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Gold, Fiat and Credit. An Elementary Discussion of Commodity Money, Fiat Money and Credit, Part II

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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 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 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/d1460.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 1460.

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Length: 47 pages
Date of creation: Apr 2004
Date of revision:
Handle: RePEc:cwl:cwldpp:1460

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Keywords: Barley; gold; fiat and credit; evolution of money;

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Cited by:
  1. Martin Shubik & Eric Smith, 2005. "Fiat Money and the Natural Scale of Government," Cowles Foundation Discussion Papers 1509, Cowles Foundation for Research in Economics, Yale University.
  2. Huber, Juergen & Shubik, Martin & Sunder, Shyam, 2007. "Three Minimal Market Institutions: Theory and Experimental Evidence," Working Papers 27, Yale University, Department of Economics.
  3. Juergen Huber & Martin Shubik & Shyam Sunder, 2007. "Three Minimal Market Institutions with Human and Algorithmic Agents: Theory and Experimental Evidence," Cowles Foundation Discussion Papers 1623, Cowles Foundation for Research in Economics, Yale University, revised Jun 2009.

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