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Decentralized credit and monetary exchange without public record keeping

Author

Listed:
  • Dean Corbae
  • Joseph Ritter

Abstract

We relax a standard assumption on the matching technology in a search model of money. In particular, agents may remain in a long-term partnership as long as it is in their self-interest. With this simple modification, it is possible to support self-enforcing, intertemporal trade which resembles credit without a public record keeping device. We examine conditions for co-existence of currency and credit and the welfare gains/losses associated with the introduction of money. Copyright Springer-Verlag Berlin/Heidelberg 2004

Suggested Citation

  • Dean Corbae & Joseph Ritter, 2004. "Decentralized credit and monetary exchange without public record keeping," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 24(4), pages 933-951, November.
  • Handle: RePEc:spr:joecth:v:24:y:2004:i:4:p:933-951
    DOI: 10.1007/s00199-003-0418-8
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