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Analysis of institutional authors

Alonso-Neira, MaAuthor

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April 25, 2024
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THE CENTRAL BANKING SYSTEM PARADOX

Publicated to:Economics And Sociology. 16 (4): 56-72 - 2023-01-01 16(4), DOI: 10.14254/2071-789X.2023/16-4/3

Authors: Espinosa, Victor I; Alonso-Neira, Miguel A; de Soto, Jesus Huerta

Affiliations

Univ Desarrollo - Author
Univ Rey Juan Carlos - Author

Abstract

. The conventions of monetary theory assume the central banking system (CBS) as the starting point for achieving the stability and efficiency of the financial system. This paper stresses the stability-efficiency thesis based on the Austrian business cycle theory (ABCT). It argues that the stability-efficiency thesis under CBS poses a paradox for two main reasons. First, central banks' interest rate handling causes business cycles, yielding the intertemporal discoordination of the money and goods markets. Second, a central bank's lender-of-last-resort role is an incentive to call for further interest rate handling, making the chance of smooth business cycles difficult or impossible. This paradox is empirically analyzed and discussed through the True Money Supply (TMS) performance in the United States's business cycle phases between 1975 and 2022. Consistent with the ABCT, the research results unlock the paradox by showing that CBS causes business cycles. Some policy implications are outlined for further research and revision of monetary theory.

Keywords

100 percent reserve requirementsBanking ethicsBusiness cycleCentral bankCreditInflationInterest rateKeynesMoney

Quality index

Bibliometric impact. Analysis of the contribution and dissemination channel

The work has been published in the journal Economics And Sociology due to its progression and the good impact it has achieved in recent years, according to the agency WoS (JCR), it has become a reference in its field. In the year of publication of the work, 2023, it was in position 200/600, thus managing to position itself as a Q2 (Segundo Cuartil), in the category Economics. Notably, the journal is positioned en el Cuartil Q2 para la agencia Scopus (SJR) en la categoría Economics, Econometrics and Finance (Miscellaneous).

From a relative perspective, and based on the normalized impact indicator calculated from the Field Citation Ratio (FCR) of the Dimensions source, it yields a value of: 4.17, which indicates that, compared to works in the same discipline and in the same year of publication, it ranks as a work cited above average. (source consulted: Dimensions Jul 2025)

Specifically, and according to different indexing agencies, this work has accumulated citations as of 2025-07-18, the following number of citations:

  • WoS: 2
  • Scopus: 2

Impact and social visibility

From the perspective of influence or social adoption, and based on metrics associated with mentions and interactions provided by agencies specializing in calculating the so-called "Alternative or Social Metrics," we can highlight as of 2025-07-18:

  • The use of this contribution in bookmarks, code forks, additions to favorite lists for recurrent reading, as well as general views, indicates that someone is using the publication as a basis for their current work. This may be a notable indicator of future more formal and academic citations. This claim is supported by the result of the "Capture" indicator, which yields a total of: 26 (PlumX).

It is essential to present evidence supporting full alignment with institutional principles and guidelines on Open Science and the Conservation and Dissemination of Intellectual Heritage. A clear example of this is:

  • The work has been submitted to a journal whose editorial policy allows open Open Access publication.

Leadership analysis of institutional authors

This work has been carried out with international collaboration, specifically with researchers from: Chile.

There is a significant leadership presence as some of the institution’s authors appear as the first or last signer, detailed as follows: Last Author ().