We study the role played by coin experts, called moneychangers, in the metallic money system. To do that, we introduce intermediaries that can expertise and certify coins into the VeldeWeber and Wright’s (1999) model of commodity money with imperfectly recognizable coins. We show under which conditions buyers have their coins certified, how circulation by weight and circulation by tale equilibria are affected by moneychangers, and whether moneychangers increase welfare.
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Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number
2006-9.
Find related papers by JEL classification: D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
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Ping He & Lixin Huang & Randall Wright, 2005.
"Money And Banking In Search Equilibrium,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(2), pages 637-670, 05.
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