100% Money and the Public Debt by Irving Fisher

By Irving Fisher

Article by means of Irving Fisher (1936), Professor Emeritus of Economics, Yale college, urges Congress to take again the Constitutional cash energy, redeem the nationwide debt, require banks' call for deposit to be a hundred% liquid, to fending off an inelastic personal loan constitution that bursts, leaving frozen loans in the back of, and steer clear of 'Global monetary Crises." brief biography by means of Michael Schemmann.1867

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3). Connected lending, bad loans and inter-enterprise arrears continued to proliferate in the mid-1990s. 7 New problems soon made themselves felt. The failures of a number of smaller private credit institutions in 1994 and 1995 effectively exhausted the newly constituted Deposit Insurance Fund. In some of these cases, fraudulent behavior occurred. The problems worsened when two medium-sized banks (including the largest private bank, Agrobanka) became insolvent in 1996. The CNB stepped in to guarantee deposits.

But some banking failures still happened. For instance, Agrobank encountered solvency problems, its operations were temporarily suspended and its management overturned in 1995. After a run on Postabank in 1997 (the sixthlargest bank and partially privatized then), the institution was renationalized the following year and its directors were dismissed for fraudulent behavior. The new management sought to reduce the bank’s risk exposure. 8 percent of Hungarian GDP (of 2000) (Schardax and Reininger 2001: 31).

Finally, given that in the pre-World War II period banks had already dominated (rudimentary) financial sectors in most later transition countries, the postcommunist economies just picked up earlier traditions. Given macroeconomic instability, legal and regulatory frameworks that were not yet reliably enforced, and banks’ continuing financial difficulties in initial transition years, privatization of credit institutions in most countries only gathered momentum in the second half of the 1990s. The quality of this privatization and the degree to which vital know-how was transferred to the banks proved to be another decisive factor for subsequent developments.

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