

Backing of Money at Present - Myths, Variants and Reality

There are many myths associated with gold, especially its historical role. Notably the supporters of free banking criticise the current monetary system and consider present money unbacked. This does not correspond to the fact that the money is backed by the assets of the issuers. There are demands to return to full gold backing. The analysis of the share of gold in the monetary base and in the monetary aggregates M1 and M2 for the United States of America and the Czech Republic over the period 1993-2016 shows a complete shortage of gold. The results are in units or tenths of percent. The author discusses some other unsolved issues, primarily the high price volatility and the impossibility of unlimited convertibility. Attention is also paid to currency board systems with full foreign currency backing. With the hypothetical admission of full gold backing, restricting the money supply by the amount of gold would quickly and dramatically curtail the supply of credit, with subsequent impacts on economic growth. Requirements for full gold backing of present money are completely illusory.

Keywords: bank reserves, central bank, currency board, commercial bank, free banking, gold, money, multiplier
JEL classification: E42, E51, E58

Received: August 17, 2017; Accepted: June 5, 2018; Published: October 1, 2018  Show citation

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Revenda, Z. (2018). Backing of Money at Present - Myths, Variants and Reality. Politická ekonomie, 66(5), 633-651. doi: 10.18267/j.polek.1219
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