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Money and the Monetization of Credit

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Abstract

The relationship between money and credit is discussed in terms of network linkage. Fiat money is the only instrument with the universal recognition of its issuer. Near monies such as bank money and money substitutes such as gasoline credit cards can be classified in terms of their network links. This leads to a way of considering the velocity of money.

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File URL: http://cowles.econ.yale.edu/P/cd/d13a/d1343.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1343.

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Length: 22 pages
Date of creation: Dec 2001
Date of revision:
Publication status: Published in Paul Mizen (ed.), Central Banking, Monetary Theory and Practice. Essays in Honor of Charles Goodhart, Vol. 1, Edward Elgar, 2003, Chapter 10
Handle: RePEc:cwl:cwldpp:1343

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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Keywords: Credit; fiat money; networks; trust; velocity;

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References

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  1. Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-31, March.
  2. Martin Shubik, 2000. "The Theory of Money," Cowles Foundation Discussion Papers 1253, Cowles Foundation for Research in Economics, Yale University.
  3. Dubey, Pradeep & Mas-Colell, Andreau & Shubik, Martin, 1980. "Efficiency properties of strategies market games: An axiomatic approach," Journal of Economic Theory, Elsevier, vol. 22(2), pages 339-362, April.
  4. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
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Cited by:
  1. Guido Fioretti, 2005. "Credit Rationing in a Basic Agent-Based Model," Finance 0505002, EconWPA.

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