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Full-Text Articles in Social and Behavioral Sciences
Gold, Fiat And Credit: An Elementary Discussion Of Commodity Money, Fiat Money And Credit. Part Ii, Thomas Quint, Martin Shubik
Gold, Fiat And Credit: An Elementary Discussion Of Commodity Money, Fiat Money And Credit. Part Ii, Thomas Quint, Martin Shubik
Cowles Foundation Discussion Papers
In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions between the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. In Part 1 of the paper, we covered models in which the money is a consumable storable; here in Part 2 we consider economies using durable money, fiat money, or credit. Under this framework we are able to successfully contrast the role of private money lenders, banks, bilateral credit systems, and credit clearinghouses. We …
An Elementary Discussion Of Commodity Money, Fiat Money And Credit: Part 1, Thomas Quint, Martin Shubik
An Elementary Discussion Of Commodity Money, Fiat Money And Credit: Part 1, Thomas Quint, Martin Shubik
Cowles Foundation Discussion Papers
In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions among the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. Part 1 covers models in which the money is a consumable storable; the economies in Part 2 use durable money, fiat money, or credit. Under this framework we are able to successfully contrast the role of private money lenders, banks, bilateral credit systems, and credit clearinghouses. We are also able to model the importance …