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Banking and asset bubbles: Testing t...

McBride, William Howard Alford.

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Banking and asset bubbles: Testing the theory of free banking using agent-based computer simulations and laboratory experiments.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Banking and asset bubbles: Testing the theory of free banking using agent-based computer simulations and laboratory experiments./
Author:	McBride, William Howard Alford.
Description:	214 p.
Notes:	Source: Dissertation Abstracts International, Volume: 71-10, Section: A, page: 3729.
Contained By:	Dissertation Abstracts International71-10A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3421706
ISBN:	9781124217161

Banking and asset bubbles: Testing the theory of free banking using agent-based computer simulations and laboratory experiments.
McBride, William Howard Alford.

Banking and asset bubbles: Testing the theory of free banking using agent-based computer simulations and laboratory experiments. - 214 p.

Source: Dissertation Abstracts International, Volume: 71-10, Section: A, page: 3729.

Thesis (Ph.D.)--George Mason University, 2010.

Throughout much of the 18th and 19 th centuries, many countries practiced free banking, i.e. competitive note issue without control by a central bank. Modern day proponents of free banking argue it is capable of limiting asset bubbles by making for a more stable relationship between the volume of base money present in an economy and corresponding levels of credit and aggregate spending. The main contribution of this dissertation is to provide a novel test of this claim by using the canonical laboratory double auction asset trading market (CLDAATM) initiated by Vernon Smith and others, which tends to generate asset price bubbles. Chapter 1 describes an agent-based model and simulation of CLDAATM using three types of trading strategies: value, momentum, and speculative. The results closely resemble the asset price bubbles generated in the laboratory. Chapter 2 augments the design of Chapter 1 by adding an agent-based model and simulation of banking, with the purpose of comparing both free and central banking to CLDAATM. The results indicate that both free and central banking reduce the tendency to bubble as compared to CLDAATM, and free banking is most effective in this regard. Chapter 3 describes a laboratory experiment design which augments CLDAATM using simulated trading and banking agents.

ISBN: 9781124217161Subjects--Topical Terms:

1017424
Economics, General.

Banking and asset bubbles: Testing the theory of free banking using agent-based computer simulations and laboratory experiments.
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245 1 0 $a Banking and asset bubbles: Testing the theory of free banking using agent-based computer simulations and laboratory experiments.
300 $a 214 p.
500 $a Source: Dissertation Abstracts International, Volume: 71-10, Section: A, page: 3729.
500 $a Adviser: Daniel Houser.
502 $a Thesis (Ph.D.)--George Mason University, 2010.
520 $a Throughout much of the 18th and 19 th centuries, many countries practiced free banking, i.e. competitive note issue without control by a central bank. Modern day proponents of free banking argue it is capable of limiting asset bubbles by making for a more stable relationship between the volume of base money present in an economy and corresponding levels of credit and aggregate spending. The main contribution of this dissertation is to provide a novel test of this claim by using the canonical laboratory double auction asset trading market (CLDAATM) initiated by Vernon Smith and others, which tends to generate asset price bubbles. Chapter 1 describes an agent-based model and simulation of CLDAATM using three types of trading strategies: value, momentum, and speculative. The results closely resemble the asset price bubbles generated in the laboratory. Chapter 2 augments the design of Chapter 1 by adding an agent-based model and simulation of banking, with the purpose of comparing both free and central banking to CLDAATM. The results indicate that both free and central banking reduce the tendency to bubble as compared to CLDAATM, and free banking is most effective in this regard. Chapter 3 describes a laboratory experiment design which augments CLDAATM using simulated trading and banking agents.
590 $a School code: 0883.
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Finance. $3 626650
650 4 $a Business Administration, Banking. $3 1018458
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710 2 $a George Mason University. $3 1019450
773 0 $t Dissertation Abstracts International $g 71-10A.
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792 $a 2010
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3421706