Adam Smith's Support for Money and Banking Regulation: A Case of Inconsistency
指出亚当·斯密支持的银行监管措施，如限制小面额纸币和期权条款义务，实际上助长了政府与垄断银行的联盟，减少了银行业竞争并增加了流动性风险。
The Bank of England onginated in a deal between monopoly-seeking financiers and a revenue-hungry government with war-seeking propensities. The ultimate payee of the loans that the government secured from the new bank was, of course, the tavcpayer, and it is sutpnsing that Smith did not focus more on this fact. Indeed, ffie actual regulation of pnvate banks of which Smiffi approved, appears to have aided and abetted the further development of the government alliance with the monopolizing bank. The suppression of small notes had the effect of reducing enty into banking while the legal obligation of the option clauses, which Smith also wanted, made pnvate banks more vulnerable to runs on their liquidity.