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The cheque republic: money in a modern economy with no banks.

Wednesday, January 20, 2016

Category: Economics

What happens when a country‚Äs banking system shuts down?¬† Just how damaging is it to the economy?¬† During the 20th century, the Republic of Ireland‚Äs banking system suffered industrial disputes, some of which caused the main banks to close for several months.¬† When Greek banks closed temporarily last year, some commentators (e.g.¬†Independent (2015), FT (2015)) recalled how, previously, the Irish public ingeniously circumvented the banking system and kept economic activity going.¬† Using material in the Bank of England‚Äs Archive relating to the 1970 dispute, we shed light on how halcyon those days really were.

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