Central Banking and Theory of Value
Abstract
The present work analyzes the logical foundation of the Central Bank within the framework of the monetary models of the theory of value. It deduces from these models the logical necessity of an institutional authority that guarantees and regulates the monetary working of the economy, both in equilibrium and disequilibrium. This analysis allows for criticism of the positions advocating for denationalization or decentralization of the currency, such as the Austrian monetary theory. The document concludes by pointing out the limits of the Central Bank as a regulator of the monetary sector without jeopardizing its monetary sovereignty.
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