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A Consumable Money. An Elementary Discussion of Commodity Money, Fiat Money and Credit: Part I

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Abstract

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 of the bankruptcy or default penalty in supporting the use of fiat.

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File URL: http://cowles.econ.yale.edu/P/cd/d14b/d1455.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 1455.

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Length: 38 pages
Date of creation: Mar 2004
Date of revision:
Publication status: Published in in IFCAI Journal of Monetary Economics (2005), 3(1): 6–42
Handle: RePEc:cwl:cwldpp:1455

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

Related research

Keywords: Barley; Gold; Fiat and credit; Evolution of money;

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  1. Martin Shubik, 2000. "The Theory of Money," Working Papers 00-03-021, Santa Fe Institute.
  2. Dubey, Pradeep & Sahi, Siddharta & Shubik, Martin, 1993. "Repeated trade and the velocity of money," Journal of Mathematical Economics, Elsevier, vol. 22(2), pages 125-137.
  3. Magill, M. & Quinzii, M., 1988. "Real Effects Of Money In General Equilibrium," Papers 8826, Southern California - Department of Economics.
  4. Pradeep Dubey & John Geanakoplos & Martin Shubik, 2003. "Is gold an efficient store of value?," Economic Theory, Springer, vol. 21(4), pages 767-782, 06.
  5. Martin Shubik & David Eric Smith, 2004. "Strategic Freedom, Constraint, and Symmetry in One-period Markets with Cash and Credit Payment," Yale School of Management Working Papers ysm379, Yale School of Management.
  6. 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.
  7. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-68, October.
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