Monetary Expansion and Economic Crises: An Austrian Perspective
|Author:||Mgr. Karel Jára|
|Year:||2014 - summer|
|Leaders:|| Jan Průša M.Phil. (Cantab), Ph.D.
|Work type:|| Finance, Financial Markets and Banking
|Awards and prizes:|
|Abstract:||The study of economic crises has been a major topic of interest in economics since at least the Great
Depression and it has come to the fore once again after the latest crisis of late 2000s. It has also been one of the key themes for the Austrian school of economics in the form of the Austrian Business Cycle
Theory (ABCT), which puts emphasis on monetary factors influencing capital structure of the economy.
In this thesis we provide a comprehensive exposition of the distinctive points of Austrian approach to
the study of markets, the ABCT’s propositions and conclusions and also the most important criticism of
the theory and replies to it. The theoretical part is accompanied by an empirical illustration on the
economy of the United States of America in the period starting at the end of the latest crisis.