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A Farewell to Monetization

Author

Listed:
  • Wang Lei

    (China Financial Policy Research Center, School of Finance, Renmin University of China, 59 Zhongguancun Street, Haidian District, Beijing100872, China)

Abstract

This paper inquires the nature of monetization with the positive transaction costs approach. It is argued that the nature of monetization is marketization. Once a market emerges, its monetization would be practically 100 %. The huge efforts devoted to measure monetization are thus chasing a mission impossible, and the policy implications derived from these measures are possibly misleading. The study of this paper suggests that it could be beneficial to discard the concept of monetization in the study of financial development and illustrates the importance of the systematic inclusion of transaction costs into economic analysis.

Suggested Citation

  • Wang Lei, 2019. "A Farewell to Monetization," Man and the Economy, De Gruyter, vol. 6(2), pages 1-12, December.
    • Handle: RePEc:bpj:maneco:v:6:y:2019:i:2:p:12:n:2
    DOI: 10.1515/me-2019-0007
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    References listed on IDEAS

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    1. Ronald H. Coase, 2025. "The Institutional Structure of Production," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, edition 0, chapter 3, pages 37-46, Springer.
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    3. William Luther, 2015. "The monetary mechanism of stateless Somalia," Public Choice, Springer, vol. 165(1), pages 45-58, October.
    4. Yi, Gang, 1991. "The monetization process in China during the economic reform," China Economic Review, Elsevier, vol. 2(1), pages 75-95.
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    More about this item

    Keywords

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    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General

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