Юридический анализ банковского мультипликатора

Известия высших учебных заведений. Правоведение. 2015. № 5. С. 159–178.

Nefedov D. V.

The author of the article adheres to the principles of free banking activity and challenges

the generally recognized postulate in the economic theory about the danger of the

banking money multiplier. He proves that the only source of inflation is money emission

carried out by the state. The legal analysis of financial relations allows him to prove the

inadequacy of the statement that the inflation boom results from the activity of private

credit institutions issuing the so-called fiduciary means of circulation. The purpose of the

research is to clarify the legal nature of money emission. Scientists-economists do not

see a difference between the relations arising in this field. The emission itself, from the

legal point of view, is the property relation (production); and emission of fiduciary means

of circulation is a liability similar to a bill, a check etc. The legal nature of these relations

differs essentially. The author concludes that the amount of money is increased only by

emission while the banking multiplier multiplies liabilities regarding money rather than

the money itself. While the latter directly initiates the inflation, the former only facilitates

it, being a consequence of the unjustified state monetary policy, rather than a reason.

In this regard, restriction of the banking activity only damages the economy by removing

and eliminating entrepreneurial interest.

Keywords: австрийская школа, Людвиг фон Мизес, экономический анализ права, Фридрих Хайек, частные деньги, фри-банкинг

Publication based on the results of: Comparative legal analysis in the research of public law regulation of economic activity (2015)