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  1. Philipp Bagus & David Howden (2013). Some Ethical Dilemmas of Modern Banking. Business Ethics 22 (3):235-245.
    How ethical have recent banking practices been? We answer this question via an economic analysis. We assess the two dominant practices of the modern banking system – fractional reserves and maturity transformation – by gauging the respective rights of the relevant parties. By distinguishing the legal and economic differences between deposit and loan contracts, we determine that the practice of maturity transformation (in its various guises) is not only ethical but also serves a positive social function. The foundation of the (...)
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  2. Philipp Bagus & David Howden (2012). The Continuing Continuum Problem of Deposits and Loans. Journal of Business Ethics 106 (3):295-300.
    Barnett and Block (J Bus Ethics 18(2):179–194, 2011 ) argue that one cannot distinguish between deposits and loans due to the continuum problem of maturities and because future goods do not exist—both essential characteristics that distinguish deposit from loan contracts. In a similar way but leading to opposite conclusions (Cachanosky, forthcoming) maintains that both maturity mismatching and fractional reserve banking are ethically justified as these contracts are equivalent. We argue herein that the economic and legal differences between genuine deposit and (...)
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  3. Philipp Bagus, Walter Block, Marian Eabrasu, David Howden & Jeremie Rostan (2011). The Ethics of Tax Evasion. Business and Society Review 116 (3):375-401.
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  4. Philipp Bagus & David Howden (2009). The Legitimacy of Loan Maturity Mismatching: A Risky, but Not Fraudulent, Undertaking. [REVIEW] Journal of Business Ethics 90 (3):399 - 406.
    Barnett and Block (Journal of Business Ethics, 2009 ) attack the heart of modern banking by claiming that the practice of borrowing short and lending long is illicit. While their claim of illegitimacy concerning fractional reserve banking can be defended, their justification lacks substance. Their claim is herein strengthened by a legal analysis of deposits and loans based on Huerta de Soto (Money, Bank Credit and Economic Cycles, 2006 ). A combined legal and economic analysis shows that while lending deposits (...)
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  5. Philipp Bagus (2006). Wresting Land From the Sea: An Argument Against Public Goods Theory. Journal of Libertarian Studies 20 (4):21-40.
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