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I reconstruct the data on Virginia's paper money regime using forensic accounting techniques. I correct the existing data on the amounts authorized and outstanding. In addition, I reconstruct yearly data on previously unknown aspects of Virginia's paper money regime, including printings, net new emissions, redemptions and removals, denominational structures, expected tax revenues, and specie accumulating in the treasury for paper money redemption. These new data form the foundation for narratives written on the social, economic, and political history of Virginia, as well as for testing models of colonial paper money performance.
I decompose Virginia's paper money into expected real-asset present value, risk discount, and transaction premium or "moneyness" value. The value of Virginia's paper money was determined primarily by its real-asset present value. The transaction premium was small. Positive risk discounts occurred in years when treasurer malfeasance was suspected. Virginia's paper money was not a fiat currency, but a barter asset, with just enough "moneyness" value to make it the preferred medium of exchange for local transactions. Compared with alternative models, my decomposition model of inside monies is superior conceptually and statistically for explaining the performance of American colonial paper monies.
An illuminating history of America’s original credit market. The Continental Dollar is a revelatory history of how the fledgling United States paid for its first war. Farley Grubb upends the common telling of this story, in which the United States printed cross-colony money, called Continentals, to serve as an early fiat currency—a currency that is not tied to a commodity like gold, but rather to a legal authority. As Grubb details, the Continental was not a fiat currency, but a “zero-coupon bond”—a wholly different species of money. As bond payoffs were pushed into the future, the money’s value declined, killing the Continentals’ viability years before the Revolutionary War would officially end. Drawing on decades of exhaustive mining of eighteenth-century records, The Continental Dollar is an essential origin story of the early American monetary system, promising to serve as the benchmark for critical work for decades to come.
This handbook provides a comprehensive overview of state-of-the-art research in the field of monetary and financial history. The authors comprise different generations of leading scholars from universities worldwide. Thanks to its unrivaled breadth both in time (from antiquity to the present) and geographical coverage (from Europe to the Americas and Asia), the volume is set to become a key reference for historians, economists, and social scientists with an interest in the subject. The handbook reflects the existing variety of scholarly approaches in the field, from theoretically driven macroeconomic history to the political economy of monetary institutions and the historical evolution of monetary policies. Its thematic sections cover a wide range of topics, including the historical origins of money; money, coinage, and the state; trade, money markets, and international currencies; money and metals; monetary experiments; Asian monetary systems; exchange rate regimes; monetary integration; central banking and monetary policy; and aggregate price shocks.
This Companion is a comprehensive introduction to Modern Money Theory (MMT), covering a wide variety of topics from the nature and origins of money, to the fundamentals of government spending and taxation, to the application of MMT in developed and developing countries.
In The Currency of Empire, Jonathan Barth explores the intersection of money and power in the early years of North American history, and he shows how the control of money informed English imperial action overseas. The export-oriented mercantile economy promoted by the English Crown, Barth argues, directed the plan for colonization, the regulation of colonial commerce, and the politics of empire. The imperial project required an orderly flow of gold and silver, and thus England's colonial regime required stringent monetary regulation. As Barth shows, money was also a flash point for resistance; many colonists acutely resented their subordinate economic station, desiring for their local economies a robust, secure, and uniform money supply. This placed them immediately at odds with the mercantilist laws of the empire and precipitated an imperial crisis in the 1670s, a full century before the Declaration of Independence. The Currency of Empire examines what were a series of explosive political conflicts in the seventeenth century and demonstrates how the struggle over monetary policy prefigured the patriot reaction to the Stamp Act and so-called Intolerable Acts on the eve of American independence. Thanks to generous funding from the Arizona State University and George Mason University, the ebook editions of this book are available as Open Access (OA) volumes from Cornell Open (cornellpress.cornell.edu/cornell-open) and other Open Access repositories.
This book provides the most comprehensive history of German migration to North America for the period 1709 to 1920 than has been done before. Employing state-of-the-art methodological and statistical techniques, the book has two objectives. First he explores how the recruitment and shipping markets for immigrants were set up, determining what the voyage was like in terms of the health outcomes for the passengers, and identifying the characteristics of the immigrants in terms of family, age, and occupational compositions and educational attainments. Secondly he details how immigrant servitude worked, by identifying how important it was to passenger financing, how shippers profited from carrying immigrant servants, how the labor auction treated immigrant servants, and when and why this method of financing passage to America came to an end.
This book offers a rigorous, detailed, and balanced analysis of the various contributions to the Modern Monetary Theory (MMT) debate, incorporating both the arguments of proponents and those who point to its limitations and obstacles. Modern Monetary Theory has soared in popularity, particularly in response to the Covid-19 pandemic and subsequent impacts on the economy which have led to deeper discussions about monetary and financial systems, fiscal and monetary policies, inflation, and employment. The main characteristic of Modern Monetary Theory is that it offers a revolutionary way of thinking about all these issues, allowing us to abandon many of the myths that conventional economic theory installed in the collective imagination. Breaking down these false beliefs is an essential requirement for thinking and devising economic policy proposals that allow full employment to be achieved without suffering worrying inflation rates. However, this approach has also attracted many criticisms and it is also instructive to consider these in more detail to reach a fully rounded conclusion about the potential or merits of MMT. Written to be accessible to the non-economist, this book will be of great interest to readers from across the social sciences, and outside of academia who want to gain a fuller understanding of the Modern Monetary Theory phenomenon.