Padrão - Teorema da Regressão

Fonte: Study Guide to The Theory of Money and Credit - Mises, por Robert P. Murphy, pdf

 Regression Theorem: 

Mises’s argument that the current purchasing power of money is influenced by people’s memory of yesterday’s purchasing power. The causality is traced back in time, until the point at which the money good was valued as a regular commodity in direct exchange. 

Importante porque explica também como pode uma moeda imaterial ter lugar: resultando da transição de uma anterior já aceite, usada e valorizada como moeda (não que algum acto compulsório não tenha de ter lugar em algum ponto).

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Alguns conceitos (em estrangeiro):

Medium of exchange: A good that is accepted in exchange, with the intention of trading it away to acquire something else in the future.

 Money: A medium of exchange that is generally accepted in the community.

 Money Neither a Production Good nor a Consumption Good.

Objective exchange value of money: The possibility of obtaining a certain quantity of other goods in exchange for a unit of money.

Commodity money is a common medium of exchange that is also an economic good in its own right. For example, gold, sil- ver, and even tobacco have historically been used as money, and yet people also valued and traded these commodities for other reasons.

Fiat money is accepted as a common medium of exchange not because of its technological properties, but because of a special legal designation provided by the appropriate authority. For exam- ple, in the current United States “green rectangular pieces of paper” become money when certain ink patterns are placed on them.

Money certificates: Money substitutes that are fully backed by money (in the narrower sense). 

Fiduciary media: Money substitutes issued over and above the money (in the narrower sense) held in the redemption fund. Fiduciary media are “unbacked.”

Commodity Credit: A loan granted through the renunciation of the use of present goods by the lender.

Commodity credit may involve money certificates but not fiduciary media.

Circulation Credit: A loan granted even though the lender does not sacrifice the use of present goods. Circulation credit involves the use of fiduciary media.

Credit money occurs when a claim on a physical or legal person, falling due in the future, is itself used as a medium of exchange.

 Loan banking: Banking through the use of commodity credit, where the bank receives loans from
one group of savers in order to itself make loans to another group of borrowers. The savers do not consider this money as part of their cash balances during the term of the loan to the bank.

 Deposit banking: Banking through the use of circulation credit, where the bank receives deposits into current accounts from one group of clients in order to make loans to another group of borrowers. The depositors consider this money to be part of their cash balances, even though much of it has been lent out to others. In modern times, one of the major controversies within the Austrian School concerns the legitimacy of fractional reserve banking. Some Austrians follow Murray Roth- bard who argued that bank issuance of fiduciary media leads to the boom-bust cycle and is inherently fraudu- lent—akin to a warehouse manager renting out the goods that were supposedly placed with him for safekeeping. Other Austrians such as George Selgin and Steve Hor- witz call their position “free banking” and believe that there is no reason for banks to necessarily keep 100% per- cent reserves of money in the narrower sense, in order to fully cover all outstanding customer deposits. The free bankers argue that market forces will determine the proper ratio of money certificates to fiduciary media in a competitive banking system. (Virtually all modern Austrians agree that government-
sponsored central banking and fiat currency are both economically destructive and morally illegitimate. The dispute concerns the proper practice of private banks operating in a laissez-faire environment.)