The British Currency School was a group of British economists, active in the 1840s and 1850s, who argued that the excessive issuing of banknotes was a major cause of price inflation. They believed that, in order to restrict circulation, issuers of new banknotes should be required to hold an equivalent value of gold as a reserve.[1] This concept was also known as convertibility and the currency principle. They argued that prices were mostly based on quantity of currency in circulation, but did acknowledge that prices were also affected by deposits.[2] Therefore, by controlling prices banks could limit outflow of gold.[2]
^Nicolas Barbaroux (21 August 2013). Monetary Policy Rule in Theory and Practice: Facing the Internal Vs External Stability Dilemma. Routledge. p. 74. ISBN 978-1-135-06794-6.
^ abSkaggs, Neil (1999). "Changing Views: Twentieth-Century Opinion on the Banking School-Currency School Controversy". History of Political Economy. 31 (2): 361–391. doi:10.1215/00182702-31-2-361. Retrieved April 16, 2016.
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