WAR FINANCE AND AUSTRIAN BUSINESS CYCLE THEORY: THE NETHERLANDS’ WISSELBANK IN THE WAR OF THE AUSTRIAN SUCCESSION AND THE FOURTH ANGLO-DUTCH WAR
DOI:
https://doi.org/10.52195/pm.v22i1.1006Abstract
La teoría austriaca del ciclo económico atribuye las recesiones a la creación inflacionaria de crédito facilitada por el sistema bancario de reserva fraccionaria. En un estudio previo, pusimos a prueba esta hipótesis de la reserva fraccionaria, examinando específicamente el balance y la creación monetaria del Banco de Ámsterdam (Wisselbank) entre 1609 y 1819. Para distinguir los efectos de la guerra de los del bajo nivel de reservas fraccionarias en la economía de Ámsterdam del siglo XVIII, el presente estudio analiza la Guerra de Sucesión Austriaca (1740-1748), durante la cual el Wisselbank mantuvo altos niveles de reservas, en comparación con la Cuarta Guerra Anglo-Holandesa (1781-1784), periodo en el que la posición de reservas del banco se deterioró progresivamente. Encontramos que el carácter fractal de la volatilidad de precios fue consistente con la teoría austriaca del ciclo económico durante este episodio de expansión monetaria mediante reservas fraccionarias, lo que resultó en inflación de precios y burbujas especulativas. Es altamente probable que la banca de reserva fraccionaria haya contribuido y agravado los ciclos de auge y caída en los Países Bajos durante el periodo examinado.
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