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On Ensuring the Acceptability of a New Fiat Money

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  • Selgin, George A

Abstract

Currency reforms of the type now being contemplated by some former Soviet republics, aimed at establishing new fiat monies linked to established currencies through fixed exchange rates, carry an inherent danger. Such reforms may, by neglecting certain requirements crucial for ensuring the acceptability of a new currency, cause it to be treated by the public as so many 'bits of paper.' Analyzing this problem serves to highlight some shortcomings of Patinkin-style Walrasian monetary ananlysis, which ignores money's character as a social institution and downplays the role of expectations in determining a would-be money's acceptability, thereby giving support to misguided reform efforts. In this respect, at least, some early non-Walrasian monetary theories are more enlightening. Copyright 1994 by Ohio State University Press.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 26 (1994)
Issue (Month): 4 (November)
Pages: 808-26

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Handle: RePEc:mcb:jmoncb:v:26:y:1994:i:4:p:808-26

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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Cited by:
  1. Gerald P. Dwyer Jr. & James R. Lothian, 2003. "The Economics of International Monies," International Finance 0311010, EconWPA.
  2. Mack Ott & John A. Tatom, 2006. "Money and Taxes - The Relation Between Financial Sector Development and Taxation," NFI Working Papers 2006-WP-09, Indiana State University, Scott College of Business, Networks Financial Institute.
  3. van den Hauwe, Ludwig, 2006. "The Uneasy Case for Fractional-Reserve Free Banking," MPRA Paper 120, University Library of Munich, Germany.
  4. Sebastien Lotz & Guillaume Rocheteau, 2000. "Launching of a New Currency in a Simple Random Matching Model," Econometric Society World Congress 2000 Contributed Papers 0720, Econometric Society.
  5. George Selgin, 2003. "Adaptive Learning and the Transition to Fiat Money," Economic Journal, Royal Economic Society, vol. 113(484), pages 147-165, January.
  6. Gerald P. Dwyer & James R. Lothian, 2003. "International Money and Common Currencies in Historical Perspective," CEIS Research Paper 9, Tor Vergata University, CEIS.
  7. van Ees, Hans & Garretsen, Harry, 1995. "Existence and stability of conventions and institutions in a monetary economy," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 275-288, October.
  8. Dwight R. Lee, 2001. "The Internet, the Market, and Communication: Don't Ignore the Shoe While Admiring the Shine," Cato Journal, Cato Journal, Cato Institute, vol. 20(3), Fall.
  9. Tatom, John & Ott, Mack, 2006. "Money and Taxes: The Relationship Between Financial Sector Development and Taxation," MPRA Paper 4117, University Library of Munich, Germany.
  10. Horwitz, Steven, 2011. "Do we need a distinct monetary constitution?," Journal of Economic Behavior & Organization, Elsevier, vol. 80(2), pages 331-338.

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