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Money and the Monetization of Credit

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  • Martin Shubik

Abstract

The relationship between money and credit is developed in terms of "know-who" networks. It is suggested that the link between dynamics and equilibrium theory in economics can be built by regarding the noncooperative no-credit and the general equilibrium models as providing lower and upper bounds to the dynamics. The dynamics involves the reinforcement of trust in "know-who" networks. Some suggestions for the measurement of the velocity of money and credit are made.

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Bibliographic Info

Paper provided by Santa Fe Institute in its series Working Papers with number 01-12-080.

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Date of creation: Dec 2001
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Handle: RePEc:wop:safiwp:01-12-080

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Keywords: Networks; money; information; credit; trust;

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References

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  1. Martin Shubik, 2000. "The Theory of Money," Working Papers 00-03-021, Santa Fe Institute.
  2. 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.
  3. 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.
  4. 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.
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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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